上市公司非经常性损益信息含量研究

发布时间：2017-12-31 14:28

本文关键词：上市公司非经常性损益信息含量研究　出处：《北方工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：证券市场的健康发展离不开政府的监管,证券监管机构制定一系列的政策措施以保证证券市场的有效运转。我国证监会在公司首次公开发行股票、上市公司再融资、上市公司亏损退市等方面做出严格具体的规定,以保护广大投资者的利益。证监会监管的核心之一是上市公司会计信息的披露,特别是对会计盈余信息的要求更是重中之重。我国证监会在1999年提出非经常性损益的概念并对非经常性损益信息的披露做出了规定,此后相继在2001、2004、2007和2008年对非经常性损益的披露内容作了修订,以抑制上市公司操纵非经常性损益进行利润调整,误导投资者的决策,可见我国证监会对非经常性损益披露的重视。上市公司的盈余由经常性损益和非经常性损益构成,这两类盈余对企业的意义是不同的。经常性损益是企业的核心收益,对企业的发展和持续成长有很大的预测价值；非经常性损益是偶发的、不具有持续性的盈余,对预测企业业绩价值不大。为了使投资者正确区分这两类性质不同的盈余,我国采取了非经常性损益强制性披露的政策,而国际会计准则委员会、美国会计准则委员会等西方发达国家对非经常性损益的披露,经历了从支持单独披露到限制披露的过程。本文正是在这一背景下,在回顾国内外非经常性损益文献的基础上,从非经常性损益的理论基础出发,论述现阶段我国上市公司披露非经常性损益信息的现实意义。在实证部分,以非经常性损益的信息含量为出发点,利用价格模型研究非经常性损益含有的与股价相关的信息含量,检验投资者对股票定价时是否区分了经常性损益与非经常性损益,即投资者是否认识到它们对企业持续经营的不同意义,以及投资者是否区分了企业报告的汇总收益与其持续性收益的不同,从而进一步证实非经常性损益信息披露的意义。在对非经常性损益含有的与股价相关的信息含量进行实证研究后发现,投资者区分了企业的经常性损益与非经常性损益,经常性损益含有的与股价相关的信息含量高于非经常性损益,即上市公司披露的经常性损益与股价的相关性高于非经常性损益,并且企业的持续性盈余含有的与股价相关的信息含量高于企业报告的汇总收益。最后,综合前文论述及实证研究的结果,从非经常性损益披露的规定、证券监管、投资者保护等几个角度,提出了加强我国非经常性损益披露监管的建议。
[Abstract]:The healthy development of the securities market can not be separated from the supervision of the government. The securities regulatory bodies formulate a series of policy measures to ensure the effective operation of the securities market. The refinancing of listed companies and delisting of losses of listed companies make strict and specific provisions to protect the interests of the majority of investors. One of the core of CSRC supervision is the disclosure of accounting information of listed companies. In 1999, China Securities Regulatory Commission put forward the concept of non-recurrent profit and loss and the disclosure of non-recurrent profit and loss information. Since then, in 2001 / 2004 / 2007 and 2008, the disclosure of non-recurrent profits and losses has been revised in order to restrain listed companies from manipulating non-recurrent profits and losses for profit adjustment. Mislead investor's decision, visible our country Securities Regulatory Commission's attention to non-recurrent profit and loss disclosure. The earnings of listed companies are composed of recurring gains and losses and non-recurrent gains and losses. The meaning of these two kinds of earnings to enterprises is different. The recurrent profits and losses are the core earnings of enterprises. It has great predictive value for the development and sustainable growth of enterprises. Non-recurrent gains and losses are incidental, do not have a sustained surplus, not very valuable for the forecast of corporate performance. In order to enable investors to correctly distinguish the two types of earnings of different nature. China has adopted the policy of mandatory disclosure of non-recurrent profits and losses, while the International Accounting Standards Board, the United States Accounting Standards Board and other western developed countries disclose non-recurrent gains and losses. Under this background, on the basis of reviewing the literature of non-recurrent profit and loss at home and abroad, from the theoretical basis of non-recurrent profit and loss. This paper discusses the practical significance of the disclosure of non-recurrent profit and loss information by listed companies in China at present. In the empirical part, the information content of non-recurrent profit and loss is taken as the starting point. The price model is used to study the information content related to the stock price contained in the non-recurrent profit and loss, and to test whether the investors distinguish the recurrent profit or loss from the non-recurrent profit or loss when pricing the stock. That is whether the investors realize the different meanings of them to the enterprise going on, and whether the investors distinguish the aggregate income of the enterprise report and the difference of its sustained income. Thus further confirm the significance of non-recurrent profit and loss information disclosure. After the empirical study on the information content related to stock price contained in non-recurrent gains and losses, it is found that investors distinguish the recurrent gains and losses from the non-recurrent gains and losses of enterprises. The information content of recurrent profit and loss is higher than that of non-recurrent profit and loss, that is, the correlation between recurrent profit and share price disclosed by listed company is higher than that of non-recurrent profit and loss. And the persistent earnings of enterprises contain higher information content related to stock price than the aggregate earnings reported by enterprises. Finally, synthesizing the results of the previous discussion and empirical research, from the non-recurrent profit and loss disclosure provisions. This paper puts forward some suggestions to strengthen the supervision of non-recurrent profit and loss disclosure in China from the perspectives of securities supervision and investor protection.
【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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