本文關(guān)鍵詞：上市公司綜合收益的價(jià)值相關(guān)性研究　出處：《北京交通大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 綜合收益 凈利潤(rùn) 其他綜合收益 價(jià)值相關(guān)性 企業(yè)性質(zhì)

【摘要】：摘要：隨著近年來(lái)經(jīng)濟(jì)的快速發(fā)展,我國(guó)資本市場(chǎng)的發(fā)展也日益完善。資本市場(chǎng)的快速發(fā)展使信息使用者對(duì)會(huì)計(jì)信息的決策有用性要求日益提高。經(jīng)濟(jì)的全球化、資本市場(chǎng)的完善化等因素使傳統(tǒng)凈利潤(rùn)指標(biāo)開(kāi)始暴露出各種局限,傳統(tǒng)的利潤(rùn)指標(biāo)已不能滿足決策者的信息需求,各國(guó)開(kāi)始提出改革措施,為適應(yīng)國(guó)際化趨同,我國(guó)也進(jìn)行了改革,2009年6月我國(guó)財(cái)政部發(fā)布的《企業(yè)會(huì)計(jì)準(zhǔn)則解釋第3號(hào)》規(guī)定企業(yè)應(yīng)當(dāng)在利潤(rùn)表“每股收益”項(xiàng)下增列“其他綜合收益”項(xiàng)目和“綜合收益總額”項(xiàng)目。然而政策頒布的最初幾年,綜合收益并沒(méi)有達(dá)到良好的信息增量效果,那么隨著政策的進(jìn)一步推進(jìn)、信息使用者對(duì)其逐步理解,綜合收益是否有良好的發(fā)展趨勢(shì),是否提高會(huì)計(jì)信息的有用性,還需檢驗(yàn)。 本文選取滬市A股上市公司2010-2012三年的樣本數(shù)據(jù)進(jìn)行實(shí)證檢驗(yàn),以?xún)r(jià)格模型為基礎(chǔ)構(gòu)建研究模型進(jìn)行混合樣本檢驗(yàn)和分年度樣本檢驗(yàn),之后又根據(jù)企業(yè)性質(zhì)(國(guó)企、非國(guó)企)對(duì)本文提出的3個(gè)模型進(jìn)行拓展性研究,得出以下結(jié)論：綜合收益與傳統(tǒng)凈利潤(rùn)均具有價(jià)值相關(guān)性,但綜合收益的價(jià)值相關(guān)性仍低于凈利潤(rùn)；將綜合收益分解為凈利潤(rùn)和其他綜合收益列示,其對(duì)股價(jià)的相關(guān)性要高于直接列示綜合收益；其他綜合收益不能提高傳統(tǒng)凈利潤(rùn)對(duì)股價(jià)的解釋能力；綜合收益的價(jià)值相關(guān)性具有持續(xù)增長(zhǎng)的趨勢(shì)；在國(guó)有企業(yè)中,綜合收益的價(jià)值相關(guān)性高于凈利潤(rùn),且其他綜合收益具有顯著的增量?jī)r(jià)值相關(guān)性,而在非國(guó)有企業(yè)中,綜合收益的價(jià)值相關(guān)性低于凈利潤(rùn)的,且其列報(bào)他綜合收益不能提高對(duì)股價(jià)的解釋能力。 根據(jù)本文得出的結(jié)論,提出以下建議：加大對(duì)綜合收益的宣傳力度,以便提高對(duì)綜合收益的重視程度；完善相關(guān)的準(zhǔn)則和規(guī)范,提高綜合收益的增量信息作用；加強(qiáng)對(duì)上市公司的監(jiān)管力度,使其全面、充分地披露會(huì)計(jì)信息,減少管理層的盈余管理空間。
[Abstract]:Abstract: with the rapid economic development in recent years, the development of China's capital market has become more perfect. With the rapid development of capital markets and make the information user decision usefulness of accounting information. The increasing economic globalization, the perfection of the capital market and other factors make the traditional net profit index began to reveal various limitations, the traditional profit index has been unable to meet the information requirements of decision makers, countries began to put forward reform measures, in order to adapt to the internationalization, our country has carried on the reform of accounting standards for enterprises "in June 2009, China's Ministry of Finance issued the Interpretation No. third" stipulates that enterprises should be in the profit statement "earnings per share" is added under "other comprehensive income" project and "comprehensive income" project. However the promulgation of the policy for the first few years, comprehensive income did not achieve information gain good results, so as to further promote the policy If the information users understand it gradually, whether the comprehensive income has a good trend of development, and whether to improve the usefulness of accounting information, it needs to be tested.
This paper selects Shanghai A shares of listed companies 2010-2012 three years of sample data for empirical test, the price model as the basis to build the model of mixed sample test and inspection annual samples, then according to the nature of the enterprise (SOE and non SOE) expansion of research for the 3 models proposed in this paper, draw the following conclusions: the traditional income and net profit have value relevance, but the value relevance of comprehensive income is still lower than the net profit; will be decomposed into comprehensive income and other comprehensive income net profit of listed on the stock price is higher than the correlation between the direct presentation of comprehensive income; other comprehensive income can not improve the traditional net profit ability to explain the stock price; value relevance comprehensive income has sustained growth trend; in the state-owned enterprises, the value relevance of comprehensive income is higher than the net profit, and other comprehensive income has significant In addition, the value relevance of the comprehensive income is lower than that of the net profit in the non-state-owned enterprises, and its comprehensive income can not improve the explanatory power of the stock price.
According to the conclusion of the thesis, put forward the following suggestions: increase the comprehensive income of propaganda, in order to improve the degree of attention to comprehensive income; improve the standards and regulations related, improve the effect of the incremental information of comprehensive income; strengthen the supervision of listed companies, the comprehensive, full disclosure of accounting information, reduce management the earnings management space.

【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F276.6;F275;F832.51

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本文編號(hào)：1419692