本文選題：綜合收益其他綜合收益　切入點：凈利潤　出處：《南京大學》2013年碩士論文　論文類型：學位論文

【摘要】：從20世紀80年代開始,國際上就開始出現(xiàn)并逐步關注“綜合收益”的理念,并根據(jù)這一理念來修訂財務報表列報格式與內(nèi)容。為了與國際會計準則進一步趨同,我國2006年開始在新準則中就初步引入了“綜合收益”的理念,經(jīng)過不斷的發(fā)展,財政部于2009年6月11日印發(fā)《企業(yè)會計準則解釋第3號》中規(guī)定公司應當在利潤表“每股收益”項下增列“其他綜合收益”項目和“綜合收益總額”項目。同時在2009年12月31日發(fā)布的《財政部關于執(zhí)行會計準則的上市公司和非上市公司做好2009年年報工作的通知》中詳細具體的規(guī)定了其他綜合收益各項目的列報及其在附注中披露的格式和內(nèi)容。該政策體現(xiàn)了我國會計準則與國際財務報告準則持續(xù)趨同的路線。 因此,本文在上述宏觀背景下,結合我國資本市場的實情,對三個問題進行研究：第一,針對列示單純的綜合收益合計數(shù)后,其帶來的價值相關性是否高于凈利潤?第二,作為綜合收益的具體構成項目,其他綜合收益的詳細披露是否提高了價值相關性?第三,如果綜合收益、其他綜合收益的詳細披露具有增量信息,那么據(jù)其做出的投資策略是否能獲得收益?也就是市場對這些信息的反應是否恰當呢? 為了研究前兩個問題,本文利用2010年A股市場相關年報數(shù)據(jù),基于Ohlson模型,分別以凈利潤、綜合收益及其他綜合收益作為解釋變量構建三個研究模型,通過回歸分析,最終得出三個結論：(1)單純披露綜合收益合計數(shù)并不比凈利潤的披露更具有價值相關性。出現(xiàn)這一結論可能是由于一方面,綜合收益在我國引入時間較短,對于投資者而言屬于較新的概念,因此,投資者更傾向于用成熟的凈利潤指標作為投資決策的參考；另一方面,綜合收益總額是一個包含復雜交易或事項的合計信息,而其內(nèi)涵的具體信息的搜集和分析是需要成本和專業(yè)技能的,因此,普通投資者不具備這樣的條件。從而,出現(xiàn)了綜合收益總額并不比凈利潤的列示更具有價值相關性的現(xiàn)象。 (2)當對綜合收益分解后的其他綜合收益信息進行詳細披露后,價值相關性得到了明顯的提高,即帶來了增量信息。出現(xiàn)這一結論的原因是由于綜合收益分解后,就相當于將原來的單純的合計總額予以分解,就以更為清晰、簡單的方式在報表中列示和披露,因此,投資者直接可以獲取進而解讀這些更能反映企業(yè)真實價值和全面業(yè)績的信息,來作為投資決策的參考。 (3)市場對其他綜合收益的反應是恰當?shù)�。我們利用事件研究�?將總體樣本按照其他綜合收益指標值進行分組,并選取最高值和最低值兩組。分兩步進行研究：第一步,針對兩組樣本公司年報公告日及前后兩個交易日的累積異常報酬率進行對比,驗證信息公告時市場是否已經(jīng)做出了反應；第二步,將公告日后的第3個交易日起一年作為事件期,對兩組的CAR進行均值T檢驗,來進一步檢驗在公告日當天市場對其他綜合收益信息的反應是否出現(xiàn)過度或不足的現(xiàn)象。經(jīng)過驗證,我們得出結論：市場對其他綜合收益的反應是恰當?shù)摹?br/>[Abstract]:From the beginning of 1980s, and gradually pay attention to "comprehensive income" concept began to international, and according to the idea of a revised financial statements format and content. In order to further convergence with the international accounting standards, China began in 2006 in the new accounting standards on the preliminary introduced a "comprehensive income" concept, through continuous the development of the Ministry of Finance on June 11, 2009 issued "accounting standards for enterprises in the company shall profit" earnings per share "is added under" other comprehensive income "and" comprehensive income "project regulations No. third. > > interpretation notice issued in December 31, 2009 with the" Ministry of Finance on the implementation of accounting standards of listed companies and non-listed company to the 2009 annual report of the detailed provisions of the presentation of the other comprehensive income items and the format and the content disclosed in the notes of the policy. It embodies the continuous convergence of China's accounting standards and international financial reporting standards.
Therefore, based on the above background, combining with the real situation of China's capital market, the study on the three issues: first, to list the total number of comprehensive income alone, the correlation value is higher than the net profit? Second, as the comprehensive income structure of specific projects, detailed disclosure of other comprehensive income it improves the value relevance? Third, if the comprehensive income, detailed disclosure of other comprehensive income has incremental information, then according to whether its investment strategy can make profits? That is the market to the information counter should be appropriate?
In two before the research questions, using the 2010 A stock market related annual data, based on the Ohlson model, respectively, to net income, comprehensive income and other comprehensive income as explanatory variables to construct three research model, through regression analysis, finally draws three conclusions: (1) the total number is not only comprehensive income disclosure than net profit the disclosure has more value relevance. This conclusion may be due on the one hand, the comprehensive income in China into a relatively short time, for investors is relatively new concept, therefore, investors tend to net profit index as the investment in cooked for reference; on the other hand, the total comprehensive income is a contains complex transactions or events of the total information, and collect and analyze the connotation of the specific information is the need for cost and professional skills, so that ordinary investors do not have this kind of conditions from. However, the total total income is not more valuable than the list of net profit.
(2) when the detailed disclosure of comprehensive income after the decomposition of other comprehensive income information, the value relevance has been significantly improved, which brings incremental information. The reasons for this conclusion is due to comprehensive income after the decomposition is equivalent to the original pure total amount to be decomposed, more clear and simple way in the report presentation and disclosure, therefore, investors can obtain and interpret these can better reflect the true value of the enterprises and the overall performance of the information directly, as the reference of investment decision.
(3) the market response to the other comprehensive income is appropriate. We use the event study method, the sample is in accordance with other comprehensive income index group, and selected the highest and lowest in two groups. The work is divided into two steps: the first step, according to the comparison of cumulative abnormal return of two group Sample Firms annual report announcement date and two days before and after the announcement, to verify whether the market has responded; the second step, the third trading days after the announcement date within one year as the event period, mean T test on two groups of CAR, to further test in the announcement day market of other comprehensive income information response whether there is excessive or insufficient phenomenon. After verification, we come to the conclusion: the market reaction to the other comprehensive income is appropriate.

【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.5;F275

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