【作者】 邹颖；

【导师】 马永强；

【作者基本信息】 西南财经大学 ， 会计学， 2011， 硕士

【摘要】 “非经常性损益”这一概念是在1991年两位著名会计学者Ramakrishnan和Thomas研究企业净利润时所提出的持续性概念(Persistence Concept)的基础之上而产生的。根据他们的观点,企业所获得的净利润是由多个不同部分而共同组成的,而各部分收益的持续性应有所差别,一般可分成长期性的、短期性的和持续性为零的三类基本情况。作为区别这三类收益的主要标准则是看企业产生这些收益时所发生交易与事项的频率和次数(即是否为经常性业务)。其中,由长期持续性活动产生的损益称作“经常性损益”,而短期持续性与零持续性活动产生的损益则是“非经常性损益”。对于广大投资者、债权人与监管部门而言,具备“长期持续性”特点的收益及“经常性损益”显然更能体现一家企业的最真实生产经营状况和财务能力,所以常被作为评估企业整体价值与预测未来发展潜力的重要指标。而具备“短期持续性与零持续性”特征的收益及“非经常性损益”由于其本身一次性、偶然性的特质在决策时则无法作为可靠、稳定的判断指标。然而在实务中,企业恰恰正是利用这类短期项目偶发性与不可预见性的特征而更易于操控,从而进行利润调节等盈余管理。这样的例子已经屡见不鲜了,以中国股市为例,有学者研究了沪市858家企业2007年年报数据分析,发现有110家(占样本12.82%)公司通过非经常性损益实现扭亏为盈,而在微利公司与T族盈利公司中该比例更是分别高达40.11%和62.87%。因此,近年来对于加强非经常性损益规范运用和管理越来越受到各界的重视。为了保护中小投资的利益并降低他们的风险,防止出现上市公司利用非经常性损益进行盈余操纵的情况,同时也为了进一步规范上市公司的财务报告的发布,从1999年开始,我国证监会就要求上市公司在其当年年报中的“主要财务数据与指标”一栏里增加“扣除非经常性损益后净利润”等有关信息的披露,以增强企业会计信息、的相关性。此后,证监会不断加强对非经常性损益信息的内容和披露的监管。截止到2010年底,已经发布三项重大规范要求以及两次修订稿。当前,会计学界对非经常性损益相关问题的研究主要集中于非经常性损益与盈余管理、非经常性损益对企业财务业绩的影响程度及非经常性损益与市场反应等方面。特别从国内的研究成果来看,对非经常性损益的研究角度方向比较单一和粗糙,即基本都是站在上市公司的角度来进行分析。大部分都只是运用某一年若干家上市公司的年报来分析企业非经常性损益披露的现状,或是该披露会对企业的财务业绩产生的影响、又或是采用实证分析证明上市公司利用该项目进行利润操纵的可能性。换句话说都是基于静态上单一角度的分析,缺乏对证监会监管效果有效性的动态的实证分析。如果不能联系证券监管部门的对其的有效监管,只是一味的研究企业的自主行为是没有太大意义的。为了弥补这一缺陷,本文正是在此背景下运用规范研究与实证研究相结合的方法,考察了我国上市公司非经常性损益信息操纵的现状,分析了证券监管机构近几年来对非经常性损益信息披露监管的有效性,并对进一步规范非经常性损益信息披露提出建议。本文主要内容可分为六大部分：第一部分是导论,介绍了对上市公司财务报告中的非经常性损益项目披露进行研究的背景因素、目的和意义与将采用的研究方法和主要内容。第二部分为相关理论及研究成果回顾文献综述,介绍了美国、英国与国际有关会计准则非经常性损益的概念界定。同时还总结了国内外学者对非经常性损益与盈余管理、非经常性损益信息含量及价值相关性等方面进行研究所取得的成果和结论,发现有实证数据表明部分上市公司会利用非经常性损益进行盈余管理或利润操纵,特别是微利和T族类公司。同时大部分研究结论均表明非经常性损益项目与公司的市场价值有很小的相关性。第三部分评述了证监会1999年至2008年十年间对于上市公司规范披露非经常性损益项目的政策演进。在此部分,笔者不仅列示出了五次规范的具体内容,更将每一次新颁布或新修订的规范与上一次规范从概念界定与项目内容两个方面进行了详细的对比分析。最后在历经五次修订之后,我们发现证监会相关政策的发展趋势是：对非经常性损益定义的界定越来越明晰和完备,以便于企业更好地执行。同时这些规定的演变也更充分体现非经常性损益的性质特点,对进一步挤出上市公司业绩水分的作用应当会更加明显。另一方面,通过对非经常性损益标准的及时修订,适应了新会计准则的实施要求,满足了证券市场对高质量财务会计信息的需求,有利于投资者更好地鉴别上市公司的盈利情况,从而更能客观公正地评价公司的经营业绩。第四部分是站在动态、纵向的角度,为分析证监会近几年来对非经常性损益信息披露监管的有效性而进行的实证研究。经过前述对证监会相关政策的演进及对比分析,笔者提出的研究假设是既然规范针对非经常性损益的定义越来越清晰准确,涵盖的内容也逐次增加,那么如果监管效果是有效的,上市公司应用历次的非经常性损益披露规范后所披露的非经常性损益也应该是逐次增加的。因此笔者选择了“非经常性损益与净利润的绝对值比率(|EI/NP|)”作为计算指标。由于客观因素的限制,笔者研究的的是2004—2008年后三次规范的监管效果。根据对1238家上市公司2004—2009年连续6年的|EI/NP|值采用描述性统计分析、配对t检验以及稳健性检验等研究结果,发现2004年—2009年间其披露的非经常性损益占净利润的绝对值比率呈现逐年上升的情况,因而比较充分地支持了本文的研究假设H1：上市公司应用2004年、2007年和2008年的非经常性损益披露规范后所披露的非经常性损益逐次增加,也证实了证监会的管制达到了期望的效果。再加上已有国内学者证明中国证监会从1999年至2004年三次管制规范也是达到了预期监管效果,所以综合来看,近十年来的政策监管效果仍非常有效、积极的。第五部分则是从横向静态的研究角度,选取了2009年沪市A股中非经常性损益对净利润有较大影响(以50%作为界限)的183家上市公司作为样本,同时结合最新的规范《公开发行证券的公司信息披露解释性公告第1号(2008)》,运用描述性分析和图表分析等方法对上市公司披露非经常性损益的现状进行分析。按照行业分布统计,发现批发和零售贸易类的公司非经常性损益占净利润比例是又高又多。因此对于这类行业上市公司的盈利质量和盈利状况,需要引起投资者和监管部门的重视。而从披露项目来看,无论是出现频率、报告金额以及对净利润的影响程度来看,非流动资产处置收益、交易性金融资产和负债的公允价值变动及处置损益、政府补助这三项内容成为了2009年沪市A股上市公司中非经常性损益的主要形式。所以对上市公司而言,应依照投资、金融工具与政府补助等相关法规中的披露要求,充分披露上述重大项目的关键内容；对于证监会这类的监管机构而言,应当继续加强对重大项目的监督和管理；对于广大投资者等报告使用者来说,不仅要关注年度报告附注中所披露的非经常性损益,更应当仔细阅读各个构成项目蕴含的信息,以便进行综合分析。另外,笔者针对新规范在实际执行中遭遇到如表外披露的形式单一且格式不统一、项目名称使用不规范、披露内容笼统不具体和现行规范法律约束力较低等问题,提出了进一步规范非经常性损益披露的三条具体建议,包括统一披露格式,并逐步改进单一的披露形式、修改完善新会计准则,增加对非经常性损益的规定与增强企业会计人员专业素养,提高注册会计师的职业水平等方面。本文最后一个部分是结论,主要是针对本文取得的研究成果进行全面总结,并提出本文的创新点在于将历年来政策监管效果的考察与政策实施现状相结合,相继展开动态与静态分析,从纵向与横向的两个角度全面深入研究了中国证监会管制规范实施情况,也为今后进一步完善非经常性损益披露规范提供了参考价值。更多还原

【Abstract】 The term"extraordinary items"generates from Persistence Concept as put forward by the famous accounting scholars Ramakrishnan and Thomas when they were studying the net profit of enterprises. From their point of view, the net profit acquired by enterprises is comprised of various parts and the persistence of each part differs from each other which can be generally divided into long-term net profit, short-term one and the one without persistence. The main standard to distinguish the above-mentioned situations lies in the frequency of trades and items during the profit gaining process, i.e. whether the trades were conducted regularly.Obviously, for investers, creditors and watchdog agencies, the profit with"long-term persistence" and the "extraordinary items" can reflect the most authentic production and operation condition and financial