综合收益及其构成项的价值相关性研究
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摘要
论文研究了在我国资本市场环境下,综合收益及其构成项的价值相关性问题。通过构建价格模型,利用新准则下沪市A股2007-2009年三年期间的样本数据,对营业利润、净利润、其他综合收益、综合收益的价值相关性进行了检验,尤其就投资者对2009年综合收益及其他综合收益列报的明确及相应调整这一变化的市场反应率先进行了实证研究。通过研究,论文得出了以下结论：一、综合收益及其构成项均同股价具有显著的正相关关系。二、综合收益的价值相关性弱于净利润的价值相关性,即投资者依旧过于关注净利润这一传统盈余指标,对综合收益这一全面收益理念的重视程度有待提升。三、2009年综合收益及其他综合收益列报的明确及相应调整并未提高综合收益的价值相关性,并且也对投资者准确理解其他综合收益产生了一定影响。在对实证研究结论进行分析的基础上,结合当前我国资本市场的发展阶段与现状,论文就当前我国资本市场环境下如何进一步完善优化综合收益及其他综合收益的列报提出了建议,以期增强投资者对综合收益及其他综合收益的理解,夯实财务信息的决策有用性基础,更好的服务于我国的资本市场的稳健向好发展。
This paper investigates the value relevance of comprehensive income and its components in the context of China's capital market. By building the price model, based on data of the financial statements (2007 to 2009) under the new accounting standards from Shang hai A-share listed companies, this paper investigates the value relevance of operating profit, net income, other comprehensive income, comprehensive income, particularly empirically studies the investors'response to disclosure (defined and adjusted in 2009) of comprehensive income and other comprehensive income firstly. Through research, we draw the following conclusions:First, both comprehensive income and its components with the stock price significantly positive correlation. Second, the value relevance of comprehensive income is weaker than the net income, namely, the investors still pay more attention to the traditional earnings, and comprehensive income concept needs to be improved. Third, the disclosure (defined and adjusted in 2009) of comprehensive income and other comprehensive income cannot enhance the value relevance of comprehensive income, and also affect on investors to accurately understand the other comprehensive income. Based on the analysis of the empirical results, with the current capital market development stage and status, This paper provide suggestions that how to further improve the disclosure of comprehensive income and other comprehensive income, on the current capital market environment, in order to enhance investors' understanding about other comprehensive, reinforce the usefulness of financial information based decision-making, better service to our country's capital market development.
This paper investigates the value relevance of comprehensive income and its components in the context of China's capital market. By building the price model, based on data of the financial statements (2007 to 2009) under the new accounting standards from Shang hai A-share listed companies, this paper investigates the value relevance of operating profit, net income, other comprehensive income, comprehensive income, particularly empirically studies the investors'response to disclosure (defined and adjusted in 2009) of comprehensive income and other comprehensive income firstly. Through research, we draw the following conclusions:First, both comprehensive income and its components with the stock price significantly positive correlation. Second, the value relevance of comprehensive income is weaker than the net income, namely, the investors still pay more attention to the traditional earnings, and comprehensive income concept needs to be improved. Third, the disclosure (defined and adjusted in 2009) of comprehensive income and other comprehensive income cannot enhance the value relevance of comprehensive income, and also affect on investors to accurately understand the other comprehensive income. Based on the analysis of the empirical results, with the current capital market development stage and status, This paper provide suggestions that how to further improve the disclosure of comprehensive income and other comprehensive income, on the current capital market environment, in order to enhance investors' understanding about other comprehensive, reinforce the usefulness of financial information based decision-making, better service to our country's capital market development.
