【作者】 钱春杰；

【导师】 吴水澎；

【作者基本信息】 厦门大学 ， 会计学， 2007， 博士

【摘要】 如何利用可获取的信息(包括财务信息和非财务信息)对盈余质量进行评价,是理论研究和实务分析中经久不衰的课题。1994年之后,我国的企业所得税法规与企业会计制度采取了适度分离的模式。企业所得税法规和企业会计制度,实际上是对企业的交易、事项按照存在差异的两套规则分别计算和报告所需要的收益信息,这就使根据税收信息评价盈余质量成为可能。盈余持续性是盈余质量的基本特征之一,在证券计价和投资分析中都具有重要意义。从检索到的文献来看,我国利用税收信息评价盈余质量的研究尚处于起步阶段,相关的实证研究更是凤毛麟角。本文从会计-税收差异①的角度,研究了盈余及其组成部分的持续性和市场计价,研究发现:第一,从总体上来看,我国上市公司1999-2004年各年的会计-税收差异均为负值,会计收益远小于应税收益;第二,具有大额会计-税收差异的公司盈余及其组成部分的持续性,比具有小额会计-税收差异的公司盈余及其组成部分的持续性低;第三,具有大额正向资产减值差异的公司盈余及其组成部分的持续性,显著低于具有小额资产减值差异的公司。具有大额负向资产减值差异公司的盈余和税前应计的持续性,与具有小额资产减值差异公司相比不存在显著差异,但税前线下应计的持续性显著低于具有小额资产减值差异的公司;第四,市场总体上低估了会计-税收差异所体现的盈余及其组成部分的持续性。本文创新之处和主要贡献包括:(1)本文首次系统分析了影响我国会计-税收差异的主要因素,研究了会计-税收差异影响盈余持续性的理论基础;(2)本文首次系统回顾了会计-税收差异计量的文献,总结了会计-税收差异的计量方法,并选择适用的方法对我国A股上市公司1999-2004年的会计-税收差异进行了量化分析;(3)本文首次从会计-税收差异的角度研究了我国上市公司盈余及其组成部分的持续性;(4)本文首次研究了我国资本市场对大额会计-税收差异所体现的盈余及其组成部分持续性的计价。更多还原

【Abstract】 How to utilize the available financial and non-financial information to appraise the earnings quality is a lasting task in theory and practice. After 1994, corporate income tax rules and accounting rules have taken the moderately separating ways in China. Corporate income tax rules and corporate accounting rules are essentially two systems with differences that regulate the same transactions and events of the corporations according to their respective information needs of corporate income, which make appraising the earnings quality with tax information possible. Earnings persistence is one of the basic characteristics of earnings quality and also has great importance in securities pricing and investment analysis. According to searched papers, research that utilizes tax information to evaluate the earnings quality is only beginning, and so is the related empirical research.This paper investigates the persistence of earnings and its components for one-period-ahead earnings based on book-tax differences, and find that: first, in the whole, Chinese listed companies’book-tax differences are negative from 1999 to 2004, that is to say, the accounting incomes are larger than the taxable incomes; second, firm-years with large book-tax differences have earnings and its components that are less persistence than firm-years with small book-tax differences; third, firm-years with large positive asset impairment book-tax differences have earnings and its components that are less persistence than firm-years with small book-tax differences, but firm-years with large negative asset impairment book-tax differences have earnings and before-tax accrual above the line that are not less persistence than firm-years with small book-tax differences, and firm-years with large negative asset impairment book-tax differences have before-tax accrual under the line that are less persistence than firm-years with small book-tax differences; finally, on the average, the investors under-price the persistence of earnings and its components contained in the information of corporate book-tax differences.The main contributions of this paper include: (1) this paper firstly analyzes the primary factors influencing book-tax differences of Chinese listed companies and investigates the underlying theory that book-tax differences are indicating of earnings persistence; (2) this paper firstly reviews the literature of measuring book-tax differences, summarizes the measuring methods, and selects appropriate method to calculate the Chinese listed companies’book-tax differences from 1999 to 2004; (3) this paper firstly investigates the persistence of earnings and its components for one-period-ahead earnings based on book-tax differences in China; (4) this paper firstly studies the market pricing of the persistence of earnings and its components of Chinese listed companies contained in the book-tax differences.更多还原