本文選題：非經(jīng)常性損益 + 持續(xù)性�。� 參考：《華東交通大學(xué)》2014年碩士論文

【摘要】：隨著經(jīng)濟的發(fā)展社會的進步，資本市場在經(jīng)濟運行中的作用愈發(fā)重要，資本市場是否能夠高效運行直接影響甚至左右整個國民經(jīng)濟的發(fā)展，而資本市場發(fā)育程度最重要的特征之一，便是對信息的反應(yīng)能力。因此，，我們在有效市場假說中按照信息反應(yīng)的多寡加以區(qū)分，能否對企業(yè)發(fā)布的信息所包含的內(nèi)容進行有效定價。非經(jīng)常性損益這一概念自1999年引入以來，經(jīng)歷2001、2004、2007的數(shù)次修訂完善，2008年又對其定義有了新的界定和劃分。中國證券監(jiān)督管理委員會（以下簡稱“證監(jiān)會”）對非經(jīng)常性損益規(guī)定的屢次出臺足以說明其重要性，原因有二，一是非經(jīng)常性損益在企業(yè)中發(fā)生的頻率越來越高；二是，非經(jīng)常性損益信息披露有很多需要界定、規(guī)范的內(nèi)容。在當(dāng)前理論界和學(xué)術(shù)界對非經(jīng)常性損益的研究主要是側(cè)重于扣除非經(jīng)常性損益后的評估和非經(jīng)常性損益的界定及披露，而對非經(jīng)常性損益項目構(gòu)成事項的研究卻很少，其項目構(gòu)成在盈利預(yù)測中是否會發(fā)生作用？為深入研究非經(jīng)常性損益，我們從偶發(fā)性與否和經(jīng)營性與否兩個維度進行細(xì)分歸類，將非經(jīng)常性損益分為非偶發(fā)性非經(jīng)營損益、偶發(fā)性非經(jīng)營損益和偶發(fā)性經(jīng)營損益三個部分，本文又將2008年規(guī)定中的21類非經(jīng)常性損益的小類歸為這三個部分；從理論上說非經(jīng)常性損益項目構(gòu)成存在持續(xù)性，而在現(xiàn)實世界中，隨著利益多元化的到來，一些頻繁發(fā)生的非經(jīng)常性損益也是存在的�；诖�，本文對非經(jīng)常性損益的項目構(gòu)成進行持續(xù)性及價值相關(guān)性研究。通過借鑒經(jīng)典價格模型的運用及Sloan的研究方法，對我國2008年——2012年A股制造業(yè)上市公司非經(jīng)常性損益持續(xù)性及價值相關(guān)性的實證研究發(fā)現(xiàn)，非偶發(fā)性非經(jīng)營損益具有持續(xù)性及價值相關(guān)性，而偶發(fā)性損益不具有持續(xù)性及價值相關(guān)性；但是非偶發(fā)性非經(jīng)營損益的持續(xù)性及價值相關(guān)性較扣除非經(jīng)常性損益后的凈利潤要弱。這就告訴我們在平常的盈利預(yù)測評估中，我們不能簡單的將非經(jīng)常性損益扣除，而是應(yīng)該通盤考慮像非偶發(fā)性非經(jīng)營的損益，比如：非流動資產(chǎn)處置損益、資金占用費等。本文雖然創(chuàng)新性的從非經(jīng)常性損益的分類上著手，對其項目構(gòu)成進行研究，得出了結(jié)論，為投資者和監(jiān)管層提供參考，但是，這也是本文的缺陷之一，該分類方法的合理性和科學(xué)性有待商榷。同時，由于企業(yè)采用的數(shù)據(jù)只有五年，無法對其進行面板分析，結(jié)論的解釋性不強。
[Abstract]:With the development of economy and society, the role of capital market in economic operation is becoming more and more important. Whether the capital market can operate efficiently directly affects or even affects the development of the whole national economy. One of the most important characteristics of capital market development is the ability to respond to information. Therefore, in the efficient market hypothesis, we distinguish the information response according to the amount of information response, and whether we can effectively price the content of the information published by the enterprise. Since the introduction of the concept of non-recurrent profit and loss in 1999, it has been revised and perfected several times in 2001 / 2004 / 2007. In 2008, the concept of non-recurrent profit and loss has a new definition and division. The repeated issuance of non-recurrent profit and loss provisions by the China Securities Regulatory Commission (hereinafter referred to as "CSRC") is sufficient to illustrate its importance for two reasons: first, non-recurrent gains and losses are occurring more and more frequently in enterprises; and second, Non-recurrent profit and loss information disclosure needs to be defined, standardized content. The current theoretical and academic research on non-recurrent profit and loss is mainly focused on the evaluation after deducting non-recurrent profit and loss and the definition and disclosure of non-recurrent profit and loss. Will the project composition play a role in the profit forecast? In order to study non-recurrent profit and loss in depth, we subdivide the non-recurrent profit and loss into three parts: non-incidental non-operating profit and loss, incidental non-operating profit and loss and incidental operating profit or loss. In this paper, 21 categories of non-recurrent profit and loss in 2008 are classified into these three parts. In theory, non-recurrent profit and loss items are persistent, but in the real world, with the arrival of diversification of interests, Some frequent recurring gains and losses also exist. Based on this, this paper studies the sustainability and value correlation of non-recurrent profit and loss. By using the application of classical price model and the research method of Sloan, the empirical study of non-recurrent profit and loss sustainability and value correlation of A-share manufacturing listed companies in China from 2008 to 2012 is found. Non-incidental non-operating profit and loss has continuity and value correlation, but incidental profit and loss does not have continuity and value correlation; However, the sustainability and value correlation of non-incidental non-operating profit and loss are weaker than that after deducting non-recurrent profit and loss. This tells us that in the ordinary profit forecast evaluation, we can not simply deduct the non-recurrent profit and loss, but should consider the non-incidental non-operating profit and loss as a whole, such as: the non-current assets disposal profit and loss, the capital occupation fee and so on. Although this article innovatively starts from the classification of non-recurrent profit and loss, studies its project composition, draws the conclusion, provides the reference for the investor and the supervisory level, but this also is one of the defects of this paper. The rationality and scientific nature of the classification method are open to question. At the same time, because the data used by the enterprise is only five years, it can not be analyzed by panel, so the explanation of the conclusion is not strong.
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F406.7

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