߶࠹࣮ᆣಊሧ൬ၭ֥ࡎᆴཌྷܱྟა႔Ⴥ࣮ܵ*吴战篪罗绍德 王 伟(᳝ଲն࿐߶࠹࿐༢ 510632༆ଲҍࣜն࿐߶࠹࿐ჽ 610074)=ᅋေ>随着证券市场的发展,证券投资收益成为上市公司一项重要的非经常性损益b本文检验了2007年新会计准则下上市公司证券投资收益的价值相关性与盈余管理现象,研究结果表明:(1)我国证券市场能够区分营业利润与证券投资收益,并根据它们的重要性而赋予不同的估值;(2)证券投资收益具有价值相关性,但不具有及时性;(3)上市公司通过出售时机的选择对已实现证券投资收益进行了盈余管理;(4)证券投资采用公允价值变动确认损益的方式既提高了会计信息的相关性,又避免了盈余管理,是一种更好的证券投资收益确认模式b基于上述研究结果,建议交易性金融资产和可供出售金融资产的公允价值变动均确认为损益,并对其进行及时a透明的表外信息披露b=ܱՍ>ᆣಊሧ൬ၭࡎᆴཌྷܱྟ႔Ⴥܵ၂aႄݓᆣಊ൧ӆࣜݖ15୍֥ॹؿᅚ,ഈ൧܄ඳ֥ඔਈაᇉਈनႵਔࢠնิ,ۚഈ൧܄ඳ҂ࣇቔູᆣಊ൧ӆሧ֥ग़ุ,ၧቔູҕაᆀ,Ӯູሧ֥ᇶุbԢࠎႿᅞଢ֥֥Ӊ௹ܢಃሧຓ,ഈ൧܄ඳؓᆣಊ൧ӆ֥ҕაն؟൞ၛࠆ౼؋௹ሧ൬ၭູଢ֥֥ᆣಊሧb۴ऌૌ࠹,2007୍ҕაᆣಊሧ֥ഈ൧܄ඳղ֞700؟ࡅ,ᅝഈ൧܄ඳሹඔ֥44%¹,ഈ൧܄ඳࡗӻႵܢಃࣉྛ؋௹ሧ֥གྷའ٤ӈ௴ђbაഈ൧܄ඳ֥ႏြ০ºཌྷб,ᆣಊሧ൬ၭіགྷԛၛ༯ࠫ۱หᆘ:(1)৫ྟbᆣಊሧ৫Ⴟഈ൧܄ඳ֥ఃࣜႏྟሧӁ,ఃջট֥൬ၭაഈ൧܄ඳᇶႏြༀ֥ࣜႏି৯ܱ༢҂ն,طაᆣಊ൧ӆྛ౦ૡ్ཌྷܱb(2)ѯྟbᆣಊሧ൬ၭ൞҂໗ק֥,ط๙ӈ္൞҂ॖӻ࿃֥b(3)ॖყྟbᆣಊሧ૫ਢࠃᄁ֥ࣁವ൧ӆ,ሧᆀॖၛ၇ऌഈ൧܄ඳӻႵ֥ࣁವሧӁܙෘఃᆣಊሧ൬ၭb2007୍ൌീ֥ྍ߶࠹ሙᄵေᆣಊሧο܄ᄍࡎᆴ࠹ਈ,ѩܿקఒြႋ֒ࢲކሱദြༀหׄބڄགܵေ,ࡼ౼֤֥ࣁವሧӁᄝԚಒಪൈٳູၛ༯ࠫো:ၛ܄ᄍࡎᆴ࠹ਈఃэ࠹ೆ֒௹ၭ֥ࣁವሧӁ;ӻႵᇀ֞௹ሧ;վॻބႋ൬ॻཛ;ॖ܂ԛ൲ࣁವሧӁbഈ൧܄ඳၛࠆ౼؋௹൬ၭູଢ֥֥ᆣಊ*Ч໓ູݓࡅሱಖ॓࿐ࠎࣁཛଢ5ࠎႿॖӻ࿃ؿᅚ֥܄ඳഠ߶ᄳБۡଆൔ࣮6(ཛଢሙݼ:70772099)aܼתസҍᆟ๏2007୍؇߶࠹॓ज़ี5ܢಃሧ֥႔Ⴥܵა൧ӆّႋ6(ཛଢሙݼ:07118)֥ࢨ؍ྟӮݔb¹ऌCSMARඔऌ९ሧਘᆜ,2007୍ധਆ൧Aܢഈ൧܄ඳູ1635ࡅ,ҕაᆣಊሧ֥ഈ൧܄ඳູ713ࡅ,ҕაᆣಊሧ֥ഈ൧܄ඳᅝഈ൧܄ඳሹඔ֥4316%bºЧ໓࣮ൈႨ֞ਔ2006୍ࠣ2007୍ႏြ০ඔऌ,ႮႿྍሙᄵᄝ2007୍षൌീ,2007୍০іᇏ֥ႏြ০ཛଢܒӮၘ҂Ⴟ2006୍bູ2006୍ࠣ2007୍ႏြ০ିܔཌྷбࢠ,гᆀؓ2007୍ႏြ০ܒӮࣉྛਔטᆜ,ቋᇔਆ୍؇ႏြ০ܒӮཌྷ၂ᇁbЧ໓ᇏ֥ႏြ০=ᇶႏြༀ൬ೆ-ᇶႏြༀӮЧ-ᇶႏြༀඥࣁࠣڸࡆ-ҍༀٮႨ-ܵٮႨ-ཧ൲ٮႨ+ఃြༀ൬ೆ-ఃြༀӮЧ,ॖၛुԛႏြ০൞Ԣሧ൬ၭaႏြຓ൬ᆦ֩ཌ༯ཛଢຓ֥ᆞӈࣜႏ০b42
߶࠹࣮ሧᇶေࠢᇏᄝၛ܄ᄍࡎᆴ࠹ਈఃэ࠹ೆ֒௹ၭ֥ࣁವሧӁࠣॖ܂ԛ൲ࣁವሧӁ,ਆᆀᆰࢤԛ൲ൈ෮ࠆၭᆰࢤ࠹ೆሧ൬ၭၛࠣ௹ଌൈ֥܄ᄍࡎᆴэҵح,భᆀᆰࢤၛ܄ᄍࡎᆴэၭุགྷᄝ০іᇏ,ުᆀᄵ࠹ೆሧЧ܄ࠒ,րఃԛ൲ൈᄜႮሧЧ܄ࠒሇೆሧ൬ၭbᆃဢᆣಊሧ൬ၭ(Securitiesgainsandlosses,SGL)Їݣਔၘൌགྷ(Realizedsecuritiesgainsandlosses,RSGL)֥ބໃൌགྷ(Unrealizedse-curitiesgainsandlosses,USGL)֥ਆ҆ٳ൬ၭbᄝᆣಊሧҐႨචᇗಒಪ൬ၭ֥ଆൔ༯,ഈ൧܄ඳॖၛ๙ݖؓࣁವሧӁԛ൲ൈࠏ֥࿊ᄴট/ൌགྷ0ᆣಊሧ൬ၭbᆣಊሧ൬ၭ֥หᆘ֤ఃᄝܢࡎᇏّ֥ႋॖି߶აఒြ֥ႏြ০Ⴕࢠնҵၳ;طᆣಊሧ൬ၭ֥ਆᇕಒಪଆൔ,Ⴛ֤ਆ҆ٳᆣಊሧ൬ၭॖିթᄝ҂֥႔Ⴥܵሑঃbؓᆣಊሧ൬ၭ֥ࡎᆴཌྷܱྟა႔Ⴥܵࣉྛ࣮,ႵᇹႿਔࢳݓᆣಊ൧ӆ֥Ⴕིྟაקࡎหᆘ,ၛࠣᆣಊሧ൬ၭ֥ྐ༏ᇉਈ(ཌྷܱྟaॖौྟაࠣൈྟ),ѩॖၛࣉ၂҄ਔࢳਆᇕᆣಊሧ൬ၭಒಪଆൔ֥Ⴊਜ,ູࣁವາࠏ༯ᆚંࢠ؟֥܄ᄍࡎᆴಒಪၭଆൔิ܂ંაൌᆣᆦӻbݓᆣಊ൧ӆሱ2005୍֥ն൧,ᄝ2007୍ၛഈᆣሸᆷيى֥ٚൔղ֞ਔפڂ,ྍ߶࠹ሙᄵఞᄝ2007୍ᄝഈ൧܄ඳᇏൌീ,ᆃ۳ҕაᆣಊሧ֥ഈ൧܄ඳջটپި֥ሧᄹᆴbЧ໓ࢲކᆣಊሧ൬ၭ֥ห,࣮ׄᄝഈඍ൧ӆაᇅ؇Мࣟ༯,ഈ൧܄ඳ2007୍୍Бᇏ֥ᆣಊሧ൬ၭ൞ڎ႕ཙఃሱദܢࡎބ߭Б?୍Бᇏ֥ᆣಊሧ൬ၭྐ༏൞ڎࠣൈॖौ?ᆣಊሧ൬ၭ൞ڎթᄝ႔Ⴥܵགྷའ?