【摘要】：近年來,非貨幣性資產(chǎn)交換損益已成為上市公司進行盈余管理、調(diào)節(jié)利潤的手段之一。隨著對上市公司盈余研究的不斷增多以及我國證券市場的不斷發(fā)展,市場反應(yīng)類研究越來越成為各方關(guān)注的重點。2006年2月財政部出臺的新會計準則體系中《企業(yè)會計準則第7號——非貨幣性資產(chǎn)交換》,借鑒國際會計準則規(guī)定引入“商業(yè)實質(zhì)”和“公允價值計量”。這一準則的實施為上市公司進行盈余管理提供了新的手段。在這樣的背景下,本文以盈余管理和非貨幣性資產(chǎn)交換損益的理論為起點,對上市公司利用非貨幣性資產(chǎn)交換損益進行盈余管理的動機和手段進行了詳細的分析。然后以2008-2010年上市和深市A股上市公司中發(fā)生非貨幣性資產(chǎn)交換損益的公司為樣本,進行實證研究。在市場有效的基礎(chǔ)提出研究假設(shè),建立模型,運用SPSS統(tǒng)計軟件對變量進行描述性統(tǒng)計和線性回歸分析。研究結(jié)果表明：未預(yù)期盈余與超額回報具有正的相關(guān)性且非貨幣性資產(chǎn)交換損益的盈余反應(yīng)系數(shù)低于經(jīng)常性損益的盈余反應(yīng)系數(shù)。這說明上市公司的盈余具有信息含量,且市場對經(jīng)常性損益較非貨幣性資產(chǎn)交換損益給以了更高的回報。在得到以上結(jié)論的同時發(fā)現(xiàn)雖然市場能夠識別上市公司的盈余信息但是識別的程度比較弱,針對此本文提出了相關(guān)建議。同時亦希望本文的研究會使人們加深對中國證券市場行為特征的認識。
[Abstract]:In recent years, exchange gains and losses of non-monetary assets have become one of the means of earnings management and profit regulation of listed companies. With the increasing research on the earnings of listed companies and the continuous development of China's securities market, In February 2006, the Ministry of Finance issued the new accounting standards system < Accounting Standards for Enterprises No. 7-Non-monetary assets Exchange ", drawing on the introduction of international accounting standards." Commercial substance and Fair value Measurement. The implementation of this standard for listed companies to carry out earnings management provides a new means. Based on the theory of earnings management and exchange gains and losses of non-monetary assets, this paper makes a detailed analysis of the motivation and means of earnings management of listed companies using non-monetary assets exchange gains and losses. Then the empirical study is carried out with the sample of non-monetary assets exchange gains and losses in listed companies in 2008-2010 and listed companies in Shenzhen stock market. On the basis of market efficiency, the research hypothesis is put forward, the model is established, and the descriptive statistics and linear regression analysis of variables are carried out by using SPSS statistical software. The results show that there is a positive correlation between unanticipated earnings and excess returns, and the earnings response coefficient of exchange gains and losses of non-monetary assets is lower than that of recurrent gains and losses. This shows that the earnings of listed companies have information content, and the market gives a higher return on recurrent gains and losses than non-monetary assets exchange gains and losses. At the same time, we find that although the market can identify the earnings information of listed companies, the degree of recognition is relatively weak. At the same time, it is hoped that this study will deepen the understanding of the behavior characteristics of China's securities market.
【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】：F233;F832.51;F224

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