本文選題：上市公司　切入點：非經(jīng)常性損益　出處：《財政部財政科學研究所》2012年碩士論文　論文類型：學位論文

【摘要】：有效的股票和債券市場對現(xiàn)代社會經(jīng)濟非常重要,尤其對像中國這樣處于急速發(fā)展而需要大量資本進行投資的國家,有效的市場會將資金——社會儲蓄——導向其最高效的用途。公司從投資者那里獲取資金,同時公布財務報表幫助投資者進行投資決策。而作為資金的擁有者需要借助財務報表來了解公司的基本信息以確保自己的投資保值增值�？梢哉f,股票價格與會計信息存在天然的關系,投資者在進行股票決策時一般是利用了會計信息的,所以,當會計信息公布時,股票價格會做出顯著反映。基于此,上市公司對于財務報表的會計盈余非常重視,一些上市公司可能會出現(xiàn)利潤操縱或盈余管理的行為以進行洗大澡或者粉飾財務報表,其中,利用非經(jīng)常性損益項目就是重要手段之一。然而,這種被操控的盈余不可能保持持續(xù)的高增長,一旦盈余出現(xiàn)下降,股價開始下跌,既造成投資者的損失,也干擾資本市場配置稀缺資源功能的實現(xiàn)。因此利用非經(jīng)常性損益進行盈余管理會在多大程度上影響證券市場上公司的價值以及如何提高非經(jīng)常性損益的披露質(zhì)量,一直是會計學術界長期研究的問題。 本文從規(guī)范和實證兩個角度考察我國上市公司非經(jīng)常性損益的披露質(zhì)量和價值相關性。在規(guī)范分析方面,從我國證監(jiān)會對非經(jīng)常性損益的5次規(guī)定出發(fā),探討國內(nèi)外非經(jīng)常性損益的內(nèi)涵與區(qū)別。再進一步基于不完全契約理論和有效市場理論分析以非經(jīng)常性損益為主要手段的盈余管理的動機,以及經(jīng)過非經(jīng)常性損益調(diào)整之后的盈余對于上市公司股價產(chǎn)生影響的原因及本質(zhì)。在實證分析方面,首先從多角度分析上市公司非經(jīng)常性損益披露狀況,進而揭示非經(jīng)常性損益披露存在的問題。再以2006-2010年上市公司為樣本數(shù)據(jù)建立計量模型來研究上市公司非經(jīng)常性損益與股價的相關性,并引入變量“非經(jīng)常性損益/凈利潤”的絕對值去考察不同盈余管理程度的價值相關性。研究發(fā)現(xiàn)非經(jīng)常性損益具有價值信息含量,且盈余管理程度越大,與股價的相關性越顯著。最后,針對以上的研究,一方面從微觀層面對完善非經(jīng)常性損益的披露質(zhì)量和公司內(nèi)部治理提出了建議；另一方面從宏觀層面對進一步完善我國證券市場的監(jiān)督機制提供了一些看法。
[Abstract]:An efficient stock and bond market is very important to modern society and economy, especially in countries like China, which are developing rapidly and need a lot of capital to invest in. Efficient markets channel money-social savings-to their most efficient uses. Companies get money from investors. At the same time, financial statements are published to help investors make investment decisions. The owners of funds need to use the financial statements to understand the basic information of the company in order to ensure that their investments maintain and increase their value. There is a natural relationship between stock price and accounting information. Investors generally make use of accounting information when making stock decisions. Therefore, when accounting information is released, the stock price will be significantly reflected. Listed companies attach great importance to the accounting earnings of financial statements. Some listed companies may engage in profit manipulation or earnings management to take a shower or whitewash their financial statements. The use of non-recurring gains and losses is one of the important means. However, this manipulated surplus is unlikely to maintain sustained high growth. Once the surplus falls, the stock price begins to fall, causing losses to investors. It also interferes with the realization of the function of allocating scarce resources in the capital market. Therefore, the extent to which earnings management by using non-recurrent profits and losses will affect the value of companies in the securities market and how to improve the disclosure quality of non-recurrent profits and losses, Has been a long-term study of the accounting academic issues. This paper examines the relationship between the disclosure quality and value of non-recurrent profits and losses of listed companies in China from the two angles of normative and empirical analysis. In terms of normative analysis, this paper starts from the five regulations of China Securities Regulatory Commission on non-recurrent profits and losses. This paper probes into the connotation and difference of non-recurrent profit and loss at home and abroad, and further analyzes the motive of earnings management based on incomplete contract theory and efficient market theory, in which non-recurrent profit or loss is the main means. And the reason and essence of the earnings after the adjustment of non-recurrent profit and loss on the stock price of listed company. In the empirical analysis, first of all, the disclosure status of non-recurrent profit and loss of listed company is analyzed from multiple angles. Then it reveals the problems existing in the disclosure of non-recurrent profits and losses, and then establishes an econometric model based on the sample data of listed companies from 2006 to 2010 to study the correlation between non-recurrent gains and losses of listed companies and stock prices. The absolute value of the variable "non-recurrent profit / net profit" is introduced to investigate the value correlation of different earnings management degree. The study shows that non-recurrent profit and loss has value information content, and the more earnings management degree, Finally, in view of the above research, on the one hand, from the micro level to improve the disclosure quality of non-recurring profits and losses and corporate internal governance recommendations; On the other hand, it provides some views on how to improve the supervision mechanism of China's securities market.
【學位授予單位】：財政部財政科學研究所
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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本文編號：1600285