ູਔ߭ճഈඍ໙,ีЧ໓ဒਔ2007୍ྍ߶࠹ሙᄵ༯ഈ൧܄ඳᆣಊሧ൬ၭ֥ࡎᆴཌྷܱྟა႔Ⴥܵགྷའ,ѩ۴ऌ࣮ࢲݔิԛਔཌྷႋ֥ᆟҦྟࡹၰbؽaંٳ༅ა࣮ࡌഡ߶࠹ંࡼఒြ႔Ⴥ߃ٳູႥࣲྟ႔Ⴥაᄠൈྟ႔Ⴥ,భᆀ൞ॖӻ࿃֥,طުᆀ൞၂Ցྟ֥,భᆀ൞໗ק,֥طުᆀ൞ѯ֥bՖؽᆀ֥หᆘॖၛुԛ,Ⴅࣲྟ႔Ⴥᄝܙᆴᇏ֥ᇗေྟေۚႿᄠൈྟ႔Ⴥ,ᄝྟ൧ӆᇏ,భᆀ֥ܙᆴ߶ۚႿުᆀbఒြ֥ႏြ০၂ϮФुቔႥࣲྟ႔Ⴥ,طᆣಊሧ൬ၭႮႿఃۚ؇֥҂໗קྟބ҂ॖӻ࿃ྟ,൞ׅ֥ᄠൈྟ႔ჅbՖંഈඪ,ᆣಊሧ൬ၭ֥ࡎᆴཌྷܱྟ߶֮Ⴟႏြ০,ఃᄝܙᆴଆᇏ֥ࡎᆴӰඔ(ࠧ႔Ⴥّႋ༢ඔERC)္߶֮ႿުᆀbMillerandModigliani(1966)ಪູܢௐࡎ۬֩ႿႥࣲྟ႔ჅԢၛሧЧӮЧ,ೂݔϜܢௐࡎ۬ुቔ߶࠹႔Ⴥ֥Ӱඔ,ࠧӈႨ֥൧႔ੱܙᆴم,ᄵႥࣲྟ႔Ⴥ֥ࡎᆴӰඔႋھ֩ႿሧЧӮЧ֥֚ඔbBarth(1990)ಪູ,ᄠൈྟ႔Ⴥ֥ӻ࿃ྟ၂ϮࣇཋႿ֒భ߶࠹୍؇,ఃؓܢࡎ֥႕ཙ္൞၂Ցྟ֥,ࠧᄠൈྟ႔Ⴥૄᄹࡆ၂ჭ,ܢࡎ္ᄹࡆ၂ჭ,ၹՎఃࡎᆴӰඔႋھ֩Ⴟ1bഈඍٳ༅൞ࡹ৫ᄝປૅሧЧ൧ӆࡌק֥ࠎԤഈ,ᄝགྷൌሧЧ൧ӆᇏ႔Ⴥّ֥ႋ༢ඔ߶ބປૅሧЧ൧ӆ֥ંܙᆴႵ෮љ,ॖၛކყ௹,ႏြ০֥႔Ⴥّႋ༢ඔնႿᆣಊሧ൬ၭ֥ࡎᆴӰඔbູՎЧ໓ิԛࡌഡ1:H1:ᆣಊሧ൬ၭ֥ࡎᆴӰඔ֮Ⴟႏြ০֥႔Ⴥّႋ༢ඔbݓྍ߶࠹ሙᄵಆ૫ႄೆਔ܄ᄍࡎᆴ࠹ਈඋ,ྟѩᄝ5ࣁವ۽ऎಒಪა࠹ਈሙᄵ6ᇏૼಒਔᆣಊሧ֥܄ᄍࡎᆴ࠹ਈඋྟ,ఃଢ֥൞ູਔิۚ߶࠹ྐ༏֥थҦႵႨྟbაఃࣁವ۽ऎཌྷб,ᆣಊሧ֥܄ᄍࡎᆴ൞ቋॖौ֥,ၹູᆣಊሧҐႨ֥൞/ס൧߶࠹0(MarkToMarket),ࠧၛགྷྛ൧ࡎቔູః࠹ਈඋ,ྟ൧ࡎᄝࠫᇕ܄ᄍࡎᆴಒקٚمᇏ൞ФႪ༵ॉ੮֥bBarth(1994),Nelson(1996),(1996)֥ൌᆣ္࣮іૼ,࣐ܵࣁವ۽ऎ֥܄ᄍࡎᆴ൞ڎऎႵࡎᆴཌྷܱྟ֥໙ีᄝᆃུ࣮ᇏཌྷԊ,ᆣಊሧ֥܄ᄍࡎᆴᄝᆃུ࣮ᇏनіགྷԛཌྷؓႿൎӮЧ֥ᄹਈࡎᆴཌྷܱྟbᄝྍ߶࠹ሙᄵေᆣಊሧο܄ᄍࡎᆴ࠹ਈ֥భิ༯,ࢌၞྟࣁವሧӁ֥܄ᄍࡎᆴэ္ॖၛቔູၭ࠹ೆ০і,ᆃဢᆣಊሧ൬ၭࣼЇݣਔၘൌགྷ֥ބໃൌགྷ֥ਆ҆ٳ൬ၭbູՎЧ໓ิԛࡌഡ2:H2:ᆣಊሧ֥܄ᄍࡎᆴэၭิۚਔ߶࠹႔Ⴥྐ༏֥ཌྷܱ,ྟໃൌགྷᆣಊሧ൬ၭཌྷؓႿၘൌགྷᆣಊሧ൬ၭऎႵᄹਈࡎᆴཌྷܱྟb43
