公允价值计量与公司盈余管理的相关性研究

本文采取理论和实践相结合的方法对上市公司采用公允价值计量短期投资后的盈余管理行为进行研究.首先对国内外文献进行综述,在文献综述的基础上,提出了本文的研究假设:在历史成本计量的条件下,制造业上市公司进行盈余管理的可能性相对较强;在采用公允价值计量的条件下,制造业上市公司进行盈余管理的可能性减弱.然后,选取了A股制造业上市公司2007年和2008年的报表数据为样本进行截面分析,并对比2006年的报表数据,在此基础上选择了数据比较全面的几家公司为样本进行分析.模型上采用的是我国学者蒋义宏(1998)提出的回归模型.     

亏损公司会计盈余价值相关性实证研究

本文在对中国资本市场1999～2005年亏损公司和盈利公司会计盈余和净资产账面价值的价值相关性作出对比分析之后,发现亏损公司会计盈余价值相关性弱于盈利公司,但每股净资产对股票价格的解释力度高于每股盈余对股票价格的解释力度,并且具有增加价值相关性,同时,规模变量是影响亏损公司股价的重要因素之一,但亏损公司现金流量价值相关性弱。     

经济增加值的价值相关性——与盈余、现金流量、剩余收益指标的对比

本文通过实证分析对比了经济增加值、盈余、现金流量之间的价值相关性。我们的研究分为两个部分 :相对关联研究 (相对信息含量检验 )与增量关联研究 (增量信息含量检验 )。基于水平与变化模型的实证检验结果显示 :在相对信息含量方面 ,EVA没有表现出明显的优于传统收益指标 (净利润 )的特性 ;在增量信息含量方面 ,尽管EVA的独特构成部分 (资金成本和会计调整项 )显示了一定的增量价值相关性 ,但是与传统收益的构成部分 (现金流量和应计项 )相比较 ,这种增量效应不是十分显著。     

会计稳健性对盈余价值相关性的影响研究——基于公允价值计量的视角

以2001～2008年我国A股上市公司为研究样本,基于公允价值计量全面引入的视角,考察了会计稳健性对盈余价值相关性的影响,实证发现:会计稳健性显著降低了会计盈余的价值相关性,而公允价值计量显著弱化了会计稳健性对于盈余价值相关性的负向影响.研究结果表明,对于我国上市公司而言,稳健的会计政策并不意味着高质量的财务报告信息.公允价值与会计稳健性适度藕合,可以弥补会计稳健性的不足,有利于提高会计信息质量.     

证券分析师行为的价值相关性文献综述

本文对证券分析师的两大行为（盈利预测及其修正、股票推荐）价值相关性研究文献做了综述,即关注分析师的行为是否对股价产生影响。之后,对文章整体做出了总结和评价。     

亏损上市公司会计盈余价值相关性实证研究

会计盈余具备价值相关性的根本原因在于其预测能力,但对于亏损公司来说,为负值的会计盈余对未来会计盈余的预测能力明显是非常弱的,因此亏损公司会计盈余价值相关性与盈利公司有着很大的差异。本文对1998至2003年度的5705个研究样本中亏损公司会计盈余价值相关性的特性进行了实证分析,发现亏损公司会计盈余价值相关性要明显弱于盈利公司,同时也发现净资产变量的价值相关性同样偏弱。而决定亏损公司股票价格的主要因素则在于亏损公司发生卖壳行为的可能性。     

盈余管理对股票未来收益的影响研究——基于应计盈余管理与真实盈余管理的分类视角

论文基于盈余管理的最新分类——真实盈余管理与应计盈余管理,选用我国沪深两市2007～2013年的上市公司为研究样本,实证检验了盈余管理对股票未来收益的影响,结果发现应计盈余管理对股票未来一到三年的收益影响虽显著为负,但程度均较小,而真实盈余管理则会严重降低股票未来一到三年的收益,损害投资者的利益.     

