Is Accounting Information Value-Relevant? Evidence from China A-share Stock Market

A substantial number of domestic and international studies used different methodological approaches to confirm the value relevance of accounting information. However,by using the sectional data analysis of China's A-share listed companies from 2003 to 2012,this study found that accounting information was no significant value-relevant with the stock price. It revealed that the macroeconomic variables were more significant and continuous than that of accounting variables in the value relevance with the stock price. The results provide new evidence on the value relevance of accounting information for further study in the emerging Chinese stock market.