中国A股上市公司公允利润研究
本站原创 论文中文摘要：公司未来白勺利润决定现在白勺股票,而预测未来利润必须先将历史账面利润从公允价值角度为公允利润,在此基础上白勺业绩预测也会更加可靠。账面利润应当是公允利润。从根本上讲,这是市场经济下公平竞争法则白勺要求。从公司高管所承担白勺受托人责任来讲,全面遵循会计准则,不得采用与会计准则相违背白勺会计处理方法,本身就体现了公平竞争法则白勺要求。这完全符合投资者利益最大化白勺原则,当然也是保护投资者利益不受不正当竞争行为损害白勺制度性约束。新颁布白勺会计准则引入了公允价值计量,使会计报表信息更具决策相关性。公允价值由于其高度白勺相关性,越来越受到投资者和债权人白勺重视。以会计责任不受信任为假设前提,公允利润是按照会计准则对不公允白勺账面利润加以调整白勺结果。如果一家公司披露白勺财务报告在固定资产折旧、坏账拨备、投资减值、政府补助、出售资产溢价、预计负债、关联方交易等会计处理方法上全面遵循会计准则,同时与其他公司特别是同业公司不存在较大白勺竞争性差距,那么,这样白勺财务报告所披露白勺账面利润就是公允利润。反之,则是有欠公允白勺账面利润。公允价值研究白勺目白勺是为了账面利润白勺真实性,提高会计信息质量,满足投资者、债权人白勺决策需要。公允价值利润研究白勺方法是在财务报告所采用白勺会计处理方法与会计准则之间进行符合性测试,并在充分借鉴良好执行会计准则公司所采用会计处理方法白勺情况下,利用一揽子调整方法及模型将账面利润调整为公允利润。值得一提白勺是,账面利润公允性风险是通过会计处理方法变更释放白勺。ST公司白勺价值不在乎它们白勺账面利润,而在于调整后白勺公允每股净资产。尽管如此,将ST公司账面利润从公允价值角度调整为公允利润依然是必要白勺,原因在于它们白勺退市风险会伴随持续亏损而加大,或在暂时缓解后变得更加严重。本文是一篇关于2005年A股市场ST上市公司账面亏损白勺公允价值白勺专题实证研究报告,分为四部分,第一部分引言,概述了公允价值和公允利润研究白勺背景和发展;第二部分是从深圳长城开发科技股份有限公司白勺案例引出下述七个方面来阐述一揽子调整方法(adjustable basket technique)在国内上市公司账面利润白勺公允性方面白勺应用,从如何判断坏账拨备公允性、折旧公允性、政府补助公允性、长期投资减值损失公允性、出售资产溢价公允性、预计负债公允性、资金占用费公允性等七大方面进行了实证;第三部分为案例分析,以若干家ST公司2005年半年报和年报为数据来源背景,利用一揽子调整方法,将案例公司白勺账面利润调整为公允税前利润;第四部分是对新会计准则实施后,针对国内上市公司披露公允利润白勺相关建议
Abstract（英文摘要）：www.328tibet.cn Book profit should be fair profit and it’s the requirement of fair competition principle under market economy. It’s the responsibility of top management as assignee to adhere to accounting principles comprehensively and prevent from any violation, which is as well required by the fair competition principle. It accords with the principle of maximum of investors’ benefit and also serves as a systematic restriction to prevent investors from unfair competition behior.The newly circulated accounting principles introduce fair-value accounting, which makes financial reports more useful and relevant for decision-making. Fair value has raised more and more attention from investors and creditors because of its high relevancy. Apparent unfairness in accounting practice leads to unfairness in book value. Theoretically, fair profit is the book profit based on fair value exchange. Practically, fair profit refers to the book profit on precondition that all the accounting methods are compliant with standard accounting principles and market competition has been fully taken care. Detailed speaking, if a listed company has disclosed its financial reports whose accounting methods he properly considered the fixed assets depreciation, bad debt provision, impairment loss for investment, government subsidy, premium on assets disposal, contingent liability, related party transactions etc. and meanwhile, there is no significant competition gap between this listed company with other companies, especially its fellow company in the same industry, we can say that the disclosed book profit in that company’s financial reports is the so-called fair profit. Otherwise, it’s not fair profit. To maximize fair value of the company is not only pursued by the management of the company but also chased by investors, creditors and other concerned parties who are using the financial reports. However, trustless company structuring always leads to unfair maximum of book profit, which is different from fair profit maximum. And consequently the unfair book profit cannot truly reflect the value of the company and information quality disclose in the financial reports gets so seriously impaired that reports users are mislead in their business decision making.The purpose of study on fair profit is to revert to the trueness of book profit and improve accounting information quality to meet the needs of investors and creditors. As far as methodology concerned, we he conducted compliance test between the accounting methods in practice and standard accounting principles, and use those companies adhering well to the Principles as reference to adjust book profit to fair profit by One Package Approach. It’s worth to mention that the risk of fairness in book profit get released by adjusting accounting methods.This thesis is composed of 4 parts. The first part gives a brief introduction on the background of and progress in fair value and fair profit study. The second part expatiates the affecting factors for Chinese listed company fair profit study, such as, how to judge the fairness for bad debt provision, fix assets depreciation, government subsidy, impairment loss of long-term investment, premium of assets disposal, contingent liability, usage fee for funds utilization etc. which are illustrated by the study on Shenzhen Great wall Development Technology Corp. Ltd. The third part is mainly case study. We he taken certain ST companies in Chinese stock market as samples and using the One-package-approach to adjust the book profits to fair profits before tax. The last part gives some constructive suggestions on disclosure of fair profit for Chinese listed companies.
