本文關(guān)鍵詞：上市公司盈余結(jié)構(gòu)的價(jià)值相關(guān)性研究　出處：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：證券市場(chǎng)是一個(gè)信息敏感型市場(chǎng),會(huì)計(jì)信息是證券市場(chǎng)中上市公司信息披露的核心內(nèi)容,利益相關(guān)者也主要通過(guò)披露的會(huì)計(jì)信息、了解上市公司的經(jīng)營(yíng)業(yè)績(jī)。因此,只有具有較高信息含量的會(huì)計(jì)信息,才能真實(shí)無(wú)偏地反映企業(yè)各方面的經(jīng)營(yíng)狀況,從而有助于證券市場(chǎng)利益相關(guān)者做出合理的決策,促進(jìn)資本市場(chǎng)健康持續(xù)地發(fā)展。為了提高會(huì)計(jì)信息的信息含量,許多國(guó)家都不斷修訂和完善本國(guó)的會(huì)計(jì)準(zhǔn)則,我國(guó)財(cái)政部也于2006年2月15日頒布了新的《企業(yè)會(huì)計(jì)準(zhǔn)則》,新準(zhǔn)則與國(guó)際會(huì)計(jì)準(zhǔn)則全面接軌,并于2007年在上市公司中正式開始執(zhí)行。新準(zhǔn)則更加強(qiáng)調(diào)會(huì)計(jì)信息的決策有用性、真實(shí)性和公允性,著重于提高會(huì)計(jì)信息的質(zhì)量以促進(jìn)資源的有效配置,為投資者提供更多決策有用的信息、。會(huì)計(jì)信息在我國(guó)資本市場(chǎng)的發(fā)展與會(huì)計(jì)改革中的地位顯得越來(lái)越重要,因此對(duì)我國(guó)資本市場(chǎng)會(huì)計(jì)信息進(jìn)行全方位的分析已經(jīng)迫在眉睫,并具有重要的理論與現(xiàn)實(shí)意義。會(huì)計(jì)盈余是會(huì)計(jì)信息中最重要的信息之一,盈余數(shù)據(jù)及其相應(yīng)指標(biāo)也是評(píng)價(jià)上市公司經(jīng)營(yíng)業(yè)績(jī)的重要標(biāo)準(zhǔn),大量研究會(huì)計(jì)信息價(jià)值相關(guān)性的文獻(xiàn)也正是圍繞著會(huì)計(jì)盈余及其相應(yīng)指標(biāo)進(jìn)行的。 上市公司的盈余數(shù)據(jù)一直是市場(chǎng)投資者關(guān)注的焦點(diǎn),盈余數(shù)據(jù)的重要性促使了上市公司進(jìn)行盈余管理的動(dòng)機(jī),從而降低公司會(huì)計(jì)盈余的質(zhì)量。針對(duì)這種問題的存在,幾乎所有的國(guó)家都會(huì)要求其上市公司按特定的步驟披露會(huì)計(jì)盈余,以識(shí)別上市公司盈余質(zhì)量的真實(shí)情況。因此我們?cè)谶M(jìn)行會(huì)計(jì)盈余價(jià)值相關(guān)性分析時(shí),不能僅僅考慮會(huì)計(jì)報(bào)表上易受操縱的凈利潤(rùn)數(shù)據(jù)及其派生的指標(biāo),還必須綜合考慮利潤(rùn)的構(gòu)成項(xiàng)目以及構(gòu)成比例,以更準(zhǔn)確的反應(yīng)公司的盈余質(zhì)量。為此,本文基于中國(guó)資本市場(chǎng)環(huán)境研究新企業(yè)會(huì)計(jì)準(zhǔn)則下盈余結(jié)構(gòu)或具體盈余項(xiàng)目的價(jià)值含義,本文各章節(jié)詳細(xì)內(nèi)容如下： 第一章,緒論。本章基于我國(guó)的現(xiàn)實(shí)情況首先闡述了本文的研究背景和研究意義,然后介紹了本文各章節(jié)的詳細(xì)內(nèi)容和本文的結(jié)構(gòu)框架,最后介紹了本文的研究方法以及貢獻(xiàn)與不足。 第二章,文獻(xiàn)綜述。本章介紹了過(guò)去國(guó)內(nèi)外學(xué)者有關(guān)會(huì)計(jì)盈余、盈余結(jié)構(gòu)和虧損公司價(jià)值相關(guān)性的理論和實(shí)證研究成果,對(duì)這些研究成果進(jìn)行總結(jié),發(fā)現(xiàn)有關(guān)會(huì)計(jì)盈余價(jià)值相關(guān)性的研究已經(jīng)引起了會(huì)計(jì)學(xué)術(shù)界的廣泛關(guān)注,也在國(guó)內(nèi)外取得了一大批研究成果,但專門研究盈余結(jié)構(gòu)信息含量的文獻(xiàn)則相對(duì)較少,起步也較晚,研究的也不夠全面,更多的是理論研究,實(shí)證研究較少。 第三章,盈余結(jié)構(gòu)價(jià)值相關(guān)性研究的理論基礎(chǔ)。該部分首先介紹會(huì)計(jì)信息價(jià)值相關(guān)性的含義,然后從信息觀、計(jì)價(jià)觀和契約觀三個(gè)角度討論會(huì)計(jì)信息的作用機(jī)制,又從有效市場(chǎng)假說(shuō)、功能鎖定假說(shuō)、資本資產(chǎn)定價(jià)模型討論資本市場(chǎng)基本理論,最后進(jìn)行盈余結(jié)構(gòu)價(jià)值相關(guān)性的制度背景分析,為之后的實(shí)證研究提供理論基礎(chǔ)。 第四章,實(shí)證檢驗(yàn)部分。