非经常性损益结构价值相关性研究——基于制造业上市公司的经验证据  

A Study on the Value Relevance of Extraordinary Item Components——With Evidence from Manufacturing Listed Companies

作　　者：赵婧[1] 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：《财经论丛》2014年第7期59-66,共8页Collected Essays on Finance and Economics

基　　金：教育部人文社会科学基金资助项目(10YJA790176)

摘　　要：本文在描述中国上市公司非经常性损益2001年正式披露起至2011年11年间发展变化趋势的基础上,结合2007年新会计准则实施后的分项披露频率及特征,探讨其不同类型项目的市场反应差异。研究发现,11年间非经常性损益在企业净利润中占比整体大幅上升,已成为企业净收益的重要组成部分,并日趋稳定。此外,针对非经常性损益分项构成的价值相关性研究显示,投资者在对非经常性项目定价过程中,区分了非经常性损益的发生频率及其交易与事项的具体特征,特别是对于偶发的经营性损益,其定价系数甚至高于企业正常损益(扣除非经常性损益后净利润)的两倍。This paper aims to investigate the long-term trends in the disclosure of extraordinary items from 2001 to 2011. Taking into consideration the implementation of new accounting standards in 2007, we analyze the composition characteristics of the extraordinary items to explore the market reaction differences to different types of components .We find that the propor-tion of extraordinary items have increased significantly during the 11 years.A further study on value relevance which considers the frequency and characteristics of extraordinary items show that when pricing the items , investors differentiate the frequencies of the items and characteristics of the transactions and events .

关 键 词：非经常性损益 价值相关性 制造业上市公司 

分 类 号：F275[经济管理—企业管理]