引文
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[3]Mohsen Dastgir, and Ali Saeedi Velashani. Comprehensive Income and Net Income as Measures of Firm Performance:Some Evidence for Scale Effect, European. Journal of Economics, Finance and Administrative Sciences.2008,1450-2275 Issue 12
[4]Jurgen Ernstberger. The value relevance of comprehensive income under IFRS and US GAAP:empirical evidence from Germany. International Journal of Accounting, Auditing and Performance Evaluation.2008, Vol 5,1-29
[5]International Accounting Standards Board (IASB). Exposure Draft of Proposed Amendments to IAS 1 Presentation of Financial Statements, IASCF,2006,March,103
[6]Financial Accounting Standards Board. Statement of Financial Accounting Standard N°130:Reporting Comprehensive Income. FASB,1997, June
[7]Linsmeier,T.J., Gribble, R., and Warfield, T.D. An Issues Paper on Comprehensive Income. Accounting Horizons.1997, June,11(2), pp.120-6
[8]Barker,R. Reporting Financial Performance. Accounting Horizons.2004,18(2), pp.157-72
[9]Robinson,L.E. The Time Has Come to Report Comprehensive Income.Accounting Horizons.1991,5(2), pp.107-12
[10]Cope,A.T.,L.T.Johnson and C.L. Reither. The Call for Reporting Comprehensive Income. Financial Analysts Journal.1996, March/April,52(2), pp.7-12
[11]Chartered Financial Analysts (CFA) Institute. A Comprehensive Business ReportingModel: Financial Reporting for Investors.2005,October, Charlottesville, Virginia,66p
[12]Association for Investment Management and Research (AIMR). Financial Reporting in the 1990's and Beyond. Charlottesville, Virginia:AIMR,1993
[13]Kiger, J. E. and J.R. Williams. An Emerging Concept of Income Presentation. Accounting Historians Journal.1977,4 (2),63-77
[14]Black, F. Choosing Accounting Rules. Accounting Horizons.1993,7,1-17
[15]Bushman, R.M. and A.J. Smith. Financial Accounting Information and Corporate Governance. Journal of Accounting and Economics.2001,32,237-333
[16]Ball, R. Making Accounting More International:Why, How, and How Far Will It Go?. Journal of Applied Corporate Finance.1995,Fall,8(3), pp.19-29
[17]葛家澍.损益表的扩展—关于第四财务报表[J].上海会计.1999.1.3-10
[18]崔玉卫.利润表“其他综合收益”披露探讨[J].财会通讯.2010.10.72-73
[19]姜琳敏,朱学义.利润表“其他综合收益”项目的列报内容解析[J].会计师.2010.11.28-29
[20]张艳,刘国峰.论综合收益理念在企业会计核算中的运用[J].商业会计.2010.13.9-11
[21]何召滨.“其他综合收益”项目解析[J].财务与会计.2010.5.24-26
[22]赵秀梅.基于综合收益理论的会计要素确认与计量[J].商业会计.2010.8.15-17
[23]葛家澍,杜兴强.知识经济下财务会计理论与财务报告问题研究[M].北京.中国财政经济出版社.2004.13-22
[24]张学谦.会计信息披露目标下的公允价值计量[J].会计之友.2006.6.61-62
[25]Amir, E., T.S. Harris and E.K. Veuti. A Comparison of the Value-Relevance of US vs. Non-US GAAP Accounting Measures Using Form 20-F Reconciliations. Journal of Accounting Research.1993,31,230-64.
[26]Barth, M.E., W.H. Beaver and W.R. Landsman. The Relevance of the Value-Relevance Literature for Financial Accounting Standard Setting:Another View. Journal of Accounting and Economics.2001,31,77-104.
[27]Holthausen, R.W., and R.L.Watts. The Relevance of the Value-Relevance Literature for Financial Accounting Standard Setting. Journal of Accounting and Economics.2001,31, pp.3-75
[28]Cheng, A., J. Cheung and V. Gopalakrishnan. On the Usefulness of Operating Income, Net Income and Comprehensive Income in Explaining Security Returns. Accounting and Business Research.1993,23, n°91, pp.195-203
[29]Dhaliwal, D., K. Subramnayam and R. Trezevant. Is Comprehensive Income Superior to Net Income as a Measure of Firm Performance?. Journal of Accounting and Economics, 1999,26, pp.43-67
[30]Chambers, D., T.J. Linsmeier, C. Shakespeare and T. Sougiannis. An Evaluation of SFAS n°130 Comprehensive Income Disclosures. Working Paper, University of Kentucky, Lexington,2005
