我国上市公司综合收益信息有用性研究

发布时间：2018-12-10 06:55

【摘要】：财政部于2009年颁布了《企业会计准则解释第3号》，提出在利润表中增列“其他综合收益”和“综合收益”项目，并要求在附注中详细披露其他综合收益组成项目等，这标志着我国企业会计准则由传统收益模式向综合收益模式转变。本文基于沪深两市A股上市公司2009年年报数据，采用价格模型和盈余股票报酬模型实证检验了新会计准则下综合收益的有用性。与以往研究不同的是，本文研究综合收益的有用性，，不仅考察了综合收益的价值相关性，还增加了对综合收益的稳健性研究。本文得出的主要结论如下：（1）净利润和综合收益均与股价存在显著的相关性，且综合收益的价值相关性低于净利润的价值相关性，这是由于其他综合收益明细项目的组成相互抵消后的综合反映。当在模型中增加其他综合收益时，则提高了净利润对股价的影响，同时，其他综合收益与股价之间也呈现显著的相关关系。（2）在其他综合收益的明细项目中，只有每股权益法下被投资单位其他所有者权益变动的影响和每股现金流量套利工具产生的利得和损失与股价有显著的相关性。其他明细项目均未与股价显著相关。（3）在价格模型中，本文所选取的控制变量公司规模、流动比率和流通股比例均进入了模型，且流动比率与股价成正比，而公司规模和流通股比例则与股价负相关。（4）净利润与综合收益的会计盈余确认坏消息较之确认好消息均具有增量及时性，即都具有稳健性，但不显著，且综合收益的稳健性水平低于净利润的稳健性水平。由于对其他综合收益明细项目的检验使我们认识到其他综合收益明细项目的重要性，总括地反应综合收益只会抵消明细项对股价的影响，同时，综合收益包含具有风险高、不确定的利得和损失也使其稳健性不显著，所以本文希望以此能够提醒投资者多加留意其他综合收益的明细项目，建议企业加强披露其他综合收益，以减少管理者的盈余管理空间，突出强调公司绩效的透明度。
[Abstract]:The Ministry of Finance issued the Accounting Standards for Enterprises interpretation No. 3 in 2009, proposing to add "other comprehensive income" and "integrated income" items to the income statement, and requiring detailed disclosure of other composite income components items in the notes. This marks the change from the traditional income model to the comprehensive income model in China's enterprise accounting standards. Based on the 2009 annual report data of A-share listed companies in Shanghai and Shenzhen stock markets, this paper empirically tests the usefulness of comprehensive income under the new accounting standards by using price model and earnings stock return model. Different from previous studies, this paper studies the usefulness of comprehensive income, not only to investigate the value correlation of comprehensive income, but also to increase the robustness of comprehensive income. The main conclusions of this paper are as follows: (1) there is a significant correlation between net profit and combined income, and the value correlation of comprehensive return is lower than that of net profit. This is due to the combination of the composition of other integrated income items that offset each other. When the other comprehensive returns are added to the model, the influence of net profit on the stock price is increased, and there is also a significant correlation between the other composite returns and the stock price. (2) in other detailed items of comprehensive income, only the influence of the change of other owners' equity under the EPS method and the profit and loss caused by the per share cash flow arbitrage tool have significant correlation with the stock price. Other detailed items are not significantly related to the share price. (3) in the price model, the company size, the current ratio and the tradable share ratio are all entered into the model, and the current ratio is proportional to the stock price, while the company size and the tradable share ratio are negatively correlated with the stock price. (4) the bad news of accounting earnings recognition of net profit and comprehensive income has incremental timeliness compared with good news, that is, both of them have conservatism, but not significant, and the level of soundness of comprehensive income is lower than that of net profit. Since the testing of other comprehensive return breakdown items makes us realize the importance of other comprehensive return detail items, the overall reflection of the composite return can only offset the impact of the detailed items on the stock price, while the composite return contains high risks. Uncertain gains and losses also make it less robust, so this paper hopes to remind investors to pay more attention to the detailed items of other comprehensive returns, and suggest enterprises to enhance disclosure of other comprehensive returns. In order to reduce managers' earnings management space, highlight the transparency of corporate performance.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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