Why such a low level of value relevance is existing in Japan capital market after the accounting Big Bang of 2000?

我们试图解释“为什么在2000年会计大爆炸之后，日本资本市场存在如此低水平的价值相关性？”我们将盈余分为核心盈余和包含特殊项目的暂时性盈余，以检验价值相关性。会计大变革后，财务报表核心收益在日本资本市场表现出较强的价值相关性。我们无法直接确定每项新规定出台时的价值相关性。在会计大爆炸之后，合并财务报表占据了财务报表的主体地位，合并收益在东京证券交易所上市公司之间的盘结分布更加明显。

We tried to explain the question "Why such a low level of value relevance is existing in Japan capital market after the accounting Big Bang of 2000?"We examined value relevance dividing earnings into core earnings and transitory earnings which include special items. After the accounting Big Bang, core earnings of financial statements had shown strong value relevance in Japan capital market.We could not directly identified value relevance in the time of introduction of new each regulation. Then we tried new two analysesThe kinked distribution of the consolidated earnings among firms listed in Tokyo Securities Exchange was identified more clearly after the accounting big bang when the consolidated financial statements had took the main position in financial statements.