综合收益的价值相关性研究——基于新准则实施的经验证据

The Value Relevance of Comprehensive Income Reporting——Based on the Empirical Evidence of New Accounting Standards

本文基于我国财政部2009年发布的综合收益相关规定,研究了其他综合收益具体项目和综合收益总额的价值相关性问题。经过研究发现,其他综合收益项目中可供出售金融资产公允价值变动与股票价格显著相关;可供出售金融资产公允价值变动、在被投资单位其他综合收益中所享有的份额和外币报表折算差额与股票收益率显著相关。综合收益总额具有比传统的净利润更高的价值相关性,对股票价格和股票年度收益率的解释能力强于净利润指标;但在预测未来净利润和未来经营活动现金净流量时,综合收益预测能力弱于净利润指标。本文通过上述研究在一定程度上为我国相关准则及规定的实施效果提供经验证据,从而为我国准则制定机构提供相应政策建议。

Based on the requirements of comprehensive income promulgated by Ministry of Finance in 2009,this study provides evidence on the value relevance of components of other comprehensive income and aggregate comprehensive income.I find evidence that available-for-sale component is significantly associated with stock price and that available-for-sale,changes in other equity of long-term investment and foreign currency translation adjustment components are significantly associated with market returns.I also find that aggregate comprehensive income is more strongly associated with both stock price and returns relative to net income.However,with regard to predicting future net income and operating cash flows,the predictive ability of aggregate comprehensive income is weaker than that of net income.