其他综合收益与盈余质量相关性的实证研究
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摘要
2009年我国财政部颁布的《企业会计准则解释第3号》首次要求对“其他综合收益”及“综合收益总额”在利润表中进行列报并同时要求在报表附注中对其具体内容进行详细披露。《企业会计准则解释第3号》的颁布成功的将综合收益的理论引入到我国的会计准则体系当中，体现了我国会计准则和国际会计准则的趋同。然而这种综合收益理论是否适合我国的资本市场，对综合收益和其他综合收益进行列报是否能够提高会计信息的透明度，增加会计信息的价值相关性，进而对上市公司会计信息的质量产生影响，都是需要我国会计学界的专家们进行深入研究和探讨的问题。本文正是以此为契机，对综合收益及其他综合收益列报两年来的市场效应进行研究。
本文以2007年‐2010年在上海证券交易所和深圳证券交易所主板上市的A股公司为样本，研究其他综合收益的列报对上市公司盈余质量的影响。本文从盈余信息的可靠性和价值相关性两个角度出发对盈余质量进行评价，具体的研究了其他综合收益列报前后上市公司的盈余可靠性及价值相关性的变动情况。首先选用衡量盈余管理程度的可操纵性应计项目对盈余可靠性进行研究，通过对比其在其他综合收益列报前后年度的数值，发现其他综合收益列报前的可操纵性应计项目大于列报后的可操纵性应计项目，这说明其他综合收益的列报降低了上市公司的盈余管理程度，从而提高了盈余信息的可靠性；其次以净利润、营业利润和综合收益三个盈余指标为基准，同时采用价格模型和收益模型对其他综合收益列报前后这三个指标的价值相关性进行比较，发现其他综合收益列报前的盈余指标的价值相关性要低于列报后的价值相关性，这说明其他综合收益的列报降低了盈余信息价值相关性；最后为了能够更加明确其他综合收益信息含量，本文将综合收益分解为净利润和其他综合收益两项，并通过价格模型和收益模型对综合收益分解前后的信息含量进行了比对，发现将综合收益进行分解后的信息含量要明显高于其总额的信息含量，这说明了相对于仅对综合收益总额进行列报的情况，将综合收益项目进行分解后列报能够更好的提高其信息含量。本文的研究结果整体表明其他综合收益的列报具有较好的市场反应，但由于列报时间较短，列报中仍存在较多的问题，使得其他综合收益自身并没有体现出较强的价值相关性。
综合收益的理论在我国是一个较新的概念，不论是投资者还是上市公司本身对其的认识程度都比较有限，本文的研究虽然能够在一定程度为其了解综合收益及其他综合收益提供理论和实证的依据，但仍存在很多的局限性，建议我国会计准则制定机构能够对其他综合收益的概念及内涵进行有力的宣传，加强对其他综合收益列报的内容及其准确性的监管力度，从而提高其他综合收益的信息含量，并希望随着其他综合收益列报和披露年限的增加，能够有更多的学者采用更多年限的数据对其他综合收益的市场效应进行更进一步的研究。
In2009,waspromulgated by China's Ministry of Finance, and required for the first time that “theOther Comprehensive Income(OCI)"and "Comprehensive Income Amount(CI)"mustbe presented in the profit statement and disclosed in detail at the same time. introduced the theory of CIinto China's system of accounting standards which tends to the internationalaccounting standards. However, whether this CI theory is appropriate for China'scapital market or not? Whether presentation of CI and OCI can improve thetransparency of accounting information, increase the accounting value of theinformation, and impact the quality of accounting information of listed companies?The experts in China accounting academic are needed to study and discuss deeply.For this issue, the presentation and disclosure of OCI and CI are valued to study.
Whether the presentation of OCI can affect the earnings quality of listedcompanies should be valued to study based on experience data in2009-2010annualfinancial reports of the listed company. We evaluate earnings quality from reliabilityand relevance of earnings Information and analyze their changes before and after thepresentation of OCI. At first, a measure of the extent of earnings management whichis discretional accruals(DA) use to study on earnings reliability study, and DA beforethe presentation of OCI is greater than after the presentation of OCI by comparison,indicating that the presentation of OCI to reduce earnings management of listedcompanies, thereby increasing the reliability of the earnings information; At second,there are three Indexes which are net profit, operating profit and comprehensive income as benchmark, while compared the value of these three Indexes before andafter the presentation of OCI through the price model and revenue model to foundthat the value relevance of these earnings Indexes before the presentation of OCI islower than after, indicating that the presentation of OCI can reduce the valuerelevance of earning information; Finally, in order to analyze more clearly theinformation content of OCI, the comprehensive income have been broken down intonet profit and OCI, then compare the information content before and after thedecomposition of the comprehensive income by the price model and revenue modeland found that compare to the total of CI, the decomposition have higher than thetotal information content, which describes the presentation as opposed to the totalcomprehensive income, the decomposition are better able to improve its informationcontent. Based on the results of this study,we can found that the presentation ofother comprehensive income has a good market response, but because of thepresentation time is shorter, there are still many problems in the presentation of OCI tand do not reflect the strong value relevance themselves.
