文献类型：期刊文献

中文题名：非经常性损益的价值相关性研究

英文题名：The Market Valuation of Non-recurring Items

作者：叶建芳[1,3];李丹蒙[2];吴琳琳[3]

机构：[1]上海财经大学会计与财务研究院;[2]华东理工大学商学院;[3]上海财经大学会计学院

年份：2013

卷号：11

期号：1

起止页码：39

中文期刊名：中国会计评论

外文期刊名：China Accounting Review

收录：CSSCI:【CSSCI_C2012_2013】；

基金：教育部人文社会科学重点研究基地重大项目(项目批准号:11JJD790008)的阶段性研究成果;上海市会计学会课题资助

语种：中文

中文关键词：非经常性损益;经常性损益;价值相关性;非流动资产处置损益;政府补助

外文关键词：Non-recurring Items, Recurring Items, Market Valuation, Disposal of Non-current Asset, Government Grants

摘要：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 selects the non-financial A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2010 as research samples. The main purpose is to an- alyze the market valuation of non-recurring items and the non-recurring items influence on re- curring items market valuation. The result shows that the more non-recurring items the listed company has, the lower the market valuation of recurring items is, but the higher the market valuation of equity is. Also, non-recurring items is significantly related to the stock price, but its market valuation is much lower than recurring items. Moreover, the two specific recurring non-recurring items, that is disposal of non-current assets item and government grants item have higher market valuation than other non-recurring items, especially the government grants item which has ever higher correlation with stock price than recurring item.