【作者】 李照峰；

【导师】 程小可；

【作者基本信息】 北京化工大学 ， 管理科学与工程， 2011， 硕士

【摘要】 论文研究了在我国资本市场环境下,综合收益及其构成项的价值相关性问题。通过构建价格模型,利用新准则下沪市A股2007-2009年三年期间的样本数据,对营业利润、净利润、其他综合收益、综合收益的价值相关性进行了检验,尤其就投资者对2009年综合收益及其他综合收益列报的明确及相应调整这一变化的市场反应率先进行了实证研究。通过研究,论文得出了以下结论：一、综合收益及其构成项均同股价具有显著的正相关关系。二、综合收益的价值相关性弱于净利润的价值相关性,即投资者依旧过于关注净利润这一传统盈余指标,对综合收益这一全面收益理念的重视程度有待提升。三、2009年综合收益及其他综合收益列报的明确及相应调整并未提高综合收益的价值相关性,并且也对投资者准确理解其他综合收益产生了一定影响。在对实证研究结论进行分析的基础上,结合当前我国资本市场的发展阶段与现状,论文就当前我国资本市场环境下如何进一步完善优化综合收益及其他综合收益的列报提出了建议,以期增强投资者对综合收益及其他综合收益的理解,夯实财务信息的决策有用性基础,更好的服务于我国的资本市场的稳健向好发展。更多还原

【Abstract】 This paper investigates the value relevance of comprehensive income and its components in the context of China’s capital market. By building the price model, based on data of the financial statements (2007 to 2009) under the new accounting standards from Shang hai A-share listed companies, this paper investigates the value relevance of operating profit, net income, other comprehensive income, comprehensive income, particularly empirically studies the investors’response to disclosure (defined and adjusted in 2009) of comprehensive income and other comprehensive income firstly. Through research, we draw the following conclusions:First, both comprehensive income and its components with the stock price significantly positive correlation. Second, the value relevance of comprehensive income is weaker than the net income, namely, the investors still pay more attention to the traditional earnings, and comprehensive income concept needs to be improved. Third, the disclosure (defined and adjusted in 2009) of comprehensive income and other comprehensive income cannot enhance the value relevance of comprehensive income, and also affect on investors to accurately understand the other comprehensive income. Based on the analysis of the empirical results, with the current capital market development stage and status, This paper provide suggestions that how to further improve the disclosure of comprehensive income and other comprehensive income, on the current capital market environment, in order to enhance investors’ understanding about other comprehensive, reinforce the usefulness of financial information based decision-making, better service to our country’s capital market development.更多还原