實(shí)證分析以2007年至2010年的上市公司數(shù)據(jù)為基礎(chǔ)樣本,首先描述實(shí)證研究數(shù)據(jù)的來(lái)源,接著介紹本文的研究假設(shè)和變量選取的方法,最后建立研究模型并進(jìn)行實(shí)證檢驗(yàn),從描述性統(tǒng)計(jì)、相關(guān)性分析和回歸分析三個(gè)方面進(jìn)行價(jià)值相關(guān)性實(shí)證研究,并得出以下研究結(jié)論：(1)總括盈余凈利潤(rùn)對(duì)被解釋變量股票價(jià)格的解釋能力較強(qiáng),并且在各年度間表現(xiàn)出極強(qiáng)的穩(wěn)定性,說(shuō)明總括盈余具有價(jià)值相關(guān)性,能夠向投資者傳遞關(guān)于股票價(jià)值的有用信息；(2)將盈余分解為各結(jié)構(gòu)性項(xiàng)目能顯著地增加盈余對(duì)股票價(jià)格的解釋能力,披露盈余的結(jié)構(gòu)性項(xiàng)目比總括盈余更加有助于投資者分析和判斷公司價(jià)值,從而做出更理性的投資決策,證明了盈余結(jié)構(gòu)的價(jià)值相關(guān)性高于總括盈余；(3)虧損樣本下會(huì)計(jì)盈余與股票價(jià)格的關(guān)系變得十分微弱,模型調(diào)整的擬合優(yōu)度比較低,解釋變量的回歸系數(shù)幾乎均不顯著,說(shuō)明虧損公司的會(huì)計(jì)盈余不存在價(jià)值相關(guān)性或價(jià)值相關(guān)性較弱,但虧損樣本下仍然存在盈余分解效應(yīng)；(4)主營(yíng)業(yè)務(wù)利潤(rùn)分解模型的調(diào)整的R2大于營(yíng)業(yè)利潤(rùn)分解模型,證明了主營(yíng)業(yè)務(wù)利潤(rùn)比營(yíng)業(yè)利潤(rùn)更具有顯著的邊際信息含量；(5)總樣本分組檢驗(yàn)中,按每股收益分組的回歸結(jié)果R2隨著每股收益的增加而上升,但在主營(yíng)業(yè)務(wù)利潤(rùn)比重和營(yíng)業(yè)利潤(rùn)比重分組的情況下并不呈現(xiàn)這一規(guī)律,說(shuō)明我國(guó)證券市場(chǎng)仍然存在“功能鎖定”的現(xiàn)象；(6)將營(yíng)業(yè)利潤(rùn)分解為收入項(xiàng)和費(fèi)用項(xiàng)之后,收入項(xiàng)與費(fèi)用項(xiàng)具有顯著的價(jià)值含義差異,收入項(xiàng)比費(fèi)用項(xiàng)更具有價(jià)值相關(guān)性。 第五章,研究結(jié)論與政策建議。本章首先總結(jié)了本文的實(shí)證研究結(jié)論,然后以我國(guó)的現(xiàn)實(shí)情況為基礎(chǔ),提出提高我國(guó)會(huì)計(jì)信息價(jià)值相關(guān)性的四點(diǎn)建設(shè)性意見：深化監(jiān)管政策的市場(chǎng)化改革、提高注冊(cè)會(huì)計(jì)師的審計(jì)獨(dú)立性和信息分析能力、完善會(huì)計(jì)信息披露制度,提高會(huì)計(jì)信息披露質(zhì)量、提高投資者自身知識(shí)水平和法律意識(shí)。 本文的主要貢獻(xiàn)在于： (1)以往學(xué)者的研究主要關(guān)注上市公司會(huì)計(jì)盈余的價(jià)值相關(guān)性,很少有人專門分析不同的收益來(lái)源如何影響投資者的投資決策、分解盈余和總括盈余對(duì)股票價(jià)格的解釋差異,對(duì)上市公司的盈余結(jié)構(gòu)的價(jià)值相關(guān)性進(jìn)行專門研究的文獻(xiàn)較少,實(shí)證研究更是聊聊無(wú)幾。本文采用理論與實(shí)證研究的方法檢驗(yàn)了上市公司總括盈余和結(jié)構(gòu)性盈余對(duì)股價(jià)的影響,另外還研究了虧損公司的價(jià)值相關(guān)性問題、分組樣本下會(huì)計(jì)盈余價(jià)值相關(guān)性的比較,研究的范圍很全面,并從盈余結(jié)構(gòu)這個(gè)全新的角度對(duì)價(jià)值相關(guān)性進(jìn)行了研究。 (2)本文在盈余結(jié)構(gòu)的指標(biāo)設(shè)計(jì)中,不同于以往的研究只從某一角度對(duì)總括盈余進(jìn)行分解,而是從不同的角度將總括盈余劃分為結(jié)構(gòu)性盈余,涉及到利潤(rùn)表中凈利潤(rùn)、主營(yíng)業(yè)務(wù)利潤(rùn)、營(yíng)業(yè)利潤(rùn)、收入項(xiàng)和費(fèi)用項(xiàng)的信息含量,另外還專門研究了虧損公司盈余結(jié)構(gòu)的價(jià)值相關(guān)性,使得本文的研究結(jié)論更具有準(zhǔn)確性和穩(wěn)定性。 (3)本文以實(shí)施新企業(yè)會(huì)計(jì)準(zhǔn)則后2007年至2010年的A股上市公司數(shù)據(jù)作為研究樣本,分析的結(jié)果可為新準(zhǔn)則的實(shí)施效果提供有力的證明,從而彌補(bǔ)以往學(xué)者的研究主要采用舊準(zhǔn)則下相關(guān)數(shù)據(jù)的缺陷,能夠檢驗(yàn)上市公司盈余構(gòu)成項(xiàng)目對(duì)股價(jià)的長(zhǎng)期影響。 (4)結(jié)合本文的研究結(jié)論,對(duì)如何提高我國(guó)會(huì)計(jì)信息的價(jià)值相關(guān)性提出了四點(diǎn)建設(shè)性意見,對(duì)以后資本市場(chǎng)的發(fā)展與完善具有重大的參考價(jià)值和現(xiàn)實(shí)意義。 