合并报表与母公司报表的有用性:理论分析与经验检验

The Usefulness of the Consolidated Statements and the Parent Company Statements:Theoretical Analysis and Empirical Test

本文从我国要求母公司同时编制和提供合并报表和母公司报表这一制度安排出发,检验了合并报表和母公司报表的有用性。研究得出,按照现行会计制度编制的合并报表在预测集团经营成果和现金流量方面并没有显著优于母公司报表。在分析上市公司的综合财务状况和偿债能力方面,母公司报表可以提供显著的增量信息。

This paper discusses the usefulness of the consolidated statements and the parent company statements.We examine the predictive value of the consolidated statements and the parent company statements which are both required to disclose for the parent companies in China,and the parent company statements' role in financial analysis.We conclude there is no clear evidence that the consolidated statements is superior to the parent company statements in predicting the future performance and operating cash flows,but the parent company statements can provide significant incremental information in analyzing comprehensive financial position and solvency risk.Finally,we conclude that it is an important institutional arrangement to provide both the consolidated statements and the parent company statements.