The value relevance of the accounting earnings before and after the allocation of impairment of asset reserves of loss companies after the implement of the new asset impairment accounting criterion was studied and compared by linear regression analysis. The value relevance of the accounting earnings in different years was analyzed by randomeffect panel data model and stacked regressions. The results show that in total, the value relevance of the accounting earnings of the loss listed companies is enhanced after the allocation of impairment of asset reserves. The impairment reserves data itself has value relevance. Meanwhile, the result that the accounting information in earning years are useful to the decision of the investors and the investor can not identify the quality of the accounting earnings data of companies with small profits, while for the great loss companies and the companies that get the profits by the way of switching back the impairment reserves , the decision correlation of their accounting earnings data is conspicuously lower than the contrastive companies, investors can effectively recognize their accounting earnings quality，which will give the empirical support to the innovation of no switching back impairment reserves carried out since January 1, 2007.