߶࠹࣮ഈ൧܄ඳ֥ᆣಊሧ૫ਢࠃᄁ֥ࣁವ൧ӆ,ഈ൧܄ඳ֥ሧᆀॖၛ၇ऌഈ൧܄ඳၛభ୍؇Бۡࠇఃྐ༏֥ᆣಊሧᄝ൧ӆᇏ֥ൌ࠽ࡎᆴটܙ࠹ഈ൧܄ඳᆣಊሧ֥൬ၭሑঃ,ၹՎ୍Бᇏ֥ᆣಊሧ൬ၭॖିၘູ൧ӆਔࢳ,ᄵ୍Б܄֥҃ᆣಊሧ൬ၭྐ༏ᄪၘّႋᄝܢࡎᇏ,ᆃ߶֝ᇁᆣಊሧ൬ၭྐ༏҂ࠣൈ,ၹՎᄝ୍Б֥ྐ༏ࡗଽ҂߶֝ᇁܢࡎؿളэ߄bູՎЧ໓ิԛࡌഡ3:H3:ᆣಊሧ൬ၭྐ༏҂ऎႵࠣൈྟ,ა୍Бྐ༏ࡗଽ֥ܢࡎэ߄҂ཌྷܱ(1998)ބ້มaᆞ٦aֆޡ(2007)֥࣮іૼݓഈ൧܄ඳ֥႔Ⴥܵཌྷ֒ၗᇗႿ٤ࣜӈྟၭbᆣಊሧ൬ၭ൞ׅ֥٤ࣜӈྟၭ,ഈ൧܄ඳ൞ڎॖିؓఃࣉྛਔ႔Ⴥܵ?Ч໓ಪູթᄝᆃᇕॖି,ྟჰၹᄝႿ:(1)2007୍൧ӆྛ౦ࠅЕ,ᆣಊሧ൬ၭ٤ӈॖܴ,ᆣಊሧ൬ၭؓ০ሹح֥႕ཙࢠն;(2)ഈ൧܄ඳؓᆣಊሧ൬ၭࣉྛ႔Ⴥ֥ܵ൭؍٤ӈь০ކم,ᆺေ࿊ᄴԛ൲ൈࠏࣼॖၛטࢫ୍֥֒০ሹح,২ೂ֒ႏြ০༯߁ൈԛ൲ࠆ০֥ᆣಊ,ႏြ০ഈശൈ࿊ᄴӻႵࠆ০ᆣಊࠇԛ൲ᆣಊbഈ൧܄ඳ႔Ⴥ֥ܵ൭؍ޓپڶ,࠻ॖၛႨႋ࠹০္ॖၛႨᆇൌြༀ(Roychowdhury,2006),భᆀ҂႕ཙఒြ֥གྷࣁੀਈ,طުᆀ႕ཙఒြ֥གྷࣁੀਈbഈ໓ฐษ֥ؓᆣಊԛ൲ൈࠏ֥࿊ᄴ൞ҐႨᆇൌြༀ֥ٚൔট႕ཙၘൌགྷᆣಊሧ൬ၭ,Ֆંഈඪ္ॖၛ๙ݖؓࣁವሧӁ֥߃ٳট႕ཙႋ࠹০,ᆃടࠣ֞ؓໃൌགྷᆣಊሧ൬ၭ֥႔Ⴥܵb2007୍൮Ցൌീྍ߶࠹ሙᄵ,ഈ൧܄ඳॖၛ၇ऌ5ࣁವ۽ऎಒಪა࠹ਈሙᄵ6,࿊ᄴࡼᆣಊሧ߃ٳູࢌၞྟࣁವሧӁࠇᆀॖ܂ԛ൲ࣁವሧӁ,طభᆀ֥܄ᄍࡎᆴэၭ߶ᆰࢤ႕ཙႋ࠹০ሹحbପહھ୍؇ഈ൧܄ඳ൞ڎॖିԛႿ႔ჅܵࠏؓࣁವሧӁࣉྛႵଢ֥֥߃ٳ,ط҂൞۬၇ऌ߶࠹ሙᄵ֥ܿקট߃ٳ?Ч໓ಪູೂݔթᄝᆃᇕॖି,ྟᄵഈ൧܄ඳ߶࿊ᄴࡼն҆ٳࣁವሧӁ߃ٳᇀॖ܂ԛ൲ࣁವሧӁ,๙ݖభ૫ิ֥֞ؓԛ൲ൈࠏ֥࿊ᄴটؓၘൌགྷᆣಊሧ൬ၭࣉྛ႔Ⴥܵ,ط҂ି๙ݖࢌၞྟࣁವሧӁ֥܄ᄍࡎᆴэၭটטࢫ০ሹحbఃჰၹᄝႿ:ֻ၂,ഈ൧܄ඳᄝ୍Ԛ߃ٳࣁವሧӁൈ,ѩ҂ᆩ֡ھࣁವሧӁॖିջট֥ၭ,္҂ᆩ֡ఒြ୍֒؇֥ᇶႏြༀ০;ֻؽ,5ࣁವ۽ऎಒಪა࠹ਈሙᄵ6ܿק:/ఒြᄝԚಒಪൈࡼଖࣁವሧӁ߃ٳູၛ܄ᄍࡎᆴ࠹ਈఃэ࠹ೆ֒௹ၭ֥ࣁವሧӁ,ު҂ିᇗٳোູఃোࣁವሧӁ,ఃোࣁವሧӁ္҂ିᇗٳোູၛ܄ᄍࡎᆴ࠹ਈఃэ࠹ೆ֒௹ၭ֥ࣁವሧӁ0,ᆃཋᇅਔഈ൧܄ඳ๙ݖᇗٳোࣁವሧӁ֥൭؍ࣉྛ႔Ⴥܵ,طഈ൧܄ඳࡼᆣಊሧ߃ٳᇀࢌၞྟࣁವሧӁު,ఃၭ٢֥ൈࠏࣼ҂ିႮሱ࠭॥