论文关键词： 公允价值；账面利润；公允利润；一揽子调整方法；新会计准则；
Key words（英文摘要）：www.328tibet.cn fair value；book value；fair profit；one-package-approach；new accounting principles and standards；
Abstract（英文摘要）：www.328tibet.cn Book profit should be fair profit and it’s the requirement of fair competition principle under market economy. It’s the responsibility of top management as assignee to adhere to accounting principles comprehensively and prevent from any violation, which is as well required by the fair competition principle. It accords with the principle of maximum of investors’ benefit and also serves as a systematic restriction to prevent investors from unfair competition behior.The newly circulated accounting principles introduce fair-value accounting, which makes financial reports more useful and relevant for decision-making. Fair value has raised more and more attention from investors and creditors because of its high relevancy. Apparent unfairness in accounting practice leads to unfairness in book value. Theoretically, fair profit is the book profit based on fair value exchange. Practically, fair profit refers to the book profit on precondition that all the accounting methods are compliant with standard accounting principles and market competition has been fully taken care. Detailed speaking, if a listed company has disclosed its financial reports whose accounting methods he properly considered the fixed assets depreciation, bad debt provision, impairment loss for investment, government subsidy, premium on assets disposal, contingent liability, related party transactions etc. and meanwhile, there is no significant competition gap between this listed company with other companies, especially its fellow company in the same industry, we can say that the disclosed book profit in that company’s financial reports is the so-called fair profit. Otherwise, it’s not fair profit. To maximize fair value of the company is not only pursued by the management of the company but also chased by investors, creditors and other concerned parties who are using the financial reports. However, trustless company structuring always leads to unfair maximum of book profit, which is different from fair profit maximum. And consequently the unfair book profit cannot truly reflect the value of the company and information quality disclose in the financial reports gets so seriously impaired that reports users are mislead in their business decision making.The purpose of study on fair profit is to revert to the trueness of book profit and improve accounting information quality to meet the needs of investors and creditors. As far as methodology concerned, we he conducted compliance test between the accounting methods in practice and standard accounting principles, and use those companies adhering well to the Principles as reference to adjust book profit to fair profit by One Package Approach. It’s worth to mention that the risk of fairness in book profit get released by adjusting accounting methods.This thesis is composed of 4 parts. The first part gives a brief introduction on the background of and progress in fair value and fair profit study. The second part expatiates the affecting factors for Chinese listed company fair profit study, such as, how to judge the fairness for bad debt provision, fix assets depreciation, government subsidy, impairment loss of long-term investment, premium of assets disposal, contingent liability, usage fee for funds utilization etc. which are illustrated by the study on Shenzhen Great wall Development Technology Corp. Ltd. The third part is mainly case study. We he taken certain ST companies in Chinese stock market as samples and using the One-package-approach to adjust the book profits to fair profits before tax. The last part gives some constructive suggestions on disclosure of fair profit for Chinese listed companies.
论文关键词： 公允价值；账面利润；公允利润；一揽子调整方法；新会计准则；
Key words（英文摘要）：www.328tibet.cn fair value；book value；fair profit；one-package-approach；new accounting principles and standards；