其他综合收益列报与披露价值相关性的实证研究

发布时间：2018-09-01 20:23

【摘要】：2009年6月11日,财政部在其发布的《企业会计准则解释第3号》中,首次引入了其他综合收益的概念,要求上市公司应当在其利润表“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。2009年12月24日,财政部又发布了《关于执行会计准则的上市公司和非上市企业做好2009年年报工作的通知》,配合解释第3号利润表格式的调整,对所有者权益变动表的格式也相应进行了调整,同时对“其他综合收益”在附注中的披露做出了具体规定。从2009年起,中国上市公司开始在其利润表中列报与披露“其他综合收益”项目。它标志着全面收益观正式运用于我国企业会计准则的实践中。在上述研究背景下,本文对其他综合收益的相关问题进行了研究。首先,本文从会计盈余价值相关性和综合收益价值相关性两方面,对国内外研究文献进行了回顾与梳理。从对国内外对会计盈余相关性及综合收益价值相关性的研究文献梳理结果来看,尽管国外研究的时间较早,相应研究成果较丰富,但在综合收益的价值相关性问题上并没有达成一致观点。而在我国,由于其他综合收益项目刚刚列报于利润表中,其他综合收益列报与披露相关问题的研究并未引起学者们足够的重视,相关研究成果较少。本文拟结合国外内研究的现状,对其他综合收益列报与披露存在的问题,以及其他综合收益列报与披露价值相关性展开深入研究,以益于完善我国会计准则体系,提高会计信息对投资者决策的有用性。其次,结合中国会计实务,本文深入探讨了其他综合收益项目的内涵及组成内容。从根本上讲,其他综合收益与我国《企业会计准则——基本准则》中“直接计入所有者权益的利得和损失”的概念是相通的,两者内涵是一致的。正因如此,其他综合收益的范围并不完全等同于“资本公积”。其他综合收益是引起“资本公积——其他资本公积”变动的交易或事项,因为这些交易或事项是企业与非企业所有者之间发生的。此外,其他综合收益与权益性交易也有着本质的区别。再次,在实务方面,本文采用逐户数据分析整理汇总的方式,对上市公司2009年-2011年年报“其他综合收益”项目在“合并利润表”和“合并所有者权益变动表”中列报的总体情况进行了汇总分析。并在此基础上,深入分析了三年来上市公司在其他综合收益列报与披露过程中普遍存在的问题及原因。最后,本文以2007年一2011年沪深两市A股公司为研究样本,利用价格模型,以相对关联研究和增量关联研究的方法检验了综合收益相对于净利润对股票价格的解释能力。实证结果显示综合收益的价值相关性显著地低于净利润,其中包含的其他综合收益基本不具备价值相关性。
[Abstract]:On June 11, 2009, the Ministry of Finance introduced for the first time the concept of other composite returns in its Accounting Standards for Enterprises interpretation No. 3. Requiring listed companies to add "other consolidated income" items and "aggregate earnings" items to their income statements under "earnings per share". On December 24, 2009, The Ministry of Finance has also issued the notice on listed companies and unlisted enterprises implementing accounting standards to do a good job in the annual report of 2009, in conjunction with the adjustment of the format of the income statement No. 3, the format of the statement of changes in owners' equity has also been adjusted accordingly. At the same time, the disclosure of "other comprehensive income" in the note made specific provisions. Since 2009, listed companies in China began to report and disclose "other comprehensive income" items in their profit statements. It marks that the concept of total income is formally applied to the practice of accounting standards for enterprises in China. Under the above research background, this paper has carried on the research to the other comprehensive income correlation question. First of all, this paper reviews and combs the domestic and foreign research literature from two aspects: the correlation of accounting earnings value and the value of comprehensive income. From the review of domestic and foreign literatures on the correlation of accounting earnings and the value of comprehensive income, it can be seen that although the time of foreign research is earlier, the corresponding research results are relatively rich. However, there is no consensus on the value relevance of comprehensive returns. However, in China, because other comprehensive income items have just been reported in the income statement, the research on other issues related to the reporting and disclosure of comprehensive income has not attracted enough attention of scholars, and the related research results are relatively few. This paper intends to carry out in-depth research on the problems existing in other comprehensive income reporting and disclosure, as well as the correlation between other comprehensive income reporting and disclosure value, in order to improve the accounting standards system of our country. Improve the usefulness of accounting information to investors' decisions. Secondly, combined with Chinese accounting practice, this paper deeply discusses the connotation and composition of other comprehensive income items. Fundamentally speaking, the other comprehensive income is related to the concept of "gain and loss directly included in the owner's equity" in our country's Accounting Standard for Enterprises-basic Standard, and their connotations are consistent. For this reason, the range of other combined returns is not exactly equivalent to "capital reserves". Other combined returns are transactions or events that cause changes in "capital reserves-other capital reserves", because these transactions or events occur between an enterprise and a non-business owner. In addition, other comprehensive returns and equity transactions also have essential differences. Thirdly, in practice, this paper adopts the method of house-to-door data analysis and summary. This paper makes a summary and analysis of the general situation of the items of "other comprehensive income" reported in the 2009-2011 annual report of listed companies in the "consolidated income statement" and "consolidated owner's equity change statement". On this basis, the paper analyzes the common problems and reasons of the listed companies in the process of other comprehensive income reporting and disclosure in the past three years. Finally, this paper takes the A-share companies of Shanghai and Shenzhen stock markets from 2007 to 2011 as the research samples, using the price model, using the methods of relative relevance study and incremental correlation study, to test the ability of comprehensive return relative to Yu Jing's profit to explain the stock price. The empirical results show that the value correlation of comprehensive income is significantly lower than that of net profit.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F233;F275

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