价值相关性研究是近年来一个重要的研究领域,研究者试图藉此给准则制定机构提供一些启示。但Holthausen和Watts对此提出批判,指出价值相关性研究所依据的理论不能解释会计实务。契约、税务、管制和法律诉讼等因素都在发挥重要作用,忽略这些因素研究价值相关性,对准则制定机构的价值非常有限。 The study of value relevance is an important research area in recent years. Researchers try to provide some enlightenment to norm-setting organizations. But Holthausen and Watts criticized this, pointing out that the theory upon which the value relevance studies are based does not explain accounting practices. Factors such as contractual, tax, regulatory and legal litigation play an important role, ignoring the relevance of these factors to research value and the very limited value of the norm-setting body.