The theory of CI is a relatively new concept in China, whether investors orpublic companies ‘s awareness of it are relatively limited, and so some help can begiven for their understanding of OCI and CI, but there are still many limitations.Based on these analyze, it is recommended that the concept and connotation of OCIshould be powerful propagandized and the supervision of the content and accuracyshould be stronger which can improve their information content, we hope with theother comprehensive income presentation and disclosure, more scholars can getfurther research on the effect of other comprehensive income market with more yearsof data.
本文以2007年‐2010年在上海证券交易所和深圳证券交易所主板上市的A股公司为样本，研究其他综合收益的列报对上市公司盈余质量的影响。本文从盈余信息的可靠性和价值相关性两个角度出发对盈余质量进行评价，具体的研究了其他综合收益列报前后上市公司的盈余可靠性及价值相关性的变动情况。首先选用衡量盈余管理程度的可操纵性应计项目对盈余可靠性进行研究，通过对比其在其他综合收益列报前后年度的数值，发现其他综合收益列报前的可操纵性应计项目大于列报后的可操纵性应计项目，这说明其他综合收益的列报降低了上市公司的盈余管理程度，从而提高了盈余信息的可靠性；其次以净利润、营业利润和综合收益三个盈余指标为基准，同时采用价格模型和收益模型对其他综合收益列报前后这三个指标的价值相关性进行比较，发现其他综合收益列报前的盈余指标的价值相关性要低于列报后的价值相关性，这说明其他综合收益的列报降低了盈余信息价值相关性；最后为了能够更加明确其他综合收益信息含量，本文将综合收益分解为净利润和其他综合收益两项，并通过价格模型和收益模型对综合收益分解前后的信息含量进行了比对，发现将综合收益进行分解后的信息含量要明显高于其总额的信息含量，这说明了相对于仅对综合收益总额进行列报的情况，将综合收益项目进行分解后列报能够更好的提高其信息含量。本文的研究结果整体表明其他综合收益的列报具有较好的市场反应，但由于列报时间较短，列报中仍存在较多的问题，使得其他综合收益自身并没有体现出较强的价值相关性。
综合收益的理论在我国是一个较新的概念，不论是投资者还是上市公司本身对其的认识程度都比较有限，本文的研究虽然能够在一定程度为其了解综合收益及其他综合收益提供理论和实证的依据，但仍存在很多的局限性，建议我国会计准则制定机构能够对其他综合收益的概念及内涵进行有力的宣传，加强对其他综合收益列报的内容及其准确性的监管力度，从而提高其他综合收益的信息含量，并希望随着其他综合收益列报和披露年限的增加，能够有更多的学者采用更多年限的数据对其他综合收益的市场效应进行更进一步的研究。
In2009,
Whether the presentation of OCI can affect the earnings quality of listedcompanies should be valued to study based on experience data in2009-2010annualfinancial reports of the listed company. We evaluate earnings quality from reliabilityand relevance of earnings Information and analyze their changes before and after thepresentation of OCI. At first, a measure of the extent of earnings management whichis discretional accruals(DA) use to study on earnings reliability study, and DA beforethe presentation of OCI is greater than after the presentation of OCI by comparison,indicating that the presentation of OCI to reduce earnings management of listedcompanies, thereby increasing the reliability of the earnings information; At second,there are three Indexes which are net profit, operating profit and comprehensive income as benchmark, while compared the value of these three Indexes before andafter the presentation of OCI through the price model and revenue model to foundthat the value relevance of these earnings Indexes before the presentation of OCI islower than after, indicating that the presentation of OCI can reduce the valuerelevance of earning information; Finally, in order to analyze more clearly theinformation content of OCI, the comprehensive income have been broken down intonet profit and OCI, then compare the information content before and after thedecomposition of the comprehensive income by the price model and revenue modeland found that compare to the total of CI, the decomposition have higher than thetotal information content, which describes the presentation as opposed to the totalcomprehensive income, the decomposition are better able to improve its informationcontent. Based on the results of this study,we can found that the presentation ofother comprehensive income has a good market response, but because of thepresentation time is shorter, there are still many problems in the presentation of OCI tand do not reflect the strong value relevance themselves.
The theory of CI is a relatively new concept in China, whether investors orpublic companies ‘s awareness of it are relatively limited, and so some help can begiven for their understanding of OCI and CI, but there are still many limitations.Based on these analyze, it is recommended that the concept and connotation of OCIshould be powerful propagandized and the supervision of the content and accuracyshould be stronger which can improve their information content, we hope with theother comprehensive income presentation and disclosure, more scholars can getfurther research on the effect of other comprehensive income market with more yearsof data.
引文
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