本文選題：債務(wù)重組 + 市場反應(yīng)�。� 參考：《北京交通大學(xué)》2012年碩士論文

【摘要】：我國資本市場形成的時間較短,與國外資本市場相比仍不夠成熟,在我國資本市場發(fā)展和完善的過程中,會計信息的可靠性、準確性和及時性一直是市場發(fā)展的重要前提,但是近年來,國際和國內(nèi)發(fā)生的一些會計造假和盈余管理案例引起了多方關(guān)注,政府和投資者對會計信息質(zhì)量提出了越來越高的要求。我國監(jiān)管部門從1999年起開始要求披露非經(jīng)常性損益,并在公司發(fā)行股票、再融資時要求考慮非經(jīng)常性損益的影響,加強了會計信息質(zhì)量。然而上市公司仍然可能利用非經(jīng)常性損益中的債務(wù)重組進行盈余管理,獲得一次性的巨額重組收益以實現(xiàn)扭虧、避免退市的目的。 本文就是在利用非經(jīng)常性損益進行盈余管理的理論背景下,選取了債務(wù)重組損益這一項,分析利用債務(wù)重組進行盈余管理的可能性,建立未預(yù)期盈余與超額報酬的線性模型,用盈余反應(yīng)系數(shù)定量分析債務(wù)重組損益的市場反應(yīng),在短窗口內(nèi)檢驗資本市場對年報中債務(wù)重組損益信息是否有反應(yīng)?具體是何種反應(yīng)?資本市場對債務(wù)重組損益和經(jīng)常性損益的反應(yīng)有何不同?從而加深對債務(wù)重組的認識。本文經(jīng)過實證研究證實了未預(yù)期盈余與超額報酬具有正相關(guān)性,說明在我國會計盈余具有信息含量；債務(wù)重組損益的盈余反應(yīng)系數(shù)為正,說明其與超額回報正相關(guān)；并且債務(wù)重組損益的盈余反應(yīng)系數(shù)高于經(jīng)常性損益的盈余反應(yīng)系數(shù),說明我國投資者是不理性的,不能夠區(qū)分經(jīng)常性損益和債務(wù)重組,仍然存在利用債務(wù)重組進行盈余管理的可能性。
[Abstract]:The forming time of our country's capital market is relatively short, compared with the foreign capital market, it is still not mature enough. In the process of the development and perfection of our country's capital market, the reliability, accuracy and timeliness of accounting information is always the important premise of the market development. However, in recent years, some cases of accounting fraud and earnings management, both at home and abroad, have attracted more and more attention, and the government and investors have put forward higher and higher demands on the quality of accounting information. Since 1999, China's regulatory authorities have required disclosure of non-recurrent profits and losses, and the need to consider the impact of non-recurrent gains and losses on the refinancing of companies, which strengthens the quality of accounting information. However, it is still possible for listed companies to make use of the debt restructuring in non-recurrent profit and loss to manage earnings, and to obtain a huge amount of recombination earnings in order to achieve the purpose of reversing losses and avoiding delisting. In this paper, under the theoretical background of earnings management with non-recurrent profit and loss, this paper selects the profit and loss of debt restructuring, analyzes the possibility of using debt restructuring to manage earnings, and establishes a linear model of unexpected earnings and excess returns. The market reaction of debt restructuring gains and losses is quantitatively analyzed by the earnings response coefficient, and the capital market is tested in a short window to see if there is any response to the information of debt restructuring gains and losses in the annual report. What was the reaction? How do capital markets react to debt restructuring gains and losses from recurring gains and losses? In order to deepen the understanding of debt restructuring. In this paper, the positive correlation between unanticipated earnings and excess returns is confirmed by empirical research, which shows that accounting earnings have information content in China, and the earnings reaction coefficient of debt restructuring gains and losses is positive, which shows that it is positively correlated with excess returns. Moreover, the surplus reaction coefficient of debt restructuring profit and loss is higher than that of recurrent profit and loss, which indicates that Chinese investors are irrational and can not distinguish between recurring profit and debt restructuring. There is still the possibility of using debt restructuring for earnings management.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 孫愛軍,陳小悅;關(guān)于會計盈余的信息含量的研究——兼論中國股市的利潤驅(qū)動特性[J];北京大學(xué)學(xué)報(哲學(xué)社會科學(xué)版);2002年01期

2 歐凌燕;;新債務(wù)重組準則:“中國式”重組的催化劑——基于滬深上市公司新債務(wù)重組準則實施首年的市場影響分析[J];財會通訊;2010年03期

3 鄧秋云;非經(jīng)常性損益與股票價格的相關(guān)性分析[J];財經(jīng)理論與實踐;2005年03期

4 魏濤;陸正飛;單宏偉;;非經(jīng)常性損益盈余管理的動機、手段和作用研究——來自中國上市公司的經(jīng)驗證據(jù)[J];管理世界;2007年01期

5 薛治劍;趙文平;胡振江;;非經(jīng)常性損益對股價影響的實證研究[J];中國管理信息化;2011年01期

6 上官健;;新會計準則下,上市公司非經(jīng)常性損益的趨向分析[J];經(jīng)濟師;2006年12期

7 齊芬霞;馬晨佳;;基于新債務(wù)重組準則的盈余管理實證研究[J];經(jīng)濟問題;2009年11期

8 陳小悅,肖星,過曉艷;配股權(quán)與上市公司利潤操縱[J];經(jīng)濟研究;2000年01期

9 趙宇龍;會計盈余披露的信息含量——來自上海股市的經(jīng)驗證據(jù)[J];經(jīng)濟研究;1998年07期

10 陳曉,陳小悅,劉釗;A股盈余報告的有用性研究——來自上海、深圳股市的實證證據(jù)[J];經(jīng)濟研究;1999年06期

相關(guān)碩士學(xué)位論文 前1條

1 孟子平;我國股市的ERC研究[D];西南財經(jīng)大學(xué);2007年

，

本文編號：1791516