关联交易和会计盈余的价值相关性

通过对2001年上市公司关联销售的研究分析，初步发现了关联交易影响了会计盈余信息的价值相关性。当上市公司向其关联方的商品销售达到较大比重时，其报告的会计盈余数据具有较低的价值相关性。但同时,市场对较低比例的关联交易似乎比较认可，并不影响盈余数据的价值相关性。总体上。盈余的价值相关性随着关联销售比重增加而显著地表现为一种倒U型的非线性关系。结合实证结果，本文尝试分析其中的原因。     

公允价值模式下上市公司盈余管理

新会计准则的一大亮点是引入公允价值计量模式,这一计量模式的应用,加大了管理当局对会计政策的选择空间,对上市公司盈余管理产生了较大的影响。公允价值应用下的盈余管理是凭借投资性房地产、债务重组、非货币性资产交换、关联交易等管理手段。上市公司相关利益者在利用上市公司提供的财务报告做出决策的过程中,应识别盈余管理。     

Foreign Exchange Gains and Losses: Impact on Reported Earnings

During the period 1974–77 firms affected by Statement 8 of the Financial Accounting Standards Board dealing with foreign currency translation responded to the FASB's invitation to comment. In this study, the reported exchange gains and losses of firms that submitted comments to the FASB and a broad sample of multi-national companies are examined. There is limited evidence that FASB respondents suffered greater swings in pretax earnings as a result of FASB than did other multinationals.     

The Effect of Earnings Management on the Value Relevance of Accounting Information

This study investigates whether opportunistic earnings management affects the value relevance of net income and book value in determining stock price. We document a decrease in the value relevance of earnings in the year of an equity offering for a group of firms with ex post evidence of earnings management. This decrease is greater for the discretionary component of earnings than for the non‐discretionary component. These results are robust to model specification and the type of offering. However, the results are sensitive to firms' disclosure activity prior to the offering.     

人生中的得与失

昨天,和一位老朋友谈起他的职务问题。朋友说,对于一个人来讲,任职好比爬山,即便是攀登到了珠穆朗玛峰,最终也得自己走下山来。因为不仅高处不胜寒,会把人冻死,而且,高山缺氧,也会使人窒息而死(海拔每上升100米,温度降低0.6摄氏度,海拔每升高12米,大气压降低1毫米汞柱)。     

The Value Relevance of Financial Institutions' Fair Value Disclosures: A Study in the Difficulty of Linking Unrealized Gains and Losses to Equity Values

This article provides a residual-income valuation framework for assessing whether fair value disclosures required by SFAS 119, Disclosures About Derivative Financial Instruments and Fair Values of Financial Instruments , are value-relevant. The primary theoretical and empirical result is that when using a residual-income valuation model, the estimated relation between variables measuring fair value-book value differences for financial instruments and security prices may be contrary to what one would have expected. Specifically, the greater the firm's return on invested capital and growth rate relative to its cost of capital, the more negative the estimated relation between fair value-book value differences for financial instruments and security prices. A generalization of this result is that tests linking equity values to various types of unrecognized gains and losses are, in many cases, unlikely to generate the hypothesized positive relation between equity values and the unrecognized gains and losses.     

The Value Relevance of Mandatory Non‐GAAP Earnings

This paper examines the value relevance of earnings components where there is a mandatory requirement to report generally accepted accounting principles (GAAP) earnings and non‐GAAP earnings, and where the items to be eliminated from GAAP earnings are defined in detail. The setting is different from non‐GAAP earnings disclosures presented in the United States and elsewhere, where managers have discretion over whether to report a non‐GAAP earnings number, and what to exclude from GAAP earnings. Our mandatory setting enables us to report value relevance results that are not confounded by managers' discretionary choices regarding non‐GAAP earnings exclusions. We use price‐level regressions, based on the Ohlson (1995) model, to test for incremental and relative value relevance. The results show that non‐GAAP earnings reported under a mandatory regime have higher value relevance than GAAP earnings. The disaggregation of these items is useful to investors in a setting where managerial motivations are minimized.     

