非经常性损益的信息含量研究

发布时间：2018-06-03 16:24

本文选题：非经性损益 + 信息含量　；参考：《西南财经大学》2012年硕士论文

【摘要】：会计盈余信息是财务报表公布的核心信息之一而被众多学者所关注,其中非经常性损益信息作为上市公司操纵盈余信息的一种主要途径更是成为广大研究者关注的焦点。中国证监会于1999年首次颁布了非经常性损益信息披露的相关规定,自此之后,中国证监会又分别于2001年、2004年、2007年、2008年四次对非经常性损益的披露与规范做出了修订。在2008年出台的有最新修订中规定,上市公司在编制公司定期报告、撰写股票发行的申报材料及招股说明书时,必须对非经常性损益的具体项目、发生金额以及相关的财务指标等做出充分披露。为了促使股票价格朝着有利于公司自身的方向发展,上市公司在披露“扣除非经常性损益后净利润”这一指标时可能存在操纵的嫌疑。在我国证券市场上衡量上市公司对非经常性损益信息进行强制披露这一举措的利与弊,最终还是要依据非经常性损益信息的披露能否为广大投资者的决策提供真实有效的信息。十余年来,非经常性损益披露制度的执行情况是否和预期一致,扣除非经常性损益后的盈余信息是否更具有价值相关性?非经常性损益信息是否更易于作为盈余管理的手段?管理者更倾向于采用非经常损益中的哪些具体项目进行盈余管理? 具体而言本文分为六个部分：第一部分为导论,首先分析本文的研究背景,接着进一步阐述了本文的两个研究意义,同时介绍了论文的结构安排,以及本研究在理论和实践上可能的创新与不足。第二部分为文献综述,总结回顾了国内外对于非经常性损益信息的界定、披露以及对非经常性损益信息含量和价值相关性的规范研究以及实证研究,对比分析了国内外在非经常性损益研究领域的差异,找到本文的切入点,同时为下文提出理论支撑做好铺垫。第三部分为相关理论概述,首先讨论非经常性损益概念的界定,然后阐述会计盈余信息含量研究的决策有用性理论与市场有效理论,最后介绍会计盈余信息含量的研究维度和会计盈余信息的价值相关性。第四部分为现状与影响分析,详细分析了非经常性损益在我国上市公司中的披露现状,并针对非经常性损益披露存在的一些主要问题以及非经常性损益具体项目对披露情况的影响进行深入分析。第五部分为实证研究,根据相关理论和对非经常性损益披露的现状分析提出研究假设,作出模型设计,并对每股收益指标的信息含量和扣除非经常性损益后每股收益指标的信息含量进行相关性分析,以及对非经常性损益的具体项目对管理层决策的影响和非经常性损益的盈余管理性进行了实证分析,最后得到本文的研究结论。第六部分为政策建议,在本文的研究结论及相关理论分析的基础上,结合我国国情,向相关监管部门、会计准则制定者以及广大投资者就我国现有的非经常性损益信息披露制度有针对性地提出政策建议。最后结合本研究过程中发现的问题和遇到的困难,分析本文存在的不足,提出未来研究可能的发展方向。经过综合比较分析,本文得出以下结论：相对于宽口径的净利润,扣除了非经常性损益后的调整利润与公司价值的相关性更高；很难确定非经常性损益在盈余管理中更有优势的具体项目,非经常性损益是一种灵活的综合性的盈余管理手段；相对于权责发生制的操作性应计利润手段,非经常性损益是更为重要的扭亏为盈的手段。之前对此问题的研究并没有将信息含量的变化作为研究的重点,且研究的时间窗口期较短,收集的样本数据也大多是2006年以前的,随着2007年新会计准则的实施,有关非经常损益的披露出台了新的规定,先前的研究并不能反应新情况的变化。因此,本文将扩大样本范围,选取新准则实施以来近四年,即2007-2010年的样本进行较全面的实证检验,并分年度进行具体项目的研究,更加深入的讨论非经常性损益对盈余管理的影响,全面分析非经常性损益的披露效果,为改进相关披露的政策提供经验证据。最后,本文的研究仍有一些局限和难以尽善之处。研究方法的不同以及研究模型选择上的差异可能会导致研究结论的不同,文本对非经常性损益信息含量价值相关性研究中只是基于计价观下的实证研究而并没有在信息观和契约观下采用回报模型等进一步就非经常性损益信息的价值相关性进行实证研究。另外,在进行实证检验时对于盈余管理的界定上只局限在扭亏动机,并没有综合考虑利润平滑、“洗大澡”等情况,得出的结论可能会有样本选择偏差,可能成为影响说服力的潜在因素。
[Abstract]:The accounting earnings information is one of the core information of the financial statements and has been paid attention to by many scholars. The non recurrent profit and loss information, as a main way to manipulate the earnings information of the listed companies, has become the focus of the researchers. In 1999, the China Securities Regulatory Commission issued the related information disclosure of non recurrent profit and loss for the first time. Since then, the CSRC has made amendments to the disclosure and specification of non recurrent gains and losses in 2001, 2004, 2007 and 2008, respectively. In 2008, there is a latest revision in which the listed companies must make regular reports of the company, write the declaration materials and prospectus for the stock issue, and have to be non recurrent. The specific items of profit and loss, the amount incurred and related financial indicators are fully disclosed.
In order to promote the stock price to develop towards the direction of the company itself, the listed company may have the suspicion of manipulation when disclosing the "net profit after deducting the non recurrent profit and loss". In the stock market, the advantages and disadvantages of the strong disclosure of the information of the non recurrent profit and loss are measured by the listed companies in the stock market. Whether the disclosure of non recurrent profit and loss information can provide real and effective information for the decision of the majority of investors. In the past ten years, is the implementation of the non recurrent profit and loss disclosure system consistent with expectations, whether the earnings information after the deduction of non recurrent gains and losses is more valuable? Is the non recurrent profit and loss information easier to make As a means of earnings management? What specific items do managers prefer to use in non profit and loss to carry out earnings management?
Specifically, this article is divided into six parts:
The first part is the introduction. First, it analyzes the background of the study, then further expounds the two significance of this paper, and also introduces the structure of the paper, as well as the possible innovation and deficiency of this study in theory and practice.
The second part is the literature review. It summarizes the definition, disclosure, and the normative research and empirical research on the information content and value relevance of non recurrent profit and loss at home and abroad. It compares and analyzes the differences between domestic and foreign non recurrent profit and loss research fields, and finds the entry point of this article, and puts forward the following points. Paving the way out of the theoretical support.