ᇅਔbູՎЧ໓ิԛࡌഡ4:H4:ၘൌགྷ֥ᆣಊሧ൬ၭթᄝ႔Ⴥܵགྷའ,طᆣಊሧ܄ᄍࡎᆴэၭીႵ႔Ⴥܵགྷའba࣮ഡ࠹(၂)ဢЧაඔऌটჷЧ໓෮ᆷ֥ഈ൧܄ඳᆣಊሧ൬ၭ൞ᆷࢌၞྟაॖ܂ԛ൲ਆোࣁವሧӁ֥ᆰࢤԛ൲൬ၭ(ၘൌགྷᆣಊሧ൬ၭ)ࠣࢌၞྟࣁವሧӁ֥܄ᄍࡎᆴэၭ(ໃൌགྷᆣಊሧ൬ၭ),భᆀඔऌ൞ૌؓ෮Ⴕഈ൧܄ඳ୍Бሧ൬ၭૼ༥ཛଢᇏܱႿᆃਆোࣁವሧӁ֥ᆰࢤԛ൲ၭࡆሹ࠹ෘط,֤ުᆀඔऌ൞ૌ۴ऌ2007୍୍Б০іᇏࢌၞྟࣁವሧӁ܄ᄍࡎᆴэၭ၂ཛࠆ֤bЧ໓֥ܢࡎa߭БੱඔऌބఃҍༀඔऌটჷႿݓν܄ඳ֥CSMARඔऌ९bૌԚ࿊౼ਔ2007୍ധਆ൧෮Ⴕ1635ࡅAܢഈ൧܄ඳቔູ࣮ဢЧ,ᆭުࢲކЧ໓֥࣮ଢ֥ؓဢЧ܄ඳࣉྛਔೱ࿊aัԢބᆜb۴ऌЧ໓֥࣮ଢ,֥Ґ౼ೂ༯ѓሙؓဢЧ܄ඳࣉྛਔೱ࿊:¹ัԢਔ҂ҕაᆣಊሧބؓᆣಊሧҕაࠞഒ֥܄ඳ967ࡅbºЧ໓࣮ဢЧෙູ2007୍ധਆ൧ഈ൧܄ඳ,ဢЧ܄ඳ෮ླ֥҆ٳҍༀࠣܢࡎඔऌ൞2006୍ࠣ2008୍֥,ၹՎЧ໓ัԢਔ෮Ⴕഈ൧܄ඳᇏಌാ၂୍؇෮ླඔऌ֥ဢЧ܄ඳ88ࡅb»Ч໓ᄝؓᆣಊሧ൬ၭ൞ڎթᄝ႔Ⴥܵགྷའ֥࣮ݖӱᇏླေࠆ౼ဢЧ܄ඳ֥2007୍؇০ሹح,ႮႿ০ሹحູڵ߶ᆣಊሧ൬ၭᅝ০ሹح֥бᇗіགྷၳӈ,44
߶࠹࣮ط҂ژކؓ႔Ⴥܵ/ࠏ0֥ဒ,ၹՎЧ໓ัԢਔ০ሹحູڵ֥ဢЧ܄ඳ47ࡅb۴ऌၛഈཛѓሙ,ቋᇔࠆ౼Ⴕི࣮ဢЧ܄ඳ533ࡅb(ؽ)ଆഡ࠹აэਈקၬ۴ऌЧ໓֥ඹ۱ࡌഡ,Ч໓ഡ࠹ਔࡎ۬ଆဒࡌഡ1ބࡌഡ2,ҐႨБԏੱଆဒࡌഡ3,ҐႨ႔Ⴥܵଆဒࡌഡ4b1.ࡎ۬ଆ:Barth(1990)ࡼૅݓၿྛြഈ൧܄ඳ֥০߃ٳູᆣಊሧభ০EBაᆣಊሧ൬ၭRSGL,ѩၛଆP/BV=A0+A1EB/BV+A2RSGL/BV+Nဒؽᆀ֥ࡎᆴཌྷܱྟbBarth(1990)ಪູ,ᄝປૅ֥ሧЧ൧ӆഈ,A1֩ႿሧЧӮЧ֥֚ඔ,طRSGLၹູ൞ᄠൈྟ႔Ⴥ,ఃؓܢࡎ֥႕ཙ൞၂Ցྟ֥,ၹՎA2֩Ⴟ1bЧ໓ؓBarth(1990)ଆቔਔၛ༯ྩڿ:(1)ҕॉOhlson(1991,1995),Collins֩ದ(1997)֥ଆ,ᄝBarth(1990)ଆᇏࡼ࣪ሧӁBVቔູࡆཛط҂൞Ԣཛ;(2)ၛႏြ০ቔູEB֥іᆘэਈ;(3)ႮႿྍ߶࠹ሙᄵࡼࢌၞྟࣁವሧӁ֥܄ᄍࡎᆴэ္ቔູၭବೆ০і,ၹՎᄝૄܢ࣪ሧӁBVᇏࡨಀᆣಊሧ܄ᄍࡎᆴэၭUSGL,֤֞BVEE,ुၛൎӮЧಒಪ֥ၘൌགྷᆣಊሧ൬ၭ൞ڎऎႵࡎᆴཌྷܱྟ,ఃࡎᆴӰඔ൞ڎཬႿႏြ০֥႔Ⴥّႋ༢ඔ,Ֆطဒࡌഡ1bP=ai0+a1EB+ai2RSGL+Ait3BVEE+N(1)iiఃᇏ,Pi=i܄ඳᄝ2008୍4ᄅ30ರ൬ࡎ;EBi=i܄ඳ2007୍֥ૄܢඥުႏြ০;RSGLi=i܄ඳ2