上市公司非经常性损益的市场反应研究

发布时间：2018-07-04 07:21

本文选题：非经常性损益 + 盈余管理　；参考：《浙江工商大学》2011年硕士论文

【摘要】：在我国经济体制的转轨和新兴资本市场的建设过程中,政府管制无不发挥着重要的作用。在公司首次公开发行股票、上市后的再融资、ST以及退市等方面,监管者制定了许多严格的措施来保证政策的实施,其中的核心就是有关会计盈余信息的强制要求。从1999年开始,证监会通过规范会计盈余中非经常性损益的披露,采取措施抑制上市公司利用非经常性损益进行利润操纵的行为,借此进一步提高会计盈余的信息质量。显而易见,经常性损益和非经常性损益所反映的上市公司的盈利能力和成长性是不同的,投资者应对两类持续性不同的损益项目进行区分,以此判断上市公司的持续盈利能力。本论文正是基于以上事实,从非经常性损益的理论背景出发,全面分析了上市公司利用非经常性损益影响资本市场的条件、动机和方式。实证研究部分,以非经常性损益的市场反应为契机,从回报模型和价格模型出发,检验证券市场对于构成会计盈余明细项目的经常性损益和非经常性损益是否会做出不同的反应,即经常性损益与非经常性损益是否具有不同的未来预测能力?非经常性损益在净利润中所占比例的大小是否会影响公司股价?从而加深对非经常性损益规范和披露重要现实意义的认识。在对我国非经常性损益的市场反应进行实证研究后笔者发现,市场能够对经常性损益和非经常性损益进行区分定价,即经常性损益与股价的相关性大于非经常性损益,并且非经常性损益在净利润中所占比例会影响公司股价,即非经常性损益对净利润的贡献越大,其对公司价值的影响越小。最后,笔者在前几章的分析基础及实证研究结果之上,从会计方法、政策监管等几个角度对我国非经常性损益管制的发展提出了相关的政策建议。
[Abstract]:In the process of the transition of China ' s economic system and the construction of the emerging capital market , the government control has not played an important role . In the first public offering of shares , the re - financing after the listing , ST and the retreat , the regulator has set up a number of strict measures to guarantee the implementation of the policy . The core is the mandatory requirement on accounting surplus information . From 1999 , the CSRC has adopted measures to restrain listed companies from using non - recurring profit and loss to conduct profit manipulation , thereby further improving the information quality of accounting earnings .

From the theoretical background of non - recurring profit and loss , the paper analyzes comprehensively the condition , motivation and mode of the listed company from the theory background of non - recurring profit and loss .

After an empirical study on the market reaction of non - recurring profit and loss in China , the author finds that the market is able to distinguish between regular profit and loss and non - recurring profit and loss , that is , the ratio of regular profit and loss to stock price is greater than that of non - recurring profit and loss , and the contribution of non - recurring profit and loss to net profit is greater .
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F275

【参考文献】