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本文以2007—2010年沪深两市非金融类A股上市公司为研究样本,采用面板数据实证研究了非经常性损益的价值相关性、非经常性损益对经常性损益价值相关性的影响以及非经常性损益中特别项目的价值相关性。结果发现:非经常性收益越多,上市公司经常性损益的价值相关性越低,而净资产的价值相关性会随之上升;非经常性损益具有价值相关性,但显著低于经常性损益的价值相关性;非流动资产处置损益和政府补助的价值相关性高于其他非经常性损益项目,尤其是政府补助,它与股价的相关系数很高,甚至超过了经常性损益。借鉴国际财务报告综合收益表的结构,本文提出改进我国利润表及其披露的建议。本文认为可将经常发生的但不正常的业务作为独立的项目在利润表中列示,减少营业外收入/支出包含的项目,提高利润表的信息含量。
This paper takes a sample of non-financial A-share listed companies from 2007 to 2010 in Shanghai and Shenzhen, and uses panel data to empirically study the impact of non-recurring gains and losses on the relevance of value-related, non-recurring gains and losses to the value of recurring gains and losses. Value relevance of special items in non-recurring gains and losses. It was found that the more non-recurring income, the lower the correlation of the value of the listed company’s recurring gains and losses, and the associated value of the net assets will increase; non-recurring gains and losses have a value-related but significantly lower than recurring profit and loss The relevance of value; the correlation between the profit and loss of disposal of non-current assets and the value of government subsidies is higher than other non-recurring items of profit and loss, especially government grants. Its correlation coefficient with stock prices is very high, even exceeding regular profit and loss. Referring to the structure of the comprehensive income statement of international financial reports, this paper proposes to improve our country’s income statement and its disclosure. This article believes that the frequently occurring but abnormal business can be listed as an independent item in the income statement, reducing the items included in non-operating income/expenses, and increasing the information content of the income statement.