007୍֥ૄܢඥުၘൌགྷᆣಊሧ൬ၭ;BVEEi=i܄ඳ2007୍ଌ֥ૄܢ࣪ሧӁBVi-i܄ඳ2007୍؇܄ᄍࡎᆴэၭUSGLi;BVi=i܄ඳ2007୍ଌ֥ૄܢ࣪ሧӁ;USGLi=i܄ඳ2007୍֥ૄܢඥުໃൌགྷᆣಊሧ൬ၭ»;Ni=༂ҵཛ;a0ູࢩएཛ,a1aa2aA3ູሱэਈ֥༢ඔbࡌഡ1ᄝଆᇏ:ູa1aa2ཁᇷၳႿ0,a2<a1bູဒࡌഡ2:ᆣಊሧ֥܄ᄍࡎᆴэၭཌྷؓൎӮЧಒಪ֥ᆣಊሧ൬ၭऎႵᄹਈࡎᆴཌྷܱ,ྟᄝଆ(1)ᇏᄹࡆᆣಊሧ܄ᄍࡎᆴэၭUSGLi,ѩၛૄܢ࣪ሧӁBViቔູࢳэਈ,ुᆣಊሧ܄ᄍࡎᆴэၭ൞ڎऎႵࡎᆴཌྷܱྟѩᄹࡆଆ֥ࢳ৯؇,ᄵଆ(1)эູ:P=ai0+a1EB+ai2RSGL+Ai3USGL+Ai4BV+N(2)iiэਈ֥קၬଆ(1)bࡌഡ2ᄝଆᇏູ:A3ཁᇷၳႿ0,ଆ֥ކႪ؇ิۚb2.Бԏੱଆ:ࡎ۬ଆ࣮֥൞߶࠹႔Ⴥؓܢௐࡎ֥۬႕ཙ,Бԏੱଆᄵ࣮߶࠹႔Ⴥᄝ၂؍ൈࡗଽؓܢࡎэ߄֥႕ཙbࡎ۬ଆّႋਔ߶࠹ྐ༏ؓܢࡎ႕ཙ֥ࠒིႋ,طБԏੱଆᄵ࣮߶࠹ྐ༏൞ڎᄝ၂؍ൈࡗଽ႕ཙܢࡎ,ႮႿᆣಊሧ൬ၭ֥ྐ༏ऎႵॖყྟ,൧ӆॖିิభّႋ,ၹՎᄝࡎ۬ଆᇏऎႵࡎᆴཌྷܱྟѩ҂սіᄝБԏੱଆᇏ္ऎႵဢ֥ࡎᆴཌྷܱྟbBarth(2000)ಪູࡎ۬ଆॖၛဒ߶࠹ྐ༏൞ڎऎႵࡎᆴཌྷܱ,ྟطБԏੱଆॖၛဒ߶࠹ྐ༏֥ᆃᇕཌྷܱྟ൞ڎࠣൈbູ࣮ᆣಊሧ൬ၭაႏြ০൞ڎିࠣൈֹ႕ཙܢࡎ,Ֆطဒࡌഡ3,Ч໓ၛӻႵБԏੱ(buyandholdreturn¼)ቔູၹэਈ,ܒࡹೂ༯Бԏੱଆ:BHR=A+AEi01B/P+ARSGL/P+AUSGL/P+N(3)it-12it-13it-1iఃᇏ:BHRi=[F4t=-5(1+Ret)-1]-[F4t=-5(1+MRet)-1],ູӻႵ࠹ᄅБԏੱ,ّ႘»Ч໓෮Ⴕ֥൬ၭܒӮ҆ٳनॉ੮ఒြ֥෮֤ඥੱ,ࡼఃטᆜູඥު֥൬ၭ,ၹູᆺႵඥު൬ၭҌູሧᆀ෮Ⴕ,෮ၛඥު൬ၭ۷ऎႵथҦཌྷܱྟb۴ऌҍᆟ҆aݓࡅඥༀሹअܱႿᆳྛ5ఒြ߶࠹ሙᄵ6Ⴕܱ෮֤ඥᆟҦ໙ี֥๙ᆩ(20071717),ఒြࣁವሧӁ֥܄ᄍࡎᆴэၭ൞҂ज़ඥ֥,൞ॉ੮֞ఒြࡼটᄝൌགྷᆃ҆ٳ൬ၭൈಯಖေज़ඥ,ູބ൬ၭ֥ఃܒӮ҆ٳཌྷ၂ᇁ,ᆃಯಖҐႨବඥטᆜު֥ໃൌགྷᆣಊሧ൬ၭb¼ॉ੮ݓ߶࠹୍Б൞ᄝ༯၂୍؇֥4ᄅ30ರ܄҃ປи,ၹՎݓҍༀБ֥ۡႵིྐ༏ࡗູЧ୍؇֥4ᄅ30ರᇀ༯୍؇֥4ᄅ30ರ,ᄵӻႵБԏੱBHRҐႨھ؍ൈࡗ֥ᄅ࠹ӻႵБԏੱb45