Earnings Conservatism and Value Relevance Across the Business Cycle

Abstract:  Prior research has demonstrated higher value relevance of current earnings during economic expansions relative to contractions. We largely attribute such a result to expected growth prospects being captured in the current earnings coefficient when a direct proxy for expected future earnings is omitted from the returns-earnings model. We demonstrate that the conservatism and value relevance of current earnings is actually higher during economic contractions when including a proxy for future earnings expectations. We further demonstrate that the value-relevance of expected future earnings is higher during expansions, when the association between historical accounting information and future growth opportunities likely weakens.     

Incentive Contracting and Value Relevance of Earnings and Cash Flows

Accounting performance measures such as earnings and cash flows are useful for both valuation and performance evaluation purposes. However, little evidence exists on whether there is any association between these two roles. In this study, we provide large sample empirical evidence that the value relevance of earnings explains a significant amount of the cross‐sectional variation in the pay‐sensitivity of earnings and the incremental value relevance of cash flows explains variation in the marginal pay‐sensitivity of cash flows. We document that while both value relevance and compensation weight on earnings decline from the subperiod of 1993 to 1997 to the subperiod of 1998 to 2003, both value relevance and compensation weight on cash flows increase from the earlier subperiod to the later subperiod. Overall, our results provide additional evidence that value relevance of a performance measure plays a significant role in its use for performance evaluation.     

其他综合收益、分析师预测与决策价值

其他综合收益作为“脏盈余”的回收站,是否对信息使用者具有决策价值是困扰准则制定者的重要学术问题,从资本市场最专业的财务报表使用者——证券分析师视角出发,研究其他综合收益对分析师盈余预测的影响,检验分析师是否能够有效识别利用其他综合收益信息.研究结果表明:其他综合收益信息对分析师盈余预测准确性有显著影响,即其他综合收益比重高的企业,分析师盈余误差的分歧越大;其他综合收益强制披露后分析师解读成本减低,盈余预测准确性得以提高.结论支持现阶段其他综合收益信息在分析师利预测中的作用,间接证明其他综合收益的决策价值.     

中国亏损上市公司盈余管理手段有效性研究

本文选取我国沪深A股亏损上市公司为研究样本,对2010年首次亏损而在2011年扭亏的上市公司是否会在扭亏年度内进行盈余管理,以及运用何种手段进行盈余管理及并对其有效性进行分析.运用模型以及多元线性回归方法进行实证研究发现：首次亏损上市公司财务报表中的营业外收支、资产减值准备、营业成本、投资收益及管理费用等更容易受到企业的操控.因此建议,为提高各方对会计信息的识别能力,企业的股东、债权人和监管机构等利益相关者要警惕此类指标的异常变动.     

The Differential Value Relevance of S&P's Core Earnings Versus GAAP Earnings: The Role of Stock Option Expense

In 2002, Standard & Poor's (S&P) introduced Core Earnings as a proprietary, uniform earnings metric, with the goal of improving financial reporting. The distinguishing feature of Core Earnings is its consistent treatment of seven adjustments to GAAP earnings for which there is no consensus adjustment by managers and analysts. We use stock price and return data to assess whether investors perceive Core Earnings to be more value relevant than GAAP earnings. The implementation of FASB 123R changed the calculation of GAAP and Core Earnings. This change allows us to assess the role of stock option expense in the valuation of earnings numbers by partitioning the sample into pre‐ and post‐FASB 123R periods and creating consistent measures of GAAP and Core Earnings. Our price results indicate that Core Earnings is more value relevant than GAAP earnings in the pre‐period after controlling for stock option expense, and in the post‐FASB 123R periods. The price results provide empirical evidence consistent with S&P's expectation that a uniformly calculated earnings measure is a more consistent and useful indicator of current performance and future earnings.