capability of an enterprise in a better way. Therefore, they are often regarded as the critical index of evaluating the overall value of an enterprise and predicting its potential in the future. However, because of their quality of be one-off and their contingency, the profit with "short-term persistence or without persistence"as well as the "non-extraordinary items"can not be considered as reliable and steady index in the policy-making process.In practice, nevertheless, enterprises make full use of the contingency and unpredicability of these short-term items to manage earnings like adjusting profits. There are numerous examples. Take the stock market in China as an example. Some scholars have studied the 2007 annual reports of 858 enterprises on the Shanghai Stock Market and they have found that 110 of them (accounting for 12.82% of the sample) have made up the deficits and gain surpluses by means of extraordinary items.And this number rises to 40.11% and 62.87% respectively in micro-profit earning enterprises and ST companies. As a result, in recent years, all circles have attached more and more attention to reinforcing the utilization and management of extraordinary items.In order to protect the profits of small and medium investors’interests and to lower their risks, from the year 1999 on, Chinese Security Regulatory Commission(CSRC) has begun to demand that the listed enterprises to unveil related information by adding "the net profit excluding extraordinary items"to the column"main financial data and index" in their annual reports to promote the relevance of the accounting information of enterpries, also for the purposes of preventing managing earning by extraordinary items and further regulating the release of financial reports of listed companies. Up until the end of 2010, three critical pieces of regulations and two revised ones have been released.Nowadays, when it comes to extraordinary items, the accounting circle focuses on such aspects as extraordinary items and earnings management, the impact of extraordinary items on the financial performance of enterprises and extraordinary items and the market feedbacks. Viewed specifically from the researches in China, the perspectives and direction of such studies are relatively common and simple. That is to say, generally the researches are conducted from the perspectives of listed companies. Most of them make an analysis of the current condition of an enterprise’s revealing extraordinary items through the annual reports of several companies. They may also analyze the influence of such a revelation on the financial performance of an enterprise or they might study the possibility of an enterprise’s manipulating profits by the items with empirical analysis. To put it in another way, these analyses are simple and static and the dynamic empirical analysis of the effect of Chinese Security Regulatory Commission’s regulation is lacking. It is meaningless if the innerdirected behavior of enterprises is studied with no combination of the regulation of security regulatory departments.To make up for the deficiency, the paper develops by combining the ways of normative reasearches and empirical ones. It also investigates the current condition of the information manipulation of extraordinary items in listed companies in China and makes an analysis of the regulatory availablity of revealing the information of extraordinary items. The research goes on by providing suggestions to further regulate the revelation of the information of extraordinary items. The study consists of six parts:Chapter 1 is the introduction of my research on the disclosure of extraordinary items of listed companies, which describes the background, the objectives and significance of my research, the methods will be adopted as well as the main issues concerned in the paper.Chapter 2 is the literature review of related theory. This chapter gives a description of international accounting standards and those in the United States and UK as far as the concept of extraordinary items is concerned. At the same