评估师经验、收益信息透明度对估值判断影响的实验研究

估值过程是评估师进行专业判断和决策的过程,提升评估师的估值判断水平是改进估值质量的根本。基于此,利用实验方法研究了评估师经验和收益信息透明度对评估师估值判断的影响。研究发现,有经验的评估师其估值判断的准确性优于经验不足的评估师,而且经验丰富者能有效识别收益透明度的变化,即能有效避免框架效应。另一方面,收益披露透明度对于经验不足的评估师影响显著,使得启发式的认知偏差影响了估值判断,而对于经验丰富者则没有这种效应。研究所提供的实验证据,从认知心理学视角为避免估值判断偏误提供了识别途径,从而可以有效提升评估师的估值判断水平。     

综合收益披露改革与管理层盈余操纵

基于综合收益列报改革契机,考察管理层盈余管理活动的新趋势和手段.结果显示:列报改革促使企业管理层大幅度增加应计盈余管理和销售异常现金流真实盈余管理活动,以达到业绩改善,弥补净利润和其他综合收益盈余信息透明度提高所带来的损失.针对以往通过出售有价证券结转损益进行盈余管理的企业,提出应加强其应计盈余管理与真实盈余管理中异常销售活动的监督.     

折现率估算中的物价指数

收益法中的折现率应根据预期收益价值计量方式的不同采用相应的折现率,它需要评估师在评估实务中根据未来预期收益所采用的计价标准进行恰当的选择和估算。本文通过国内评估界估算折现率通常所采用的方法和模型,分析、推导出物价指数对折现率估值的影响,即"不变价折现率"和"实际价折现率"的估算方式和相互转换关系。     

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.     

其他综合收益的列报会提高上市公司的市盈率吗?

其他综合收益与净利润一起构成企业的综合收益,综合收益观是收益报告的主流趋势.通过分析,我们认为列报其他综合收益,有利于提高会计信息透明度、提升会计信息质量,抑制企业盈余管理行为,帮助委托人了解受托责任履行情况和财务报告使用者预测企业未来收益做出决策.这与财务报告目标的受托责任观和决策有用观也是一致的,进而提高投资者对公司股票的信心,促进上市公司市盈率的提高.     

不同收益水平上盈余信息与股利政策的交互关系研究

以沪深上市公司为样本,检验盈余信息和股利政策在不同收益上的解释作用,并深入研究盈余信息分别与现金股利、股票股利和多种分配方案等三个层面的股利政策的交互关系。结果表明:在大多数收益水平上,盈余信息和股利政策显著影响市场收益水平,而且二者之间存在显著的交互关系。具体而言,现金股利变化与盈余变化在不同收益水平上具有不同的交互影响;而股票股利与盈余信息的交互影响在各收益水平上均不十分突出;多种分配方案中的"综合政策"与盈余变动在各收益水平上表现出较大的正向交互影响。     

利润表中“其他综合收益”项目列报和实务解析

为了适应社会主义市场经济发展需要、规范财务报表的列报,保证同一企业不同期间和同一期间不同企业的财务报表相互可比。财政部对《企业会计准则第30号——财务报表列报》进行了修订,自2014年7月1日起在所有执行企业会计准则的企业范围内施行,鼓励在境外上市的企业提前执行。30号准则的修订对财务报告中利润表的列报影响较大刑润表在原有列报的基础上新增了“其他综合收益”和“综合收益总额”。本文就“其他综合收益”中需要列报的内容如何处理给予例解。     

收益法评估与企业价值实务中的问题分析与改进建议——基于问卷调查的研究

收益法在我国企业价值评估实务中被广泛使用,但由于其评估技术的复杂性,实际运用中存在着诸多分歧和差异。本文通过对上海市知名的三家资产评估事务所的资深评估师进行问卷调查,发现评估师在收益法评估企业价值中,对企业历史绩效分析、指标预测、折现率参数选取等关键环节中的因素和变量的处理,存在较大差异。这些差异体现在两个方面:一是理论与实务的差异;二是实务过程中评估师处理方式的差异。本文对这些差异进行了分析,并给出了相应的解决建议。     

改革后的综合收益表的SWOT分析

<正>2008年10月16日国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)联合发布了一份关于财务报表列报的初步意见的讨论稿,对财务报表的列报提出了新的模式,取消了主体目前拥有的在一张综合收益表(将所有的收入、费用项目以及其他综合收益的组成部分放入同一张表)或在两张报表(损益表和综合收益表分开)中列报的选择权,要求列报综合收益表,与财务状况表、现金流量表构成三大基本财务报     

企业价值评估的剩余收益法

近年来虽然在财务管理和证券估值的领域里广泛地介绍和推介企业价值评估的剩余收益模型（RIM）,但是在评估的文献中却鲜有介绍RIM方法的文章。本文试图在最简单的前提条件下介绍RIM方法的基本特点．然后采用评估师熟悉的方式用简化实例演算RIM模型并与DCF方法计算结果进行比较,以便使注册资产评估师能够正确地理解和掌握这一方法。     

Bank earnings management and performance reporting of comprehensive income

FASB’s ASU 2011-05 mandated that comprehensive income (CI) and other comprehensive income (OCI) be reported in performance statements (a single income statement or a separate statement of CI) rather than equity statements. Employing a difference-in-differences research design with ASU 2011-05 as the treatment, I find that presenting accounting information in different statements affects bank earnings management, specifically, presenting CI and OCI in performance statements (especially in single-statements with net income) reduces earnings management through selective sales of available-for-sale (AFS) securities in the banking industry. I also find that the influence of ASU 2011-05 is primarily on banks with high equity incentives in the CEO’s compensation package or less CEO job security. Additional analyses suggest that performance reporting of CI and OCI increases the predictive ability of realized gains and losses of AFS securities; however, banks may manage loan loss provision as a substitute strategy when they have to decrease selective sales of AFS securities.     