由于時(shí)間、能力、研究條件等限制,本文的研究存在很多局限性,本文研究的局限性及可以進(jìn)一步研究的方向主要有以下幾點(diǎn)： (1)本文只采用價(jià)格模型進(jìn)行實(shí)證研究,沒有采用其它模型(如收益模型)進(jìn)一步檢驗(yàn)結(jié)論的穩(wěn)定性,另外價(jià)格模型反映的是盈余數(shù)據(jù)對(duì)股票價(jià)格的累積影響,因此價(jià)格模型下的研究結(jié)果可能會(huì)存在規(guī)模效應(yīng),實(shí)證結(jié)果也有所偏頗。 (2)本文沒有考慮行業(yè)因素對(duì)會(huì)計(jì)盈余有效性的影響,沒有按行業(yè)對(duì)研究樣本進(jìn)一步細(xì)分,建議以后的研究可以分行業(yè)檢驗(yàn),以得到更加準(zhǔn)確的結(jié)論。 (3)影響價(jià)值相關(guān)性的因素有很多,比如投資人的心理、政府頒布的政策、公司重組等,但是由于其復(fù)雜性,我們?cè)谘芯恐胁荒軐⑺杏绊懸蛩囟技{入研究范圍,因此本文存在固有的局限性。
[Abstract]:The securities market is a sensitive market information, accounting information is the core content of the securities market information disclosure of listed companies and stakeholders mainly through the disclosure of accounting information, understand the business performance of the listed company. Therefore, only the high quality accounting information, in order to unbiased reflect all aspects of enterprise management the status, which contributes to the securities market stakeholders to make reasonable decisions, and promote the sound development of capital market. In order to improve the information content of accounting information, many countries continue to revise and improve their accounting standards, China's Ministry of Finance on February 15, 2006 promulgated the new "accounting standards for business enterprises, the full integration of new with international accounting standards, and in 2007 in the listed company officially started. The new guidelines put more emphasis on the decision usefulness of accounting information, true and fair Of the effective allocation of emphasis on quality improvement of accounting information in order to promote the resources, provide useful information for investors more decision-making. Development of accounting information in China's capital market and accounting reform has become more and more important, so it is imminent to make a complete analysis of China's capital market and accounting information. It has important theoretical and practical significance. The accounting earnings is one of the most important information in the accounting information, an important standard of earnings data and the corresponding index is the performance evaluation of listed companies, a lot of research on the value relevance of accounting information literature is also around the accounting earnings and its corresponding index.
