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我国自2007年1月1日起实施的新会计准则,扩大了合并报表净利润与母公司报表净利润之间的差异。本文研究新旧准则下该差异相对于合并报表净利润的增量信息含量的变化。实证结果显示,上述差异在旧准则下并没有为母公司投资者的股票定价决策带来额外的信息;而在新准则下,该差异的决策相关性显著提高,并能提供合并报表净利润之外的增量信息含量。这就意味着,合并报表净利润中已包括但母公司报表净利润中未包括的子公司已实现而未分配盈余,能够在合并报表净利润基础上提供增量信息含量。
The new accounting standards implemented in China since January 1, 2007 have widened the difference between the net profit of the consolidated financial statements and the net profit of the parent company. This paper studies the changes in the incremental information content under the old and new standards relative to the net profit of the consolidated financial statements. The empirical results show that the above differences do not bring additional information to the parent company’s stock pricing decision under the old standard. Under the new standard, the discrepancy in decision-making relevance is significantly improved and the net profit of the consolidated financial statements can be provided External incremental information content. This means that the subsidiary has included in the consolidated net profit statement but not included in the parent company’s net profit has been realized undistributed surplus, to provide incremental information content based on the net profit of the consolidated statement.