我国A股上市公司综合收益价值相关性的研究

发布时间：2018-05-25 14:00

本文选题：综合收益 + 净利润　；参考：《湘潭大学》2014年硕士论文

【摘要】：在新经济时代，以历史成本、谨慎性和实现-配比为原则的传统会计收益在确认和计量利得和损失方面存在局限性，从而不能及时准确地反映企业的业绩。不少学者发现传统会计收益的价值相关性正在下降。综合收益是传统会计收益的改造和发展，比净利润提供了更全面的财务信息。在欧美国家相继提出综合收益列报的相关准则后，我国也于2009年发布《企业会计准则解释第3号》，要求在利润表中列报“综合收益”和“其他综合收益”项目。相对于净利润，综合收益是否与股价/股票收益率/未来现金流更相关？即，综合收益价值相关性是否高于净利润？哪种披露形式的综合收益的价值相关性最高，《解释第3号》是否提高了综合收益的价值相关性？本文将基于我国沪深A股上市公司2007-2012年的数据对综合收益价值相关性进行全面系统研究。本文同时采用三组模型（价格/收益/现金流预测模型），用Vuong Z检验方法来检验综合收益和净利润等不同收益表现形式的相对价值相关性，并通过系数的显著性来判断其他综合收益的增量价值相关性。另外，，本文通过在价格模型中加入了时期虚拟变量进行回归和按《解释第3号》实施前后准则编制的2008年的两套数据进行回归这两种方法从不同角度对《解释第3号》是否显著提高综合收益的价值相关性进行检验。本文得出的结论如下：总额形式的综合收益的价值相关性最低，但分解形式的综合收益的价值相关性大于净利润，其他综合收益及其组成项目具有增量信息含量。净利润+其他综合收益（分项）形式的综合收益能促使信息使用者在进行盈余分析时，能够有效利用其他综合收益组成项目带来的增量信息，能够综合考虑影响企业未来现金流的所有相关因素，因此其具有最高的价值相关性。《解释第3号》并没有显著提高综合收益的价值相关性，可能存在两方面的原因：（1）准则实施前，综合收益及其组成项目已经在所有者权益变动表中列示，使得准则实施前后综合收益的价值相关性没有显著差异；（2）《解释第3号》虽要求在利润表内披露“综合收益”和“其他综合收益”项目，但是其他综合收益组成项目却被要求在附注中披露，降低其透明性和重要性。由于净利润+其他综合收益（分项）形式的综合收益具有最高的价值相关性，因此应将其他综合收益组成项目在利润表内列示，而我国准则制定机构已经意识到这一点，并在今年新修订的《企业会计准则第30号—财务报表列报》中要求企业在利润表中列示其他综合收益各组成项目。
[Abstract]:In the new economic era, the traditional accounting income based on historical cost, prudence and realization ratio has its limitations in recognizing and measuring gains and losses, so that it can not reflect the performance of enterprises in time and accurately. Many scholars have found that the value correlation of traditional accounting income is declining. Comprehensive income is the transformation and development of traditional accounting income, which provides more comprehensive financial information than net profit. After the European and American countries put forward the related standards of comprehensive income reporting, our country also issued "Enterprise Accounting Standards explanation No. 3" in 2009, which requires "comprehensive income" and "other comprehensive income" items to be reported in the income statement. Relative to Yu Jing profit, is the combined return more relevant to the share price / stock return / future cash flow? That is, is the correlation of the combined return value higher than the net profit? Which form of disclosure has the highest value relevance, and does explanation No. 3 improve the value relevance of the combined income? Based on the data of China's Shanghai and Shenzhen A-share listed companies from 2007 to 2012, this paper makes a comprehensive and systematic study on the value correlation of comprehensive returns. At the same time, we use three groups of models (price / income / cash flow forecasting model), and use Vuong Z test to test the relative value correlation of different forms of income, such as comprehensive income and net profit. And through the significance of the coefficient to judge the incremental value correlation of other comprehensive returns. In addition, In this paper, by adding a period of fictitious variables to the price model and regression from two sets of data compiled in 2008 according to the criteria before and after the implementation of explanation No. 3, this paper makes a different analysis of interpretation No. 3 from different angles. Whether or not the value correlation of comprehensive income is significantly improved is tested. The conclusions of this paper are as follows: The value correlation of the total comprehensive income is the lowest, but the value correlation of the decomposed comprehensive income is greater than the net profit, and the other comprehensive income and its components have incremental information content. The combined income in the form of other comprehensive earnings (sub-items) of net profit can promote the information users to make effective use of the incremental information brought by other integrated income components in earnings analysis. It can comprehensively consider all the relevant factors that affect the future cash flow, so it has the highest value relevance. Explanation No. 3 does not significantly improve the value relevance of the combined income. There may be two reasons for this. Before the implementation of the rule, the comprehensive income and its constituent items have been listed in the statement of changes in the owners' equity. Explanation No. 3 requires disclosure of "consolidated income" and "other composite income" items in the income statement, But other aggregate income components are required to be disclosed in notes, making them less transparent and important. Since the combined income in the form of other combined earnings (sub-items) of net profit has the highest value relevance, other composite income components should be listed in the income statement, which is recognized by our standard-setting body. In this year's newly revised Accounting Standards for Enterprises No. 30-Financial statement presentation, enterprises are required to list other comprehensive income items in the income statement.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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