߶࠹࣮܄ඳᄝഈ୍؇୍Б܄҃ປиರ(2007୍4ᄅ30ರ)ᇀЧ୍؇୍Б܄҃ປиರ(2008୍4ᄅ30ರ)֥ӻႵ࠹ᄅБԏੱbRetaMRetٳљіൕॉ੮གྷࣁޣ০ᄜሧ֥ᄅ۱ܢ߭Бੱބᄅ൧ӆ߭Б,ੱRet-5aMRet-5൞2007୍5ᄅٺ֥۱ܢ߭Бੱބ൧ӆ߭Б,ੱRet4aMRet4൞2008୍4ᄅٺ֥۱ܢ߭Бੱބ൧ӆ߭Б;ੱEBi=2007୍ૄܢඥުႏြ০;RSGLi=2007୍ૄܢඥުၘൌགྷᆣಊሧ൬ၭ;USGLi=2007୍ૄܢඥުໃൌགྷᆣಊሧ൬ၭ;Pt-1=2007୍4ᄅ30ರ൬ࡎ;Ni=༂ҵཛ;a0ູࢩएཛ,a1aa2aA3ູሱэਈ֥༢ඔbೂݔᆣಊሧ൬ၭ҂ିࠣൈֹ႕ཙܢࡎ,ᄵࡌഡ3ᄝଆᇏູ:A2aA3न҂ཁᇷၳႿ0b3.႔ჅܵଆЧ໓۴ऌ႔Ⴥ֥ܵࠏটഡ࠹ᆣಊሧ൬ၭ႔Ⴥ֥ܵଆ,Ⴈটࢳ႔Ⴥܵࠏ֥ંᇶေႵࠏ߶ᇶၬ,ܴႵིఔჿܴބ҂ؓӫྐ༏ܴbႵིఔჿܴބ҂ؓӫྐ༏ܴ֥భิ൞ܵҪၛఒြࡎᆴቋն߄ູଢѓটࣉྛ႔Ⴥܵ,طࠏ߶ᇶၬܴ֥భิ൞ܵҪၛሱദིႨቋն߄ູଢѓࣉྛ႔ჅܵbႮႿࠏ߶ᇶၬܴ۷ژކഈ൧܄ඳᇍࢲܒ֥གྷሑ,ఘࣂູᆸ,ն؟ඔ໓ངनӻ႔Ⴥܵࠏ֥ࠏ߶ᇶၬྛູܴ,Ч໓္ၛՎູંࠎԤഡ࠹ཌྷܱэਈbࠏ߶ᇶၬܴ֥ᇏݓหุགྷᄝഈ൧܄ඳູژކࡓܵࠏܒؓ൬ၭᆷѓ֥ေ,х૧൧aหљԩၛࠣղ֞ᄹؿܢ่ࡱطࣉྛ֥႔Ⴥܵ(1998)ؓݓᆣಊ൧ӆ/႔Ⴥܵ0֥ࣜဒ࣮іૼ,ݓഈ൧܄ඳᇶေ൞๙ݖҠሺ/ཌ༯ཛଢ0,ࠧሧ൬ၭaႏြຓ൬ᆦ֩٤ᇶႏြༀ০ཛଢটղ֞ᆣࡓ߶֥ܢ่ࡱbࡹూ(1999)ؿགྷഈ൧܄ඳູਔх૧܄ඳ৵࿃୍ط൳֞ᆣಊࡓ֥ܵ҆ܵᇅބԩـ,ᄝࠣఃభު୍ٺ௴ђթᄝሢטࡨࠇטᄹ൬ၭ֥႔Ⴥܵྛູb້มaᆞ٦aֆޡ(2007)࣮ਔݓഈ൧܄ඳ০Ⴈ٤ࣜӈྟၭࣉྛ႔Ⴥ֥ܵྛູ,ؿགྷં൞܄ඳߎ൞႔০܄ඳ֥႔Ⴥܵཌྷ֒ၗᇗႿ٤ࣜӈྟၭ,܄ඳᇶေ൞ູਔൌགྷބх૧,႔০܄ඳᄵ൞ູਔ߁০b۴ऌഈඍ࣮,Ч໓္Ϝ/ᄜವሧ0a/0ބ/০߁0ቔູݓഈ൧܄ඳ႔Ⴥ֥ܵࠏbູՎЧ໓ᆌؓ/ᄜವሧ0a/0ބ/০߁0۱ࠏഡ࠹۱эਈ,ѩ॥ᇅࣜ࠶ၹaܿଆၹၛࠣྛြၹഡ࠹ਔၘൌགྷᆣಊሧ൬ၭ֥႔Ⴥܵଆ:RSGL%=A0+A1SEO+A2LOS+A3GRO+A4FIN+A5SIZ+A6IND+N(4)ھଆФࢳэਈູၘൌགྷᆣಊሧ൬ၭᅝ০ሹح֥бᇗRSGL%,ࢳэਈູᄜವሧэਈSEOaэਈLOSၛࠣ০߁эਈGRO(ႏြ০֥ᄹӉੱ),॥