The third part is an overview of the related theories. First, the definition of the concept of non recurrent profit and loss is discussed. Then, the theory of decision-making usefulness and the market effective theory of the research on accounting earnings information content are expounded. Finally, the research dimension of the accounting earnings information content and the value relevance of the accounting earnings information are introduced.
The fourth part is the analysis of the present situation and influence. It analyzes the present situation of the disclosure of the non recurrent profit and loss in the listed companies in China, and analyzes the main problems of the non recurrent profit and loss disclosure and the impact of the specific items of non recurrent profit and loss on the disclosure situation.
The fifth part is an empirical study. Based on the relevant theories and the analysis of the current situation of non recurrent profit and loss disclosure, the research hypothesis is proposed and the model is designed. The information content of the earnings per share index and the information content of earnings per share after deducting non recurrent profit and loss are analyzed, and the specific items on the non recurrent profit and loss are given. The empirical analysis is made on the impact of management decisions and the earnings management of non recurring gains and losses. Finally, the conclusions of this study are obtained.
The sixth part is the policy proposal. On the basis of the conclusion of the study and the analysis of the relevant theories, and combining with the national conditions of our country, the relevant regulatory departments, accounting standards makers and the broad investors have put forward the policy suggestions on the existing non recurrent profit and loss information disclosure system in our country. Finally, the questions found in the process of this study are combined. Problems and difficulties encountered in the study are analyzed, and possible directions for future research are proposed.
After a comprehensive comparative analysis, this paper draws the following conclusions: relative to the net profit of wide range, the correlation between the adjusted profit and the company value is higher after deducting the non recurrent profit and loss; it is difficult to determine the specific items which have more advantages in the earnings management, and the non recurrent profit and loss are a flexible and comprehensive earnings management. In terms of operational means of accrual basis, non recurring gains and losses are more important means of turning losses into profits.
The study of this problem did not take the change of information content as the focus of the study, and the time window period of the study was short, and the sample data collected were mostly before 2006. With the implementation of the new accounting standards in 2007, new regulations on the disclosure of non regular profit and loss were introduced, and the previous research did not respond to the new situation. Therefore, this article will expand the scope of the sample, select the new guidelines for nearly four years since the implementation of the 2007-2010 year samples to carry out a more comprehensive empirical test, and study the specific projects in the year, to further discuss the effect of non recurrent profit and loss on earnings management, to analyze the effect of the disclosure of the non recurrent gains and losses, and to improve the correlation. The disclosure policy provides empirical evidence.
Finally, there are some limitations and difficulties in this study. The differences in research methods and the differences in model selection may lead to different research conclusions. The research on the relevance of text to non recurrent profit and loss information content is only based on the real evidence research under the view of valuation and is not under the view of information and contract. The return model is used to make an empirical study on the value relevance of the non recurrent profit and loss information. In addition, the definition of earnings management is limited to the motivation of profit management in the case of empirical test, and there is no comprehensive consideration of profit smoothing, "wash the bath" and so on. The potential factors that affect persuasion.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】