上市公司综合收益的价值相关性研究

发布时间：2018-01-13 16:39

本文关键词：上市公司综合收益的价值相关性研究　出处：《北京交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：摘要：随着近年来经济的快速发展,我国资本市场的发展也日益完善。资本市场的快速发展使信息使用者对会计信息的决策有用性要求日益提高。经济的全球化、资本市场的完善化等因素使传统净利润指标开始暴露出各种局限,传统的利润指标已不能满足决策者的信息需求,各国开始提出改革措施,为适应国际化趋同,我国也进行了改革,2009年6月我国财政部发布的《企业会计准则解释第3号》规定企业应当在利润表“每股收益”项下增列“其他综合收益”项目和“综合收益总额”项目。然而政策颁布的最初几年,综合收益并没有达到良好的信息增量效果,那么随着政策的进一步推进、信息使用者对其逐步理解,综合收益是否有良好的发展趋势,是否提高会计信息的有用性,还需检验。本文选取沪市A股上市公司2010-2012三年的样本数据进行实证检验,以价格模型为基础构建研究模型进行混合样本检验和分年度样本检验,之后又根据企业性质(国企、非国企)对本文提出的3个模型进行拓展性研究,得出以下结论：综合收益与传统净利润均具有价值相关性,但综合收益的价值相关性仍低于净利润；将综合收益分解为净利润和其他综合收益列示,其对股价的相关性要高于直接列示综合收益；其他综合收益不能提高传统净利润对股价的解释能力；综合收益的价值相关性具有持续增长的趋势；在国有企业中,综合收益的价值相关性高于净利润,且其他综合收益具有显著的增量价值相关性,而在非国有企业中,综合收益的价值相关性低于净利润的,且其列报他综合收益不能提高对股价的解释能力。根据本文得出的结论,提出以下建议：加大对综合收益的宣传力度,以便提高对综合收益的重视程度；完善相关的准则和规范,提高综合收益的增量信息作用；加强对上市公司的监管力度,使其全面、充分地披露会计信息,减少管理层的盈余管理空间。
[Abstract]:Abstract: with the rapid economic development in recent years, the development of China's capital market has become more perfect. With the rapid development of capital markets and make the information user decision usefulness of accounting information. The increasing economic globalization, the perfection of the capital market and other factors make the traditional net profit index began to reveal various limitations, the traditional profit index has been unable to meet the information requirements of decision makers, countries began to put forward reform measures, in order to adapt to the internationalization, our country has carried on the reform of accounting standards for enterprises "in June 2009, China's Ministry of Finance issued the Interpretation No. third" stipulates that enterprises should be in the profit statement "earnings per share" is added under "other comprehensive income" project and "comprehensive income" project. However the promulgation of the policy for the first few years, comprehensive income did not achieve information gain good results, so as to further promote the policy If the information users understand it gradually, whether the comprehensive income has a good trend of development, and whether to improve the usefulness of accounting information, it needs to be tested.
This paper selects Shanghai A shares of listed companies 2010-2012 three years of sample data for empirical test, the price model as the basis to build the model of mixed sample test and inspection annual samples, then according to the nature of the enterprise (SOE and non SOE) expansion of research for the 3 models proposed in this paper, draw the following conclusions: the traditional income and net profit have value relevance, but the value relevance of comprehensive income is still lower than the net profit; will be decomposed into comprehensive income and other comprehensive income net profit of listed on the stock price is higher than the correlation between the direct presentation of comprehensive income; other comprehensive income can not improve the traditional net profit ability to explain the stock price; value relevance comprehensive income has sustained growth trend; in the state-owned enterprises, the value relevance of comprehensive income is higher than the net profit, and other comprehensive income has significant In addition, the value relevance of the comprehensive income is lower than that of the net profit in the non-state-owned enterprises, and its comprehensive income can not improve the explanatory power of the stock price.
According to the conclusion of the thesis, put forward the following suggestions: increase the comprehensive income of propaganda, in order to improve the degree of attention to comprehensive income; improve the standards and regulations related, improve the effect of the incremental information of comprehensive income; strengthen the supervision of listed companies, the comprehensive, full disclosure of accounting information, reduce management the earnings management space.

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.6;F275;F832.51

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