發(fā)布時(shí)間：2017-12-31 14:28

  本文關(guān)鍵詞：上市公司非經(jīng)常性損益信息含量研究　出處：《北方工業(yè)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 上市公司 信息含量 股價(jià) 非經(jīng)常性損益

【摘要】：證券市場(chǎng)的健康發(fā)展離不開(kāi)政府的監(jiān)管,證券監(jiān)管機(jī)構(gòu)制定一系列的政策措施以保證證券市場(chǎng)的有效運(yùn)轉(zhuǎn)。我國(guó)證監(jiān)會(huì)在公司首次公開(kāi)發(fā)行股票、上市公司再融資、上市公司虧損退市等方面做出嚴(yán)格具體的規(guī)定,以保護(hù)廣大投資者的利益。證監(jiān)會(huì)監(jiān)管的核心之一是上市公司會(huì)計(jì)信息的披露,特別是對(duì)會(huì)計(jì)盈余信息的要求更是重中之重。我國(guó)證監(jiān)會(huì)在1999年提出非經(jīng)常性損益的概念并對(duì)非經(jīng)常性損益信息的披露做出了規(guī)定,此后相繼在2001、2004、2007和2008年對(duì)非經(jīng)常性損益的披露內(nèi)容作了修訂,以抑制上市公司操縱非經(jīng)常性損益進(jìn)行利潤(rùn)調(diào)整,誤導(dǎo)投資者的決策,可見(jiàn)我國(guó)證監(jiān)會(huì)對(duì)非經(jīng)常性損益披露的重視。 上市公司的盈余由經(jīng)常性損益和非經(jīng)常性損益構(gòu)成,這兩類盈余對(duì)企業(yè)的意義是不同的。經(jīng)常性損益是企業(yè)的核心收益,對(duì)企業(yè)的發(fā)展和持續(xù)成長(zhǎng)有很大的預(yù)測(cè)價(jià)值；非經(jīng)常性損益是偶發(fā)的、不具有持續(xù)性的盈余,對(duì)預(yù)測(cè)企業(yè)業(yè)績(jī)價(jià)值不大。為了使投資者正確區(qū)分這兩類性質(zhì)不同的盈余,我國(guó)采取了非經(jīng)常性損益強(qiáng)制性披露的政策,而國(guó)際會(huì)計(jì)準(zhǔn)則委員會(huì)、美國(guó)會(huì)計(jì)準(zhǔn)則委員會(huì)等西方發(fā)達(dá)國(guó)家對(duì)非經(jīng)常性損益的披露,經(jīng)歷了從支持單獨(dú)披露到限制披露的過(guò)程。本文正是在這一背景下,在回顧國(guó)內(nèi)外非經(jīng)常性損益文獻(xiàn)的基礎(chǔ)上,從非經(jīng)常性損益的理論基礎(chǔ)出發(fā),論述現(xiàn)階段我國(guó)上市公司披露非經(jīng)常性損益信息的現(xiàn)實(shí)意義。在實(shí)證部分,以非經(jīng)常性損益的信息含量為出發(fā)點(diǎn),利用價(jià)格模型研究非經(jīng)常性損益含有的與股價(jià)相關(guān)的信息含量,檢驗(yàn)投資者對(duì)股票定價(jià)時(shí)是否區(qū)分了經(jīng)常性損益與非經(jīng)常性損益,即投資者是否認(rèn)識(shí)到它們對(duì)企業(yè)持續(xù)經(jīng)營(yíng)的不同意義,以及投資者是否區(qū)分了企業(yè)報(bào)告的匯總收益與其持續(xù)性收益的不同,從而進(jìn)一步證實(shí)非經(jīng)常性損益信息披露的意義。 在對(duì)非經(jīng)常性損益含有的與股價(jià)相關(guān)的信息含量進(jìn)行實(shí)證研究后發(fā)現(xiàn),投資者區(qū)分了企業(yè)的經(jīng)常性損益與非經(jīng)常性損益,經(jīng)常性損益含有的與股價(jià)相關(guān)的信息含量高于非經(jīng)常性損益,即上市公司披露的經(jīng)常性損益與股價(jià)的相關(guān)性高于非經(jīng)常性損益,并且企業(yè)的持續(xù)性盈余含有的與股價(jià)相關(guān)的信息含量高于企業(yè)報(bào)告的匯總收益。最后,綜合前文論述及實(shí)證研究的結(jié)果,從非經(jīng)常性損益披露的規(guī)定、證券監(jiān)管、投資者保護(hù)等幾個(gè)角度,提出了加強(qiáng)我國(guó)非經(jīng)常性損益披露監(jiān)管的建議。
[Abstract]:The healthy development of the securities market can not be separated from the supervision of the government. The securities regulatory bodies formulate a series of policy measures to ensure the effective operation of the securities market. The refinancing of listed companies and delisting of losses of listed companies make strict and specific provisions to protect the interests of the majority of investors. One of the core of CSRC supervision is the disclosure of accounting information of listed companies. In 1999, China Securities Regulatory Commission put forward the concept of non-recurrent profit and loss and the disclosure of non-recurrent profit and loss information. Since then, in 2001 / 2004 / 2007 and 2008, the disclosure of non-recurrent profits and losses has been revised in order to restrain listed companies from manipulating non-recurrent profits and losses for profit adjustment. Mislead investor's decision, visible our country Securities Regulatory Commission's attention to non-recurrent profit and loss disclosure. The earnings of listed companies are composed of recurring gains and losses and non-recurrent gains and losses. The meaning of these two kinds of earnings to enterprises is different. The recurrent profits and losses are the core earnings of enterprises. It has great predictive value for the development and sustainable growth of enterprises. Non-recurrent gains and losses are incidental, do not have a sustained surplus, not very valuable for the forecast of corporate performance. In order to enable investors to correctly distinguish the two types of earnings of different nature. China has adopted the policy of mandatory disclosure of non-recurrent profits and losses, while the International Accounting Standards Board, the United States Accounting Standards Board and other western developed countries disclose non-recurrent gains and losses. Under this background, on the basis of reviewing the literature of non-recurrent profit and loss at home and abroad, from the theoretical basis of non-recurrent profit and loss. This paper discusses the practical significance of the disclosure of non-recurrent profit and loss information by listed companies in China at present. In the empirical part, the information content of non-recurrent profit and loss is taken as the starting point. The price model is used to study the information content related to the stock price contained in the non-recurrent profit and loss, and to test whether the investors distinguish the recurrent profit or loss from the non-recurrent profit or loss when pricing the stock. That is whether the investors realize the different meanings of them to the enterprise going on, and whether the investors distinguish the aggregate income of the enterprise report and the difference of its sustained income. Thus further confirm the significance of non-recurrent profit and loss information disclosure. After the empirical study on the information content related to stock price contained in non-recurrent gains and losses, it is found that investors distinguish the recurrent gains and losses from the non-recurrent gains and losses of enterprises. The information content of recurrent profit and loss is higher than that of non-recurrent profit and loss, that is, the correlation between recurrent profit and share price disclosed by listed company is higher than that of non-recurrent profit and loss. And the persistent earnings of enterprises contain higher information content related to stock price than the aggregate earnings reported by enterprises. Finally, synthesizing the results of the previous discussion and empirical research, from the non-recurrent profit and loss disclosure provisions. This paper puts forward some suggestions to strengthen the supervision of non-recurrent profit and loss disclosure in China from the perspectives of securities supervision and investor protection.
【學(xué)位授予單位】：北方工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F233;F832.51;F224

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