综合收益列报决策有用性的经验评价

The Empirical Evaluation of the Decision Usefulness of the Presentation of Comprehensive Income

本文利用2007～2012年上市公司数据经验评价综合收益列报的决策有用性。我们主要采用组合报酬率法、Vuong检验方法和多元回归分析方法，得出如下结论：综合收益的价值相关性以及对未来盈利和现金流量的预测能力不及净利润；其他综合收益不具有超出净利润的增量解释力，但市场对其个别组成部分给予了定价；综合收益自2009年由所有者权益变动表改在利润表中披露后与净利润在价值相关性上的差异缩小了，决策有用性提高了。本文的结论支持《企业会计准则解释第3号》对综合收益列报格式做出的改革。

This article empirically evaluates the decision usefulness of the presentation of comprehensive income using the data of listed companies from 2007 to 2012. We mainly employ the methods of portfolio measures, Vuong test and multiple regression analysis to make the tbllowing conclusions： （1） The value relevance and the predictive ability to future earnings and cash flows of comprehensive income are weaker than those of net income; （2） Other comprehensive income has less incremental explanatory power than net income, but the market prices individual components; （3） When the presentation location of comprehensive income changed from the statement of equity ownership to income statement in 2009, the difference of the value relevance between comprehensive income and net income became narrow, and the decision usefulness of comprehensive income improved. Our conclusion supports the reform of presentation format of comprehensive income in Accounting Standards for Business Enterprises Interpretation 3.