或有事项披露的市场反应研究

发布时间：2018-04-22 01:00

本文选题：或有事项 + 预计负债　；参考：《浙江财经学院》2013年硕士论文

【摘要】：或有事项是企业中一种极为重要的不确定性经济业务。20世纪90年代以来，受金融工具创新和营销创新的影响，企业间竞争日益加剧，市场经济中的风险使企业生产经营中的不确定性交易和事项增多，，国内外学者对或有事项的关注也越来越多。如何对或有事项进行会计处理，对哪一类或有事项可以进行确认，又该如何计量，财务报告中应在什么位置披露或有事项，又该怎样披露，针对这些问题的研究一度成为理论研究的热点。经过不断的理论探索和实践经验的积累，各国先后发布了关于规范或有事项会计处理的准则，我国也在2006年和2000年先后发布了新旧或有事项准则，使我国各类企业对或有事项的会计处理有了规范依据。本文首先对或有事项准则披露的要求进行了分析，然后通过对国内外文献的回顾，分析了目前国内外对或有事项披露、或有事项披露产生市场反应的研究现状，发现或有事项不论是在国内还是国外都已经成为一种普遍披露的信息，但披露的形式并不能完全符合准则的要求，未决诉讼和债务担保是企业最常披露的或有事项项目，不同行业、不同上市板块的企业对或有事项披露的情况不同，不同人员对相同或有事项处理时可能性的判断不同，目前各上市公司针对或有事项的披露仍然存在很多问题。针对或有事项披露的市场反应研究，国外研究较早，结论也较多，大多数研究认为股票市场将或有事项视为一种风险，在或有事项披露后，股价会出现下跌，产生负面的市场反应，相比之下，国内的研究较少，研究成果主要为未决诉讼和债务担保的披露带来了负面的市场反应。或有事项属于企业中的中度不确定性经济事项，在信息不对称下，广泛存在的委托代理关系突显了作为委托人的所有者和作为受托人的经营者之间的矛盾，要改善两者之间的关系，会计信息的充分披露是一种有效而又低成本的方式，因此，企业财务报告成为反映受托责任和帮助投资者做出决策的至关重要信息，但或有事项的不确定性和会计处理上对可能性的主观判断会加剧信息不对称的情形，使企业的未来发展存在更大风险。在资本市场中，会计信息起到了一种信号传递的功能，广大投资者通过企业的会计信息了解企业的过去，并通过买入或卖出所持股票对企业的未来发展做出评价，股票市场的快速发展，使企业所有者的流动性增强，会计信息的信号传递作用越来越明显，或有事项披露对企业所有者的经营决策也越来越重要，因此，研究或有事项披露在资本市场上带来的市场反应有着重要的理论和现实意义。在这一理论基础和前人研究成果的基础上，本文提出了三个研究假设，选取2010年沪深A股主板市场的年报数据进行了实证研究，采用均值分析法、描述性统计分析和多元回归分析结合的方法，分别检验了预计负债披露的市场反应、或有负债和或有资产披露对预计负债披露市场反应的影响，实证结果验证了本文的假设，得出以下结论：预计负债的披露会产生负面的市场反应，且预计负债的规模越大，负面市场反应越大，或有负债的披露会增大预计负债披露的负面市场反应，而或有资产的披露会抵消部分预计负债披露产生的负面市场反应。
[Abstract]:Or something is an extremely important uncertain economic business in an enterprise, since the 90s.20 century, influenced by the innovation of financial tools and marketing innovation, the competition between enterprises is increasing. The risk in the market economy makes the uncertain transactions and matters in the production and operation of the enterprise increasing, and the more attention the scholars at home and abroad are about or the matter. The more. The more. How to deal with or have the accounting, which category or item can be confirmed, and how to measure, how to disclose or have the location in the financial report, and how to disclose it. The research on these problems has become the hot spot of theoretical research. In 2006 and 2000, China has issued new and old criteria for accounting treatment. In 2006 and 2000, our country also has a standard basis for the accounting treatment of all kinds of enterprises in China.
This article first analyzes the requirements of the disclosure of the guidelines, and then, through the review of the literature at home and abroad, analyses the present situation of the research on the disclosure of the items at home and abroad, or the disclosure of the items. The form of exposure does not fully comply with the requirements of the guidelines. Pending litigation and debt guarantee are the most frequently disclosed or item items, different industries, and different listed companies are different in the disclosure of items or items, and different personnel are different in judging the possibility of handling the same or having a matter. At present, the listed companies are aimed at or have something to do. There are still a lot of problems in the disclosure of items. In the study of market reactions that have been disclosed, foreign research is earlier and more conclusions are made. Most studies think that the stock market will be regarded as a risk. After the disclosure of the items, the stock price will fall and produce a negative market reaction. In contrast, the domestic research is less. The results mainly brought about a negative market reaction to the pending litigation and the disclosure of debt guarantees.
Or something belongs to the moderate uncertain economic matters in the enterprise. Under the information asymmetry, the widespread principal agent relationship highlights the contradiction between the owner and the manager of the trustee, and it is necessary to improve the relationship between the two. The accounting information filling disclosure is an effective and low cost way, because the accounting information is an effective and low cost way. In this case, the financial report of the enterprise is a vital information to reflect the accountability and help the investors to make a decision. However, the uncertainty of the items and the subjective judgment of the possibility on the accounting treatment will aggravate the situation of information asymmetry and make the future development of the enterprise more risky. In the capital market, the accounting information is a kind of letter. The large investors know the past of the enterprise through the accounting information of the enterprise, and evaluate the future development of the enterprise by buying or selling the stock. The rapid development of the stock market makes the liquidity of the owner of the enterprise strengthen, the signal transmission of the accounting information is more and more obvious, or some items are disclosed to the enterprise. Owners' management decisions are becoming more and more important. Therefore, it is of great theoretical and practical significance to study the market reaction brought about by the disclosure of events in capital market.
On the basis of this theoretical basis and previous research results, this paper puts forward three research hypotheses, and selects the annual report data of the Shanghai and Shenzhen A stock market in 2010 to carry out an empirical study. By means of means analysis, descriptive statistical analysis and multiple regression analysis, the market response of the projected liability disclosure is examined, or negative. The effect of debt and asset disclosure on the market response of expected debt disclosure is verified by the empirical results. The following conclusions are drawn: the disclosure of debt is expected to produce a negative market reaction, and the larger the debt is, the greater the scale of the debt, the greater the negative market reaction, and the increase in the negative market of the projected liability disclosure. Should, and the disclosure of assets will offset some of the negative market reactions caused by some anticipated liabilities disclosure.

【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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