其他综合收益、分析师预测与决策价值

Other Comprehensive Income,Analysts Earnings Forecast and Value Relevance

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。

Different from the value relevance research on other comprehensive income （OCI）, this paper examined the relationship between OCI and earnings forecast from financial analysts perspective. Empirical results showed that firms with a higher proportion of OCI have lower analyst accuracy; and after the mandatory disclosure of other comprehensive income, analysts earnings forecast accuracy has improved. The result indicates the role OCI plays in the analysts forecast,and indirectly prove the value relevance of other comprehensive income.