The earnings data of listed companies has been the focus of investors in stock market, the importance of earnings data prompted the listed company earnings management motivation, so as to reduce the earning quality. Aiming at this problem, almost all countries will require disclosure of accounting earnings according to the specific steps of the listed companies, to identify the real situation the earnings quality of listed companies. So we analyze the value relevance of accounting earnings, not only consider the net profit data on the accounting statement is susceptible to manipulation and derived indicators must also constitute the project considering the profit and the proportion of the earnings quality, company more accurate. Therefore, the meaning of the value of new business study on environmental China capital market accounting standards on earnings structure or detailed earnings items based on the detailed chapters as follows:
The first chapter is the introduction. Based on the reality of our country, this chapter first expounds the background and significance of the research, then introduces the detailed contents of this chapter and the structure framework of this article. Finally, it introduces the research methods, contributions and shortcomings of this paper.
The second chapter is literature review. This chapter introduces the past domestic and foreign scholars on the accounting earnings, theoretical and empirical research results of the correlation between earnings structure and loss of the value of the company, the paper research on the value relevance of accounting surplus has attracted extensive attention in accounting academia, has also made a large number of research results at home and abroad, but the specialized research on the information content of earnings structure literature is relatively small, started late, the research is not comprehensive, more theoretical research, empirical research is limited.
The third chapter, the theoretical basis of value relevance of earnings structure. This part first introduces the meaning of the value relevance of accounting information, and then from the information perspective, valuation perspective and contract perspective in three aspects to discuss the mechanism of accounting information, and from the efficient market hypothesis, false lock function, the capital asset pricing model to discuss the basic theory of capital market. Analysis of system background and value relevance of earnings structure, provide a theoretical basis for further empirical studies.