[31]Kiridaran (Giri) Kanagaretnam, and Robert Mathieu. Usefulness of Comprehensive Income Reporting in Canada:Evidence from Adoption of SFAS 130. Working Paper, McMaster University-Michael G. DeGroote School of Business.2005
[32]Biddle, G. and J.H. Choi. Is Comprehensive Income Useful?. Journal of Contemporary Accounting and Economics,2006, June
[33]O'Hanlon, J. and P. Pope. The Value Relevance of U.K. Dirty Surplus Accounting Flows. British Accounting Review.1999,31,459-482
[34]Lin, S. Testing the Information Set Perspective of UK Financial Reporting Standard N°3:Reporting Financial Performance. Journal of Business, Finance and Auditing, forthcoming.2006
[35]Cahan, S.F., S.M. Courtenay, P.L. Gronewoller and D.R. Upton. Value Relevance of Mandated Comprehensive Income Disclosure. Journal of Business Finance and Accounting.2000,27 (9) & (10), November-December,1273-301
[36]Brimble, M. and A. Hodgson. The Value Relevance of Comprehensive Income and Components for Industrial Firms. Working Paper, Griffith University, Brisbane, Australia. 2004
[37]Foster, N. and N.L. Hall. Reporting Comprehensive Income:Shedding More Light on Items Reported Directly in Equity. CPA Journal.1996, October,66(10), pp.16-9
[38]Harper, R., W. Meister and J. Strawser. The Impact of New Pension Disclosure Rules on Perceptions of Debt. Journal of Accounting Research.1987,autumn, pp.327-30
[39]Hirst, E., and Hopkins, P. Comprehensive income reporting and analysts'valuation Judgments.Journal of Accounting Research.1998,36 (Supplement), pp.47-75
[40]Beaver,W.Financial Reporting:an Accounting Revolution. Prentice-Hall Contemporary, Englewood Cliffs, N.J.:Prentice-Hall.1981
[41]陈晓,陈小悦,刘钊.A股盈余报告的有用性研究—来自上海、深圳股市的实证证据[J].经济研究.1999.6.21-28
[42]吴艳琴.综合收益决策有用性的理论分析和研究述评[J].财政监督.2010.5.27-29
[43]赵艳丽,杨光.综合收益及其在我国的应用前景分析[J].东方企业文化.2010.5.66-67
[44]Easton, P. Security Returns and Value Relevance of Accounting Data. Accounting Horizons.1999,December,3,399-412.
[45]罗婷,薛健,张海燕.解析新会计准则对会计信息价值相关性的影响[J].中国会计评论.2008.6(2).130-140
[46]Yaser Ahmad Fallatah, and Mohammad Talha. Exploring the usefulness of comprehensive income:an empirical study. International Journal of Accounting and Finance.2009, Volume 1:302-322
[47]Easton, P. and T. Harris. Earnings as an Explanatory Variable for Returns. Journal of Accounting Research.1991,Spring,19-36.
[48]Raedy, J. A Reconciliation of Stock Market Anomalies. Working paper, University of North Carolina, Chapel Hill.2000
[49]武迎春.新企业会计准则体系理念：基于综合收益观[J].《中国管理信息化》.2009.7
[50]李安迪.从所有者权益变动表看综合收益的理念[J].《会计之友》.2008.3
[51]虞田力,潘孝强,李小心.对综合收益相关问题的思考[J].《黑龙江对外经贸》.2008.1
[52]谢获宝,刘波罗,尹欣.综合收益内涵与其他综合收益列报内容探析[J].财务与会计.2010 1.34-35
[53]郭绪琴.其他综合收益内涵与实务应用[J].财会通讯.2009.11.90-92
[54]Harris, T. and J. Ohlson. Accounting Disclosures and the Market Valuation of Oil and Gas Properties. The Accounting Review.1987,October,651-70
[55]Ohlson,J.A. Earnings, Book Values, and Dividends in Equity Valuation, Contemporary Accounting Research.1995,11 (2), pp.661-78
[56]Ohlson, J.A. Earnings. Book Values, and Dividends in a Stewardship Setting with Moral Hazard. Contemporary Accounting Research.1999,16 (3),525-40
[57]Pope P.F. and P. Wang. Earnings Components, Accounting Bias and Equity Valuation. Review of Accounting Studies.2005,10,387-407
[58]李宏婧,毕茜.我国企业财务报告中列报综合收益的SWOT分析及启示[J].商业会计.2011.3.13-14
[59]赵恩波,彭珏.我国利润表要素设置缺陷及改进思考[J].财会月刊.2010.3.6-7
[60]郭景祥.会计收益指标的演进与选择[J].会计之友.2010.9.20-21
[61]陈彬,李叶乔.试析综合收益报告及其对信息使用者的影响[J].《改革与战略》.2008.10
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