母公司经营模式、合并—母公司报表盈余信息与决策有用性  

Business Model of the Parent Company and the Usefulness of the Consolidated-Parent Financial Statement Earnings

作　　者：祝继高[1] 王珏[2] 张新民[1] 

机构地区：[1]对外经济贸易大学国际财务与会计研究中心/国际商学院 [2]对外经济贸易大学金融学院

出　　处：《南开管理评论》2014年第3期84-93,共10页Nankai Business Review

基　　金：北京市共建项目"公司财务信息与投资决策关系研究";对外经济贸易大学优秀青年学者培育计划(2012YQ04)资助

摘　　要：本文利用新会计准则实施后我国A股上市公司披露的合并报表和母公司报表数据,从股东和债权人两个视角分析了母公司经营模式对合并—母公司报表盈余信息决策有用性的影响。本文实证研究发现,相比母公司是经营主导型的企业,在母公司是投资主导型的企业中,股东决策会更少地依赖母公司净利润,债权人决策会更多地依赖合并—母公司报表净利润差异。进一步的研究发现,在母公司是投资主导型的企业中,母公司报表净利润对未来一期合并报表总资产收益率的预测能力会显著降低。总之,本文的结论支持母公司经营模式是影响合并—母公司报表盈余信息决策有用性的重要因素。On January 1, 2007, China began to implement the new accounting standards. Comparing to the old accounting standards, the preparation for consolidated financial statements and parent financial statements has changed dramatically under the new accounting standards： the parent company shall use Cost Method to record its long-term equity investment of its subsidiary companies in the parent financial statement but use Equity Method in the consolidated financial statement. Earnings difference between the consolidated financial statement and the parent financial statement becomes larger under the new accounting standards, and these changes make the parent financial statement more relevant to the users of the consolidated financial statement. Using the data of A-share listed companies＇ consolidated financial statements and parent financial statements under the regime of China＇s new accounting standards, this paper examines the influence of the parent firm＇s business model on the usefulness of the consolidated-parent financial statement earnings, from the perspectives of shareholders and creditors. The paper finds that, comparing to firms with operation-oriented parent firms, shareholders of firms with investment-oriented parent firms are less dependent on the parent financial statement earnings, and creditors of firms with investment-oriented parent firms rely more on the earnings difference between the consolidated financial statement and the parent financial statement. Further analysis shows that, in firms with investment-oriented parent firms, the predictive ability of parent financial statement earnings for the return on assets of consolidated financial statement in next period is reduced. In sum, the paper suggests that the business model of the parent firm has a significant impact on the usefulness of the consolidated-parent financial statement earnings. Our findings have implications for the reforms of accounting standards. The results show that the parent financial statement is a necessary supplement to

关 键 词：母公司经营模式 合并-母公司报表 决策有用性 

分 类 号：F275[经济管理—企业管理]