Where do firms manage earnings?

Despite decades of research on how, why, and when companies manage earnings, there is a paucity of evidence about the geographic location of earnings management within multinational firms. In this study, we examine where companies manage earnings using a sample of 2,067 U.S. multinational firms from 1994 to 2009. We predict and find that firms with extensive foreign operations in weak rule of law countries have more foreign earnings management than companies with subsidiaries in locations where the rule of law is strong. We also find some evidence that profitable firms with extensive tax haven subsidiaries manage earnings more than other firms and that the earnings management is concentrated in foreign income. Apart from these results, we find that most earnings management takes place in domestic income, not foreign income.     

Evidence from China on the value relevance of operating income vs. below-the-line items

This study investigates the value relevance of operating income vs. below-the-line items in the Chinese stock market. The motivations for this study are twofold. First, there is a need for empirical evidence of the value relevance of earnings components given that previous findings of value relevance in China at the aggregate level have often been questioned in the literature. Second, the reporting environment for earnings components in China provides an interesting opportunity to present additional evidence on the pricing of persistent vs. less persistent earnings. Chinese GAAP is more specific in defining the scope and specifying the format of reporting earnings components with different levels of persistence. In addition, differing from the U.S. evidence in the extant literature, below-the-line items in China is overwhelmingly income-increasing and frequently account for a large percentage of a firm's reported net income. By linking valuation analysis with earnings time-series properties, we present additional evidence to support value relevance in China: An earnings component is impounded in stock prices as long as it is persistent and nonpersistent below-the-line items are value irrelevant. However, the time-series properties of earnings components are not fully priced by the market. The earnings-response coefficients are larger for below-the-line items than for operating income, although below-the-line items are less persistent and have lower predictive power. In discussing this pricing anomaly, we identify some unique institutional factors that may be responsible for the results.     

On the Usefulness of Operating Income,Net Income and Comprehensive Income in Explaining Security Returns

This study evaluates the usefulness of three earnings definitions (operating income, net income and comprehensive income) in explaining residual security returns. Usefulness is measured in terms of relative information content and incremental information content. In the former, the goodness-of-fit of the return-earnings relationship is compared under each earnings definition. In the latter, the increase in goodness-of-fit due to additional earnings components is measured. Based on a sample that averages 922 firms a year for 18 years, the analysis shows that operating income weakly dominates net income, and that both operating income and net income dominate comprehensive income, in information content. The results also show that those items that account for the difference between net income and operating income have incremental information content, but not those between net income and comprehensive income. The practical and academic contributions of these findings are discussed.     

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.     

Twenty-five years of income inequality in Britain: the role of wages,household earnings and redistribution

We study earnings and income inequality in Britain over the 25 years prior to the COVID-19 pandemic. We focus on the middle 90 per cent of the income distribution, within which the gap between top and bottom in 2019–20 was essentially the same, after taxes and transfers, as a quarter-century earlier. This has led to a narrative of ‘stable inequality’, which we argue misses important nuances and key lessons from the UK's experience. In particular, there have been periods in which household earnings inequalities were changing considerably but tax and transfer policy was offsetting its effects on income inequality – in different directions at different times, reflecting sharp changes of policy approach. Means-tested transfers played a crucial role in containing inequality during the ‘inclusive growth’ period of the 1990s and early 2000s, as well as the Great Recession. During the 2010s, the minimum wage emerged as the government's primary policy tool for boosting incomes, but this happened almost simultaneously with cutbacks to means-tested transfers, meaning that household earnings inequalities fell considerably and yet net income inequality rose.     

Revisiting the corroboration effects of earnings and dividend announcements

Using a unique market setting in Hong Kong, where (i) all firms release earnings and dividend information in the same announcement; (ii) corporate transparency is low; (iii) dividend income is non‐taxable and (iv) corporate ownership is highly concentrated, we re‐examine the corroboration effects of earnings and dividends. We use the control firm approach to avoid the return estimation bias resulting from observation clustering. We also add in variables and use econometric procedure to control for the potential impacts of earnings management, special dividends and heteroskedasticity. Our findings show that there exists a corroboration effect between the jointly announced signals.     

Banks’ earnings: Empirical evidence of the influence of economic and financial market factors

The structure of income is a foremost address within research on banks’ performance, especially with regard to effects on the resilience of banks’ earnings. Indeed, given their central position in the economy, banks shall thrive to generate sustainable earnings and control for their potential volatility. Existing studies mostly consider the weight of non‐net interest income (nonNII) as opposed to the traditional NII income source. Such aggregated nonNII is found to increase earnings risk but more granular studies conflict. We propose an original investigation of the influence of economic and financial conditions on various income types, assuming that performance may actually be driven by both the income structure and external conditions. We focus European banks, which have long been allowed to diversify beyond retail banking. Out of a straight panel framework, we question if the influence of external conditions spreads to earnings components other than credit losses and trading income and if it does allow for diversification benefits among components. We find that each component actually evolves owing to its own equation. Furthermore, effects of single variables may cumulate over different components of earnings (e.g. GDP) or provide with diversification benefits. These effects are all the more important since they are not mitigated by operating expenses. Hence, over a regarded period, banks’ performance depends upon their structure of income and upon volatilities and correlations of influential variables. Besides controlling for ex‐ante volatility, our approach shows that a given structure of income is not necessarily more resilient than others but that selected non‐banking income may support a higher stability of Earnings