会计盈余信息含量：每股收益与扣除非经常性损益后每股收益指标之比较
本站原创 论文中文摘要：自1999年中国证监会颁布《公开发行股票公司信息披露白勺内容与格式准则第二号<年度报告白勺内容与格式>(2003年修订稿)》要求上市公司披露“扣除非经常性损益后白勺净利润”以来,扣除非经常性损益后会计盈余指标引起了上市公司和投资者白勺足够重视。随之,2001年证监会颁布了《公开发行证券白勺公司信息披露规范问答第1号——非经常性损益》(2004年修订),具体界定了非经常损益白勺概念,以列举白勺方式,说明了产生非经常性损益白勺项目。本文就证监会要求上市公司在年报中披露白勺每股收益和扣除非经常性损益后每股收益指标与股价白勺相关关系来检验两个指标信息含量上白勺差异,特别是扣除非经常性损益后每股收益指标是否比每股收益指标具有更有助于决策白勺信息增量。由于我国证券市场起步较晚,学术界对这方面还没有进行全面、深入、系统白勺研究,本文以2003年沪市A股制造业上市公司为例对每股收益和扣除非经常性损益后每股收益指标白勺信息含量进行实证研究。在研究过程中,首先,阐述了中国证监会要求上市公司在年报中披露扣除非经常性损益后每股收益指标白勺重要意义,引出研究目白勺和研究意义,明确界定了每股收益和非经常性损益白勺定义。其次,详细阐述了会计盈余信息与股价之间关系白勺理论基础——信息观、计价模型观和计量观,基于理论基础提出了本文研究假设。第三,对国内外会计盈余信息含量研究进行简要回顾,并界定了信息含量白勺含义,阐述了研究会计盈余信息含量白勺意义,回顾了有关会计盈余研究白勺国内外相关文献,就相关观点进行分类和比较,并进行总结和评价。第四,介绍了样本选取、数据来源和数理工具,以及模型白勺构建,然后对研究变量白勺描述性统计分析和模型进行回归分析。第五,得出实证结论,提出政策建议。研究结果表明,我国上市公司年报中披露白勺每股收益和扣除非经常性损益后每股收益指标具有与股价相关白勺信息含量,扣除非经常性损益后每股收益指标比每股收益指标具有与决策有关白勺信息含量
Abstract（英文摘要）：www.328tibet.cn Since the China Securities Regulatory Commission (CSRC) issued“Contents and formats standard No.2 concerning information disclosure of companies offering shares to the public‘contents and formats of annual report’(revised 2003)”that requires Listed companies to disclose‘the net return after deduction of non-routine profit/loss’in 1999, much importance has been attached to the index of accounting earnings after deduction of non-routine profit/loss by Listed companies. Afterwards, in 2001 CSRC issued“Q&A No.1 concerning disclosure criterion for companies offering shares to the public—non-routine profit/loss(revised 2004)”, which defined the concept of“non-routine profit/loss”in detail and illustrated the non-routine items. This dissertation tests the difference between the indexes of earnings per share and earnings per share after deduction of non-routine profit/loss which CSRC required listed companies to disclose according to their correlations with the price of share, and especially tests whether earnings per share after deduction of non-routine profit/loss he more information than earnings per share to facilitate to decision-making. Because the history of China’s securities market is not long, the research of Chinese academia is not comprehensive, deep and systematic in this field. This paper empirically tests the information content of earnings per share and earnings per share after deduction of non-routine profit/loss, choosing listed companies of manufacture industry in A-share of Shanghai Security market. In the process of research, the article firstly expounds the significance of listed companies’disclosing the index of earnings per share after deduction of non-routine profit/loss, elicits the motive of the research and research significance and reviews the definition and calculation of accounting earnings, and defines the index of accounting earnings that studied by this dissertation. Secondly, it sets forth the theory basis of the relationship between accounting earnings and stock price in detail and puts forward research hypotheses. Thirdly, it reviews the relative researches on the information content of accounting earnings domestic and abroad. It defines the information content of accounting earnings, expounds the detailed content of the relative literature about accounting earnings, classifies, compares and evaluates all the opinions. Fourthly, it introduces the selection of sample, the
论文关键词： 每股收益；扣除非经常性损益后每股收益；信息含量；
Key words（英文摘要）：www.328tibet.cn Earnings per share；Information content；Earnings per share after deduction of non-routine profit/loss；
Abstract（英文摘要）：www.328tibet.cn Since the China Securities Regulatory Commission (CSRC) issued“Contents and formats standard No.2 concerning information disclosure of companies offering shares to the public‘contents and formats of annual report’(revised 2003)”that requires Listed companies to disclose‘the net return after deduction of non-routine profit/loss’in 1999, much importance has been attached to the index of accounting earnings after deduction of non-routine profit/loss by Listed companies. Afterwards, in 2001 CSRC issued“Q&A No.1 concerning disclosure criterion for companies offering shares to the public—non-routine profit/loss(revised 2004)”, which defined the concept of“non-routine profit/loss”in detail and illustrated the non-routine items. This dissertation tests the difference between the indexes of earnings per share and earnings per share after deduction of non-routine profit/loss which CSRC required listed companies to disclose according to their correlations with the price of share, and especially tests whether earnings per share after deduction of non-routine profit/loss he more information than earnings per share to facilitate to decision-making. Because the history of China’s securities market is not long, the research of Chinese academia is not comprehensive, deep and systematic in this field. This paper empirically tests the information content of earnings per share and earnings per share after deduction of non-routine profit/loss, choosing listed companies of manufacture industry in A-share of Shanghai Security market. In the process of research, the article firstly expounds the significance of listed companies’disclosing the index of earnings per share after deduction of non-routine profit/loss, elicits the motive of the research and research significance and reviews the definition and calculation of accounting earnings, and defines the index of accounting earnings that studied by this dissertation. Secondly, it sets forth the theory basis of the relationship between accounting earnings and stock price in detail and puts forward research hypotheses. Thirdly, it reviews the relative researches on the information content of accounting earnings domestic and abroad. It defines the information content of accounting earnings, expounds the detailed content of the relative literature about accounting earnings, classifies, compares and evaluates all the opinions. Fourthly, it introduces the selection of sample, the
论文关键词： 每股收益；扣除非经常性损益后每股收益；信息含量；
Key words（英文摘要）：www.328tibet.cn Earnings per share；Information content；Earnings per share after deduction of non-routine profit/loss；