time, it summarizes the viewpoints of the scholars on the relationship of extraordinary items and earnings management, the information content of extraordinary items and their relevance to enterprise’s value. Based on the empirical data of listed companies, it is found that some companies will utilize the extraordinary items to achieve the manipulation of earnings management, especially for micro-profit earning enterprises and ST companies. In addition, most of the research findings show that extraordinary items and the company’s market value have little relevance.The third part reviews the development of CSRC’s policy in the disclosure of extraordinary items (from 1999 to 2008) for Chinese listed companies. In this section, it not only lists the specific content of five specifications, but there is a detailed comparative analysis of each new or revised standards and specifications from the previous definition and content of the two aspects of the project. Finally, after five amendments, we found that the developing trend of the policies is:the definition of extraordinary items has become increasingly clear and complete, in order to implement in a better way. At the same time, the evolution of these provisions are more fully reflected the nature and characteristics of extraordinary items, thus the performance of listed companies should be more accurate and apparent. On the other hand, through the timely amendment of standards, it will adapt to the implementation of new accounting standards, satisfy the needs of he stock market on the demand for high-quality financial accounting information, and help investors to better identify the profitability of listed companies and evaluate the company’s operating performance more objectively and impartially. From the dynamic and longitudinal perspectives, Chapter 4 conducts the empirical research to analyse the regulation effect on the disclosure of extraordinary items by CSRC in recent years. Based on the aforementioned policies and comparative analysis of the evolution, our hypothesis goes that since the definition of extraordinary items is more clear and accurate, the content covered by successive increases, and then if the regulation is effective, the extraordinary items under all previous regulation should increase each time. This paper chooses "the absolute value of the ratio of extraordinary items and net profit (| EI/NP|) " as the indicators. Due to objective factors, we’re able to use data of only 6 consecutive years from 2004 to 2009 to study the effect of the regulations in the years of 2004,2007 and 2008. Through figure analysis, paired with t test and sound test, I notice that the ratio from 2004 to 2009 was increaseing gradually. In other words, we find empirical evidences to support our hypothesis, which means that the regulations on extraordinary items by China Securities Regulatory Commission are efficient as expected. Coupled with the fact that domestic scholars have proved that the policies from 1999 to 2004 had reached the desired control specifications, thus the conclusion can be reached that the policies are very effective and positive over the past decade.In Chapter 5, associated with the latest regulation for disclosure of extraordinary items, it selects 183 listed companies of 2009 in Shanghai stock exchange market as samples, whose extraordinary items have a great impact on net profit (no less than 50%), and analyse the current state of affairs and dilemma of identification and disclosure of extraordinary items in listed companies, by means of descriptive statistics and chart analysis. Then, it makes detailed recommendations for improvement, including unifying disclosure format, revising accounting standards and so on.The last section summarizes all findings and conclusions in this paper, and then points out that the paper integrates the analysis of regulation effect and the current situation of implementation as its innovation. It not only study the implementation comprehensively and deeply, but also benefit the extraordinary items disclosure regulation.更多还原