持续经营视角下的非经常性损益市场定价——基于制造业上市公司的经验证据  

Market Pricing of Non-recurring Gains and Losses from Continuing Operations Perspective:Evidences from Manufacturing Listed Companies

作　　者：赵婧[1,2] 汪祥耀[2] 

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073 [2]浙江财经大学会计学院,浙江杭州310018

出　　处：《中南财经政法大学学报》2014年第2期128-134,160,共7页Journal of Zhongnan University of Economics and Law

基　　金：教育部人文社会科学研究项目"后金融危机时代全球会计变革与中国趋同对策研究"(10YJA790176)

摘　　要：与以往立足企业利用非经常性项目展开盈余管理,将样本选择定位于"T"族企业,且时间跨度较短不同,本文研究企业正常持续经营过程中的非经常性损益角色定位,首次描述了我国非经常性损益信息2001年正式披露起至2011年11年间市场定价的短期效应与长期趋势。研究发现,与企业正常损益11年均显著且呈阶段性稳定的市场定价相比,非经常性损益的短期定价呈现出显著性上忽起忽落,系数取值忽高忽低的随机性。但长期来看,企业非经常性损益与正常损益市场定价的显著性和系数取值趋同。特别是在企业长期绩效评价中,信息使用者会对非经常性损益定价进行修正,表现在前两期发生的非经常性损益在1%显著性水平上对当期股价下调-4.716。Different from previous studies which based on the earnings management of extraordinary items,selected samples from T family of listed companies and covered a shorter time span,this paper studies the role of non-recurring gains and losses from normal continuing operations of business,describes the 11years trend of non-recurring items market pricing from the formally disclose in 2001until 2011.We found that,compared to the normal earnings which the 11years market pricing were significant and stable,the coefficient of non-recurring gains and losses appeared not only fluctuate in significant but also random in values.But in the long term,the market pricing of nonrecurring items and normal earnings were converged.Especially in the long-term performance evaluation of the enterprise,information users would corrected their former pricing of the non-recurring gains and losses,therefore the previous two phases non-recurring gains and losses would downward adjust the current stock price about-4.716at the 1%significance level.

关 键 词：非经常性损益 市场定价 制造业上市公司 持续经营 

分 类 号：F234.4[经济管理—会计学]