Fourth chapter is the empirical part. The empirical analysis on the data of listed companies from 2007 to 2010 as the basic samples, first describe the source of empirical data, and then introduces the method of the research hypotheses and variable selection, finally establish the research model and empirical test, from descriptive statistics, correlation analysis and regression analysis of three aspects of research the value relevance of empirical analysis, and draw the following conclusions: (1) earnings net profit on the explanatory variables to explain stock price ability, and showed strong stability in different year, that overall earnings have value relevance, can convey useful information about the value of the shares to investors; (2) earnings for the structural decomposition project can significantly increase the explanatory power of earning to price earnings ratio, structural project disclosure of earnings is more conducive to investment Investors to analyze and judge the value of the company, so as to make rational investment decisions, proved the value relevance of earnings structure is higher than the earnings; (3) the relationship between accounting earnings and stock price of the loss of the sample becomes very weak, goodness of model is relatively low, the regression coefficients of explanatory variables that almost were not significant. The loss of the company's accounting earnings have no value relevance is weak, but the loss still exists surplus sample decomposition effect; (4) the main business profit decomposition model adjusted R2 is greater than the operating profit decomposition model, proved that the main business profit is more significant than the marginal information content of operating profit; (5) the total sample grouping test, according to the regression results of earnings per share of the R2 packet increases with the increase of earnings per share, but in the main business profit proportion and the proportion of the group operating profit Do not show under this law, shows that China stock market is still "function lock" phenomenon; (6) the operating profit income and expenses for decomposition, income and expenses with the meaning of the value difference and income than the cost has more value relevance.
The fifth chapter, conclusions and suggestions. This chapter summarizes the conclusions of the empirical research, based on the reality of our country, put forward to improve the four point of the construction of the value relevance of accounting information in our opinion: deepening market-oriented reform of regulatory policy, improve the independence of the audit and information analysis ability of registered accountants the improvement of accounting information disclosure system, improve the quality of accounting information disclosure, improve investor's own level of knowledge and awareness of the law.
The main contributions of this article are as follows:
(1) the value relevance of previous scholars mainly focus on the accounting earnings of listed companies, there are few people devoted to the analysis of how different sources of income affect the investment decisions of investors, earnings and earnings decomposition on the stock price difference, make a special study on the value relevance of earnings structure of listed companies in the literature, empirical research is talk much. In this paper, theoretical and empirical research methods are used to test the influence on the earnings of listed companies on the stock price and the structural surplus, in addition to loss of the company's value relevance are also studied, comparing the value relevance of accounting surplus sample groups, the research scope is very comprehensive, and carried out the research from a new perspective of earnings structure on the value relevance.
(2) the design index of earnings structure, different from the previous research only from a perspective of earnings decomposition, but from a different perspective on the earnings will be divided into structural surplus, relates to the net profit in the profit statement, the main business profit, operating profit, income and expense items of information content in addition, devoted to the study of the value relevance of earnings structure of company, the conclusion of this thesis has more accuracy and stability.
(3) in this paper, after the implementation of new accounting standards from 2007 to 2010 A shares of listed companies as the research sample data, provide strong proof of the effectiveness of the implementation of the results for the new standards, in order to make up for the research of previous scholars mainly use the relevant data under the old accounting standards defects, can constitute a project on inspection of listed companies earnings the price of long-term effects.
(4) combined with the conclusions of this paper, we put forward four constructive suggestions on how to improve the relevance of accounting information in China, which has great reference value and practical significance for the future development and improvement of capital market.
Due to the limitations of time, ability and research conditions, there are many limitations in this study. The limitations of this study and the directions for further research are mainly as follows.
(1) this paper only uses the price model for empirical research, without the use of other models (such as profit model) stability further inspection conclusion, also reflects the cumulative effect of the price model of earnings data on the stock price, so the price of model results may exist the scale effect, the empirical results also biased.
(2) this paper does not consider the impact of industry factors on the effectiveness of accounting earnings. It has not been further subdivided according to industry research samples. It is suggested that future research can be divided into industry tests to get more accurate conclusions.
(3) there are many factors that affect the value relevance, such as investor psychology, government promulgated policies, corporate restructuring and so on. But because of its complexity, we can not take all the factors into the research scope, so there are inherent limitations in this paper.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F275;F224

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