综合收益及具体项目列示和披露有增量信息吗？

发布时间：2018-03-07 01:19

本文选题：综合收益其他综合收益　切入点：净利润　出处：《南京大学》2013年硕士论文　论文类型：学位论文

【摘要】：从20世纪80年代开始,国际上就开始出现并逐步关注“综合收益”的理念,并根据这一理念来修订财务报表列报格式与内容。为了与国际会计准则进一步趋同,我国2006年开始在新准则中就初步引入了“综合收益”的理念,经过不断的发展,财政部于2009年6月11日印发《企业会计准则解释第3号》中规定公司应当在利润表“每股收益”项下增列“其他综合收益”项目和“综合收益总额”项目。同时在2009年12月31日发布的《财政部关于执行会计准则的上市公司和非上市公司做好2009年年报工作的通知》中详细具体的规定了其他综合收益各项目的列报及其在附注中披露的格式和内容。该政策体现了我国会计准则与国际财务报告准则持续趋同的路线。因此,本文在上述宏观背景下,结合我国资本市场的实情,对三个问题进行研究：第一,针对列示单纯的综合收益合计数后,其带来的价值相关性是否高于净利润?第二,作为综合收益的具体构成项目,其他综合收益的详细披露是否提高了价值相关性?第三,如果综合收益、其他综合收益的详细披露具有增量信息,那么据其做出的投资策略是否能获得收益?也就是市场对这些信息的反应是否恰当呢? 为了研究前两个问题,本文利用2010年A股市场相关年报数据,基于Ohlson模型,分别以净利润、综合收益及其他综合收益作为解释变量构建三个研究模型,通过回归分析,最终得出三个结论：(1)单纯披露综合收益合计数并不比净利润的披露更具有价值相关性。出现这一结论可能是由于一方面,综合收益在我国引入时间较短,对于投资者而言属于较新的概念,因此,投资者更倾向于用成熟的净利润指标作为投资决策的参考；另一方面,综合收益总额是一个包含复杂交易或事项的合计信息,而其内涵的具体信息的搜集和分析是需要成本和专业技能的,因此,普通投资者不具备这样的条件。从而,出现了综合收益总额并不比净利润的列示更具有价值相关性的现象。 (2)当对综合收益分解后的其他综合收益信息进行详细披露后,价值相关性得到了明显的提高,即带来了增量信息。出现这一结论的原因是由于综合收益分解后,就相当于将原来的单纯的合计总额予以分解,就以更为清晰、简单的方式在报表中列示和披露,因此,投资者直接可以获取进而解读这些更能反映企业真实价值和全面业绩的信息,来作为投资决策的参考。 (3)市场对其他综合收益的反应是恰当的。我们利用事件研究法,将总体样本按照其他综合收益指标值进行分组,并选取最高值和最低值两组。分两步进行研究：第一步,针对两组样本公司年报公告日及前后两个交易日的累积异常报酬率进行对比,验证信息公告时市场是否已经做出了反应；第二步,将公告日后的第3个交易日起一年作为事件期,对两组的CAR进行均值T检验,来进一步检验在公告日当天市场对其他综合收益信息的反应是否出现过度或不足的现象。经过验证,我们得出结论：市场对其他综合收益的反应是恰当的。
[Abstract]:From the beginning of 1980s, and gradually pay attention to "comprehensive income" concept began to international, and according to the idea of a revised financial statements format and content. In order to further convergence with the international accounting standards, China began in 2006 in the new accounting standards on the preliminary introduced a "comprehensive income" concept, through continuous the development of the Ministry of Finance on June 11, 2009 issued "accounting standards for enterprises in the company shall profit" earnings per share "is added under" other comprehensive income "and" comprehensive income "project regulations No. third. > > interpretation notice issued in December 31, 2009 with the" Ministry of Finance on the implementation of accounting standards of listed companies and non-listed company to the 2009 annual report of the detailed provisions of the presentation of the other comprehensive income items and the format and the content disclosed in the notes of the policy. It embodies the continuous convergence of China's accounting standards and international financial reporting standards.
Therefore, based on the above background, combining with the real situation of China's capital market, the study on the three issues: first, to list the total number of comprehensive income alone, the correlation value is higher than the net profit? Second, as the comprehensive income structure of specific projects, detailed disclosure of other comprehensive income it improves the value relevance? Third, if the comprehensive income, detailed disclosure of other comprehensive income has incremental information, then according to whether its investment strategy can make profits? That is the market to the information counter should be appropriate?
In two before the research questions, using the 2010 A stock market related annual data, based on the Ohlson model, respectively, to net income, comprehensive income and other comprehensive income as explanatory variables to construct three research model, through regression analysis, finally draws three conclusions: (1) the total number is not only comprehensive income disclosure than net profit the disclosure has more value relevance. This conclusion may be due on the one hand, the comprehensive income in China into a relatively short time, for investors is relatively new concept, therefore, investors tend to net profit index as the investment in cooked for reference; on the other hand, the total comprehensive income is a contains complex transactions or events of the total information, and collect and analyze the connotation of the specific information is the need for cost and professional skills, so that ordinary investors do not have this kind of conditions from. However, the total total income is not more valuable than the list of net profit.
(2) when the detailed disclosure of comprehensive income after the decomposition of other comprehensive income information, the value relevance has been significantly improved, which brings incremental information. The reasons for this conclusion is due to comprehensive income after the decomposition is equivalent to the original pure total amount to be decomposed, more clear and simple way in the report presentation and disclosure, therefore, investors can obtain and interpret these can better reflect the true value of the enterprises and the overall performance of the information directly, as the reference of investment decision.
(3) the market response to the other comprehensive income is appropriate. We use the event study method, the sample is in accordance with other comprehensive income index group, and selected the highest and lowest in two groups. The work is divided into two steps: the first step, according to the comparison of cumulative abnormal return of two group Sample Firms annual report announcement date and two days before and after the announcement, to verify whether the market has responded; the second step, the third trading days after the announcement date within one year as the event period, mean T test on two groups of CAR, to further test in the announcement day market of other comprehensive income information response whether there is excessive or insufficient phenomenon. After verification, we come to the conclusion: the market reaction to the other comprehensive income is appropriate.

【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F275

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