【摘要】：財(cái)政部于2009年頒布了《企業(yè)會(huì)計(jì)準(zhǔn)則解釋第3號(hào)》，提出在利潤(rùn)表中增列“其他綜合收益”和“綜合收益”項(xiàng)目，并要求在附注中詳細(xì)披露其他綜合收益組成項(xiàng)目等，這標(biāo)志著我國企業(yè)會(huì)計(jì)準(zhǔn)則由傳統(tǒng)收益模式向綜合收益模式轉(zhuǎn)變。本文基于滬深兩市A股上市公司2009年年報(bào)數(shù)據(jù)，采用價(jià)格模型和盈余股票報(bào)酬模型實(shí)證檢驗(yàn)了新會(huì)計(jì)準(zhǔn)則下綜合收益的有用性。與以往研究不同的是，本文研究綜合收益的有用性，，不僅考察了綜合收益的價(jià)值相關(guān)性，還增加了對(duì)綜合收益的穩(wěn)健性研究。本文得出的主要結(jié)論如下： （1）凈利潤(rùn)和綜合收益均與股價(jià)存在顯著的相關(guān)性，且綜合收益的價(jià)值相關(guān)性低于凈利潤(rùn)的價(jià)值相關(guān)性，這是由于其他綜合收益明細(xì)項(xiàng)目的組成相互抵消后的綜合反映。當(dāng)在模型中增加其他綜合收益時(shí)，則提高了凈利潤(rùn)對(duì)股價(jià)的影響，同時(shí)，其他綜合收益與股價(jià)之間也呈現(xiàn)顯著的相關(guān)關(guān)系。 （2）在其他綜合收益的明細(xì)項(xiàng)目中，只有每股權(quán)益法下被投資單位其他所有者權(quán)益變動(dòng)的影響和每股現(xiàn)金流量套利工具產(chǎn)生的利得和損失與股價(jià)有顯著的相關(guān)性。其他明細(xì)項(xiàng)目均未與股價(jià)顯著相關(guān)。 （3）在價(jià)格模型中，本文所選取的控制變量公司規(guī)模、流動(dòng)比率和流通股比例均進(jìn)入了模型，且流動(dòng)比率與股價(jià)成正比，而公司規(guī)模和流通股比例則與股價(jià)負(fù)相關(guān)。 （4）凈利潤(rùn)與綜合收益的會(huì)計(jì)盈余確認(rèn)壞消息較之確認(rèn)好消息均具有增量及時(shí)性，即都具有穩(wěn)健性，但不顯著，且綜合收益的穩(wěn)健性水平低于凈利潤(rùn)的穩(wěn)健性水平。 由于對(duì)其他綜合收益明細(xì)項(xiàng)目的檢驗(yàn)使我們認(rèn)識(shí)到其他綜合收益明細(xì)項(xiàng)目的重要性，總括地反應(yīng)綜合收益只會(huì)抵消明細(xì)項(xiàng)對(duì)股價(jià)的影響，同時(shí)，綜合收益包含具有風(fēng)險(xiǎn)高、不確定的利得和損失也使其穩(wěn)健性不顯著，所以本文希望以此能夠提醒投資者多加留意其他綜合收益的明細(xì)項(xiàng)目，建議企業(yè)加強(qiáng)披露其他綜合收益，以減少管理者的盈余管理空間，突出強(qiáng)調(diào)公司績(jī)效的透明度。
[Abstract]:The Ministry of Finance issued the Accounting Standards for Enterprises interpretation No. 3 in 2009, proposing to add "other comprehensive income" and "integrated income" items to the income statement, and requiring detailed disclosure of other composite income components items in the notes. This marks the change from the traditional income model to the comprehensive income model in China's enterprise accounting standards. Based on the 2009 annual report data of A-share listed companies in Shanghai and Shenzhen stock markets, this paper empirically tests the usefulness of comprehensive income under the new accounting standards by using price model and earnings stock return model. Different from previous studies, this paper studies the usefulness of comprehensive income, not only to investigate the value correlation of comprehensive income, but also to increase the robustness of comprehensive income. The main conclusions of this paper are as follows: (1) there is a significant correlation between net profit and combined income, and the value correlation of comprehensive return is lower than that of net profit. This is due to the combination of the composition of other integrated income items that offset each other. When the other comprehensive returns are added to the model, the influence of net profit on the stock price is increased, and there is also a significant correlation between the other composite returns and the stock price. (2) in other detailed items of comprehensive income, only the influence of the change of other owners' equity under the EPS method and the profit and loss caused by the per share cash flow arbitrage tool have significant correlation with the stock price. Other detailed items are not significantly related to the share price. (3) in the price model, the company size, the current ratio and the tradable share ratio are all entered into the model, and the current ratio is proportional to the stock price, while the company size and the tradable share ratio are negatively correlated with the stock price. (4) the bad news of accounting earnings recognition of net profit and comprehensive income has incremental timeliness compared with good news, that is, both of them have conservatism, but not significant, and the level of soundness of comprehensive income is lower than that of net profit. Since the testing of other comprehensive return breakdown items makes us realize the importance of other comprehensive return detail items, the overall reflection of the composite return can only offset the impact of the detailed items on the stock price, while the composite return contains high risks. Uncertain gains and losses also make it less robust, so this paper hopes to remind investors to pay more attention to the detailed items of other comprehensive returns, and suggest enterprises to enhance disclosure of other comprehensive returns. In order to reduce managers' earnings management space, highlight the transparency of corporate performance.
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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