我国上市公司非经常性损益的披露研究

发布时间：2018-03-12 06:17

本文选题：上市公司　切入点：非经常性损益　出处：《财政部财政科学研究所》2012年硕士论文　论文类型：学位论文

【摘要】：有效的股票和债券市场对现代社会经济非常重要,尤其对像中国这样处于急速发展而需要大量资本进行投资的国家,有效的市场会将资金——社会储蓄——导向其最高效的用途。公司从投资者那里获取资金,同时公布财务报表帮助投资者进行投资决策。而作为资金的拥有者需要借助财务报表来了解公司的基本信息以确保自己的投资保值增值。可以说,股票价格与会计信息存在天然的关系,投资者在进行股票决策时一般是利用了会计信息的,所以,当会计信息公布时,股票价格会做出显著反映。基于此,上市公司对于财务报表的会计盈余非常重视,一些上市公司可能会出现利润操纵或盈余管理的行为以进行洗大澡或者粉饰财务报表,其中,利用非经常性损益项目就是重要手段之一。然而,这种被操控的盈余不可能保持持续的高增长,一旦盈余出现下降,股价开始下跌,既造成投资者的损失,也干扰资本市场配置稀缺资源功能的实现。因此利用非经常性损益进行盈余管理会在多大程度上影响证券市场上公司的价值以及如何提高非经常性损益的披露质量,一直是会计学术界长期研究的问题。本文从规范和实证两个角度考察我国上市公司非经常性损益的披露质量和价值相关性。在规范分析方面,从我国证监会对非经常性损益的5次规定出发,探讨国内外非经常性损益的内涵与区别。再进一步基于不完全契约理论和有效市场理论分析以非经常性损益为主要手段的盈余管理的动机,以及经过非经常性损益调整之后的盈余对于上市公司股价产生影响的原因及本质。在实证分析方面,首先从多角度分析上市公司非经常性损益披露状况,进而揭示非经常性损益披露存在的问题。再以2006-2010年上市公司为样本数据建立计量模型来研究上市公司非经常性损益与股价的相关性,并引入变量“非经常性损益/净利润”的绝对值去考察不同盈余管理程度的价值相关性。研究发现非经常性损益具有价值信息含量,且盈余管理程度越大,与股价的相关性越显著。最后,针对以上的研究,一方面从微观层面对完善非经常性损益的披露质量和公司内部治理提出了建议；另一方面从宏观层面对进一步完善我国证券市场的监督机制提供了一些看法。
[Abstract]:An efficient stock and bond market is very important to modern society and economy, especially in countries like China, which are developing rapidly and need a lot of capital to invest in. Efficient markets channel money-social savings-to their most efficient uses. Companies get money from investors. At the same time, financial statements are published to help investors make investment decisions. The owners of funds need to use the financial statements to understand the basic information of the company in order to ensure that their investments maintain and increase their value. There is a natural relationship between stock price and accounting information. Investors generally make use of accounting information when making stock decisions. Therefore, when accounting information is released, the stock price will be significantly reflected. Listed companies attach great importance to the accounting earnings of financial statements. Some listed companies may engage in profit manipulation or earnings management to take a shower or whitewash their financial statements. The use of non-recurring gains and losses is one of the important means. However, this manipulated surplus is unlikely to maintain sustained high growth. Once the surplus falls, the stock price begins to fall, causing losses to investors. It also interferes with the realization of the function of allocating scarce resources in the capital market. Therefore, the extent to which earnings management by using non-recurrent profits and losses will affect the value of companies in the securities market and how to improve the disclosure quality of non-recurrent profits and losses, Has been a long-term study of the accounting academic issues. This paper examines the relationship between the disclosure quality and value of non-recurrent profits and losses of listed companies in China from the two angles of normative and empirical analysis. In terms of normative analysis, this paper starts from the five regulations of China Securities Regulatory Commission on non-recurrent profits and losses. This paper probes into the connotation and difference of non-recurrent profit and loss at home and abroad, and further analyzes the motive of earnings management based on incomplete contract theory and efficient market theory, in which non-recurrent profit or loss is the main means. And the reason and essence of the earnings after the adjustment of non-recurrent profit and loss on the stock price of listed company. In the empirical analysis, first of all, the disclosure status of non-recurrent profit and loss of listed company is analyzed from multiple angles. Then it reveals the problems existing in the disclosure of non-recurrent profits and losses, and then establishes an econometric model based on the sample data of listed companies from 2006 to 2010 to study the correlation between non-recurrent gains and losses of listed companies and stock prices. The absolute value of the variable "non-recurrent profit / net profit" is introduced to investigate the value correlation of different earnings management degree. The study shows that non-recurrent profit and loss has value information content, and the more earnings management degree, Finally, in view of the above research, on the one hand, from the micro level to improve the disclosure quality of non-recurring profits and losses and corporate internal governance recommendations; On the other hand, it provides some views on how to improve the supervision mechanism of China's securities market.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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