证券投资收益的价值相关性与盈余管理研究  

The Research on Value Relevance and Earnings Management ofSecurities Gains and Losses

作　　者：吴战篪[1,2] 罗绍德[1,2] 王伟[1,2] 

机构地区：[1]暨南大学会计学系,510632 [2]西南财经大学会计学院,610074

出　　处：《会计研究》2009年第6期42-49,共8页Accounting Research

基　　金：国家自然科学基金项目<基于可持续发展的公司社会责任报告模式研究>(项目批准号:70772099);广东省财政厅2007年度会计科研课题<股权投资的盈余管理与市场反应>(项目批准号:07118)的阶段性成果

摘　　要：随着证券市场的发展,证券投资收益成为上市公司一项重要的非经常性损益。本文检验了2007年新会计准则下上市公司证券投资收益的价值相关性与盈余管理现象,研究结果表明:(1)我国证券市场能够区分营业利润与证券投资收益,并根据它们的重要性而赋予不同的估值;(2)证券投资收益具有价值相关性,但不具有及时性;(3)上市公司通过出售时机的选择对已实现证券投资收益进行了盈余管理;(4)证券投资采用公允价值变动确认损益的方式既提高了会计信息的相关性,又避免了盈余管理,是一种更好的证券投资收益确认模式。基于上述研究结果,建议交易性金融资产和可供出售金融资产的公允价值变动均确认为损益,并对其进行及时、透明的表外信息披露。With the development of securities market,security gains and losses(SGL) become one of crucial extraordinary profit-loss items(EPLI) of listed companies.This paper tests the value relevance and the earnings management of SGL as the new accounting standards brought into effect in 2007.The findings indicate that 1) China's stock market can differentiate the operating profit and SGL,and give different value according to their importance;2) SGL is value relevant,but not timely;3) The listed companies conduct the earnings management in realized securities gains and losses by timing the sale of securities;4) Fair value securities gains and losses not only improve the relevance of accounting information,but also avoid the earnings management.So it is a better way to recognize SGL.Based on the results of the above-mentioned research,this paper suggests that the fair value fluctuations of both 'trading financial assets' and 'available for sale financial assets' should be recognized as income and disclosed as timely and transparently as possible.

关 键 词：证券投资 收益 价值相关性 盈余管理 

分 类 号：F275[经济管理—企业管理]