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題名:披露其他綜合收益可以給市盈率帶來溢價效應嗎?
書刊名:會計研究
作者:王艷謝獲寶
出版日期:2018
卷期:2018(4)
頁次:28-35
主題關鍵詞:其他綜合收益盈餘管理市盈率公司治理中介效應Other comprehensive incomeEarnings managementPrice-earnings ratioCorporate governanceMediation effect
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基于我國財政部2009年頒布的《企業會計準則解釋第3號》,本文研究披露其他綜合收益促進公司市盈率溢價的機理與路徑。以2009年至2015年我國滬深兩市披露其他綜合收益的A股上市公司為樣本,實證研究結果發現:披露其他綜合收益可以促進股票價值評價指標市盈率提升,中介效應檢驗顯示披露其他綜合收益不僅直接促進市盈率提升,還通過抑制管理層的盈余管理行為而提升公司市盈率。此外,還發現強制性披露其他綜合收益可以替代自主性較強的公司治理行為,提高盈余信息質量并促進市盈率提升。本文的結論對"暫時性收益"研究形成了有益的補充,為強制性會計政策執行機制與自主性較強的公司治理行為之間存在著替代效應而非互補效應提供了新的經驗證據,還為其他綜合收益披露如何履行"受托責任觀"會計目標提供了決策參考。
This study investigates whether disclosure of other comprehensive income enhances Price-Earnings Ratio of Listed Companies. Using data from all companies listed on the Shanghai and the Shenzhen Stock Exchanges during 2009-2015, the results indicate that other comprehensive income disclosure promotes Price-Earnings Ratio. Meanwhile, the disclosure of other comprehensive income moderates earnings management and leads to earnings management lowering Price-Earnings Ratio. The study also finds that the mandatory disclosure of other comprehensive income can replace the voluntary corporate governance to restrain managers from managing earnings and enhancing Price-Earnings Ratio. The conclusions of this paper riches study of "temporary income ". It provides new empirical evidence for the existence of the substitution effect rather than the complementary effect between compulsory accounting policy enforcement and corporate governance with strong autonomy. It is useful to disclose other comprehensive income for fulfilling accounting objective of "Fiduciary Responsibility".
 
 
 
 
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