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

  更多相關文章： 上市公司 信息含量 股價 非經常性損益

【摘要】：證券市場的健康發(fā)展離不開政府的監(jiān)管,證券監(jiān)管機構制定一系列的政策措施以保證證券市場的有效運轉。我國證監(jiān)會在公司首次公開發(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格具體的規(guī)定,以保護廣大投資者的利益。證監(jiān)會監(jiān)管的核心之一是上市公司會計信息的披露,特別是對會計盈余信息的要求更是重中之重。我國證監(jiān)會在1999年提出非經常性損益的概念并對非經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年對非經常性損益的披露內容作了修訂,以抑制上市公司操縱非經常性損益進行利潤調整,誤導投資者的決策,可見我國證監(jiān)會對非經常性損益披露的重視。 上市公司的盈余由經常性損益和非經常性損益構成,這兩類盈余對企業(yè)的意義是不同的。經常性損益是企業(yè)的核心收益,對企業(yè)的發(fā)展和持續(xù)成長有很大的預測價值；非經常性損益是偶發(fā)的、不具有持續(xù)性的盈余,對預測企業(yè)業(yè)績價值不大。為了使投資者正確區(qū)分這兩類性質不同的盈余,我國采取了非經常性損益強制性披露的政策,而國際會計準則委員會、美國會計準則委員會等西方發(fā)達國家對非經常性損益的披露,經歷了從支持單獨披露到限制披露的過程。本文正是在這一背景下,在回顧國內外非經常性損益文獻的基礎上,從非經常性損益的理論基礎出發(fā),論述現(xiàn)階段我國上市公司披露非經常性損益信息的現(xiàn)實意義。在實證部分,以非經常性損益的信息含量為出發(fā)點,利用價格模型研究非經常性損益含有的與股價相關的信息含量,檢驗投資者對股票定價時是否區(qū)分了經常性損益與非經常性損益,即投資者是否認識到它們對企業(yè)持續(xù)經營的不同意義,以及投資者是否區(qū)分了企業(yè)報告的匯總收益與其持續(xù)性收益的不同,從而進一步證實非經常性損益信息披露的意義。 在對非經常性損益含有的與股價相關的信息含量進行實證研究后發(fā)現(xiàn),投資者區(qū)分了企業(yè)的經常性損益與非經常性損益,經常性損益含有的與股價相關的信息含量高于非經常性損益,即上市公司披露的經常性損益與股價的相關性高于非經常性損益,并且企業(yè)的持續(xù)性盈余含有的與股價相關的信息含量高于企業(yè)報告的匯總收益。最后,綜合前文論述及實證研究的結果,從非經常性損益披露的規(guī)定、證券監(jiān)管、投資者保護等幾個角度,提出了加強我國非經常性損益披露監(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.
【學位授予單位】：北方工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F233;F832.51;F224

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