非货币性资产交换损益的市场反应

发布时间：2018-07-25 06:51

【摘要】：近年来,非货币性资产交换损益已成为上市公司进行盈余管理、调节利润的手段之一。随着对上市公司盈余研究的不断增多以及我国证券市场的不断发展,市场反应类研究越来越成为各方关注的重点。2006年2月财政部出台的新会计准则体系中《企业会计准则第7号——非货币性资产交换》,借鉴国际会计准则规定引入“商业实质”和“公允价值计量”。这一准则的实施为上市公司进行盈余管理提供了新的手段。在这样的背景下,本文以盈余管理和非货币性资产交换损益的理论为起点,对上市公司利用非货币性资产交换损益进行盈余管理的动机和手段进行了详细的分析。然后以2008-2010年上市和深市A股上市公司中发生非货币性资产交换损益的公司为样本,进行实证研究。在市场有效的基础提出研究假设,建立模型,运用SPSS统计软件对变量进行描述性统计和线性回归分析。研究结果表明：未预期盈余与超额回报具有正的相关性且非货币性资产交换损益的盈余反应系数低于经常性损益的盈余反应系数。这说明上市公司的盈余具有信息含量,且市场对经常性损益较非货币性资产交换损益给以了更高的回报。在得到以上结论的同时发现虽然市场能够识别上市公司的盈余信息但是识别的程度比较弱,针对此本文提出了相关建议。同时亦希望本文的研究会使人们加深对中国证券市场行为特征的认识。
[Abstract]:In recent years, exchange gains and losses of non-monetary assets have become one of the means of earnings management and profit regulation of listed companies. With the increasing research on the earnings of listed companies and the continuous development of China's securities market, In February 2006, the Ministry of Finance issued the new accounting standards system < Accounting Standards for Enterprises No. 7-Non-monetary assets Exchange ", drawing on the introduction of international accounting standards." Commercial substance and Fair value Measurement. The implementation of this standard for listed companies to carry out earnings management provides a new means. Based on the theory of earnings management and exchange gains and losses of non-monetary assets, this paper makes a detailed analysis of the motivation and means of earnings management of listed companies using non-monetary assets exchange gains and losses. Then the empirical study is carried out with the sample of non-monetary assets exchange gains and losses in listed companies in 2008-2010 and listed companies in Shenzhen stock market. On the basis of market efficiency, the research hypothesis is put forward, the model is established, and the descriptive statistics and linear regression analysis of variables are carried out by using SPSS statistical software. The results show that there is a positive correlation between unanticipated earnings and excess returns, and the earnings response coefficient of exchange gains and losses of non-monetary assets is lower than that of recurrent gains and losses. This shows that the earnings of listed companies have information content, and the market gives a higher return on recurrent gains and losses than non-monetary assets exchange gains and losses. At the same time, we find that although the market can identify the earnings information of listed companies, the degree of recognition is relatively weak. At the same time, it is hoped that this study will deepen the understanding of the behavior characteristics of China's securities market.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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