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The emergence of fair value, which is an inevitable requirement for the development of the times. Users of accounting information showing a wide range of features, and put forward higher requirements for the disclosure of accounting information. Decision-usefulness view stressed that the accounting information to contribute to decision-making, in so many quality characteristics of accounting information, and more emphasis on relevance. It looks at the future and the market trends, trying to provide more information about the future economic benefits to the users of accounting information, and more emphasis on the choice of accounting measurement attributes, measured at fair value. The same time, since the 1980s, the Western capital and financial markets, the rapid development of many innovative financing tools and company financial means, \metering mode test. Traditional historical cost measurement model such derivative financial instruments, the price change is not reflected in its accounting treatment, which is obviously the business exposed to the enormous risk, is very detrimental to the economic decisions of users of financial statements. A new measurement model for economic and social development - the fair value extensively applied in February 2006, China's newly issued accounting standards system (the \the fair value measurement attribute. Measured at the fair value of property used in many ways, a bright spot is in financial assets. Fair value of financial assets measured can timely reflect the impact of market price changes of financial assets and liabilities, and to provide more relevant information for investors in the securities markets. New enterprise accounting standards financial assets are divided into the following four categories: at fair value through profit or loss Financial assets and their changes, including trading financial assets designated as at fair value through profit or loss Financial assets, held-to-maturity investments, loans and receivables, available-for-sale financial assets. However, due to the characteristics of fair value, the use of fair value, whether it is in between accounting theory and in practice, or in accounting standards formulated by the relevant regulatory agencies, have triggered a fierce debate. The outbreak of the financial crisis to push this debate to peak. The financial crisis in 2007 with the collapse of the investment bank Lehman Brothers Group, represented by a large number of European and Asian stock markets fell, dozens of commercial banks run on frenzy, the financial crisis into a financial tsunami, global economic growth is slowing down, the economic situation is even more grim. Directly implicated in the financial tsunami, mostly for financial enterprises, they buy a large number of subprime and other financial assets, their assets shrink these buy bonds and stock prices fell sharply. In order to maintain normal corporate operations and normal turnover in urgent need of funds to activate the liquidity of the assets, in case of the lack of liquidity, the precarious financial situation, the need for impairment of assets extracted in disclosure statements. In this way, would have lost the confidence of investors have sold a lot of stocks and bonds, financial assets fell further, the company has provision for impairment. So the vicious cycle of constantly promote the outbreak of the financial crisis. After the outbreak of the financial crisis, it was pointed out that the fair value of the financial crisis culprit. However, the fair value is accounted for as a measurement method, it is only when the outbreak of the financial crisis the severity and the adverse consequences of the financial crisis intact reflect. Questioned and financial crisis as well as the fair value of the financial assets in the special context of the global financial crisis, the challenge of financial assets measured at fair value, mainly concentrated in the measurement methods, table recognition and measurement of the internal and external projects, as well as information disclosure, one of the most important financial assets are measured at fair value way, the financial crisis in the context of the market a serious lack of liquidity, mark-to-market accounting standards are requiring all financial institutions are required to mortgage-backed bonds, which led to the financial assets measured at fair value, not fair. This shows that the focus of the public question is not measured at fair value, but in the process of a fair value, especially in the inactive, or on the order of the lack of liquidity in the market. Because in the event of \Then, measured at fair value is being questioned today whether the fair value of the loss of its important characteristics - should value relevance? Fair value information, foreign scholars based on mature capital market data to carry out the empirical The research has made a lot of achievements, but its conclusions are not uniform, and even conflicting, conclusions domestic same situation, and our country is mainly to regulate the research-based. The relevance of this question the answer whether the value of fair value requires not only theoretical support, also need the help of the empirical research to provide the evidence. This article is based on the above thinking, the use of empirical research methods. The thesis is divided into five parts: the first part is the introduction. Major research background, significance, literature review, research ideas and frameworks. The literature review section reviewed literature at home and abroad about fair value. Many foreign articles on the fair value of the correlation, which empirical research articles occupy an important position, but on the fair value measurement of the strength of correlation and whether there is no common understanding. The second part is a theoretical basis, mainly to study the definition of fair value and the fair value of the means of implementation, the fair value of financial assets and the challenges of the financial crisis on the fair value of the three aspects. Realization of the fair value is the fair value of a major problem, the paper analyzes the current fair value of the acquisition method. The fair value of financial assets consist primarily of initial measurement, subsequent measurement 'and the fair value of financial assets related to the profits or losses of processing applications, in this article from the three aspects of the fair value of financial assets specific analysis. Meanwhile, in-depth analysis of the causes of the financial crisis, as well as the impact of the application of the fair value of the financial crisis, analyzed showed defects in the fair value in the financial crisis. The third part of the study design. This section first analyzes the selection of the sample, and put forward the hypothesis that is measured at fair value, financial assets accounting information has value relevance. Model to build on, a common research fair value pricing model, the model is modified Ohlson model, based on the share price as the dependent variable, earnings per share and net assets per share as the independent variable. The fourth part is the empirical test results and analysis of the econometric model, including the correlation analysis between the descriptive statistics for each variable in the model, the goodness of fit of the model, the F test value, as well as explanatory variables and the variable to be explained. From the SPSS statistical software analysis results, due to the variable (stock price) and the independent variables (changes in fair values ??per share, excluding changes in fair values ??per share for a total profit per share of available-for-sale financial assets Net fair value changes, excluding Net assets per share after net changes in fair value of financial assets available for sale) of all linear correlation exists between the regression equation significantly. The fifth part of the research conclusions, limitations and prospects. The fair value has been questioned, the challenges of the financial crisis, the fair value of itself is not a problem, close contact with a fair value is also affected severely affected by the financial crisis, especially in the financial industry its financial assets measured at fair value are still relevant. This article is based on the thinking of the financial industry's financial assets in 2006, 2007 and 2008 related to commence the study. Mainly to the following conclusions: (1) Overall, the regression model coefficient of determination is 0.695 that explained 69.5% of the total variation of the variable price can be explained by the explanatory variables selected. The model F statistic of 29.485, Sig. = 0.000, indicating that the model has significant linear relationship significantly. (2) It can be seen from the regression results of various independent variables X1 (per share fair value through profit or loss), X2 (excluding changes in fair values ??of the total profit per share), X3 (per share available-for-sale financial assets at fair value Net change), X4 (excluding changes in fair value of financial assets available for sale net Net assets per share), respectively, in 1%, 1%, 1%, 5% significant, indicating that between these four variables and stock price there are significant linear relationship, consistent with the meaning of the model. Gains from changes in fair value per share, excluding changes in fair values ??of the total profit per share, per share net changes in fair value of financial assets available for sale, excluding per share, net Net changes in fair value of financial assets available for sale The assets of the four-variable regression analysis the coefficients were 20.357,12.671,2.726,2.338, changes in fair values ??per share coefficient, indicating that the more significant changes in the fair value of the gain or loss on the value of the stock price correlation.
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