ᇅэਈູ܄ඳ֥ࣁವሧӁᅝሹሧӁбᇗFINa܄ඳܿଆSIZၛࠣྛြэਈINDb۲эਈ֥קၬೂі1෮ൕbі1႔Ⴥܵଆ࣮эਈ֥קၬэ ਈэਈקၬၘൌགྷᆣಊሧ൬ၭᅝ০ሹح֥бᇗ Фࢳэਈ,ఃᆴ=܄ඳ2007୍ၘൌགྷᆣಊሧ൬ၭ/2007୍০ሹح(RSGL%)ᄜವሧэਈ ࢳэਈ,ູэਈ;ဢЧ܄ඳᄝ2007୍4ᄅ30ರᇀ2008୍4ᄅ30ರႵᄜವሧყσ֥౼1,ڎᄵ(SEO)౼0,༢ඔყ௹ᆴژݼູᆞэਈ ࢳэਈ,ູэਈ;ဢЧ܄ඳಆູ҆2007୍࣪০ູᆞ֥܄ඳ,ᄵ2006୍a2007୍ႏြ০(LOS)aST܄ඳaັ০܄ඳ(ROE<1%)ಆ҆౼1;ّᆭ౼0,༢ඔყ௹ᆴژݼູᆞႏြ০֥ᄹӉੱ(GRO) ࢳэਈ,ఃᆴ=(2007୍ႏြ০-2006୍ႏြ০)/2006୍ႏြ০;༢ඔყ௹ᆴژݼູڵࣁವሧӁᅝሹሧӁбᇗ(FIN) ॥ᇅэਈ,ఃᆴ=2007୍ԚࣁವሧӁ/2007୍ԚሹሧӁ;༢ඔყ௹ᆴژݼູᆞܿଆэਈ(SIZ) ॥ᇅэਈ,ఃᆴ=܄ඳ2007୍ଌሹሧӁ֥ሱಖؓඔ;༢ඔყ௹ᆴژݼູڵྛြэਈ(IND) ॥ᇅэਈ,ູэਈ;ဢЧ܄ඳູࣁವ܄ඳൈ౼1,ڎᄵ౼0;༢ඔყ௹ᆴژݼູᆞ46
߶࠹࣮ФࢳэਈRSGL%ᇶေ૭ඍഈ൧܄ඳၘൌགྷᆣಊሧ൬ၭؓ০ሹح֥႕ཙ,ᆃఃᇏႵ႔Ⴥܵၹ֥႕ཙ,္Ⴕࣜ࠶ၹaܿଆၹބྛြၹ֥႕ཙ,ູဒၘൌགྷᆣಊሧ൬ၭ֥႔Ⴥܵؓ০ሹح֥႕ཙ,Ч໓॥ᇅਔࣜ࠶ၹaܿଆၹაྛြၹbູ॥ᇅࣜ࠶ၹ֥႕ཙ,Ч໓ഡ࠹ਔࣁವሧӁᅝሹሧӁбᇗ֥эਈFIN,ᄝ2007୍൧ӆྛ౦ࠅЕ֥భิ༯,ࣁವሧӁᄝሹሧӁᇏбᇗᄀն,ᄵఃᆣಊሧ൬ၭࣼ߶ᄀն,ၹՎყ௹ھэਈაၹэਈᆞཌྷ;ູܱ॥ᇅܿଆၹؓᆣಊሧ൬ၭ֥႕ཙ,Ч໓ഡ࠹ਔሹሧӁ֥ሱಖؓඔSIZট॥ᇅܿଆၹ,ܿଆᄀն֥܄ඳః൬ೆބٮႨᄀն,০Ⴈᆣಊሧ൬ၭൌീ႔Ⴥ֥ܵ؇္ᄀն,ၹՎყ௹ھэਈაၹэਈڵཌྷܱ;ູ॥ᇅྛြၹ֥႕ཙ,Ч໓ഡ࠹ਔྛြၹ֥ྴэਈIND,ၹູࣁವো܄ඳ֥ᆣಊሧ൬ၭбᇗ߶ࢠఃྛြ۷ۚ၂ུ,ೂဢЧ܄ඳູࣁವ܄ඳ,ᄵ౼ᆴ1,ڎᄵ౼ᆴ0bູაၘൌགྷᆣಊሧ൬ၭཌྷбࢠՖطဒࡌഡ4,Ч໓ؓᆣಊሧ܄ᄍࡎᆴэၭ္ࣉྛਔཌྷႋ֥႔Ⴥܵࠏ֥ဒbܒࡹଆೂ༯:USGL%=A0+A1SEO+A2LOS+A3GRO+A4FIN+A5SIZ+A6IND+N(5)ھଆၹэਈູᆣಊሧ܄ᄍࡎᆴэၭᅝ০ሹحбᇗUSGL%,ሱэਈקၬଆ(4)bඹaൌᆣࢲݔაٳ༅1.૭ඍྟ࠹ૌ۴ऌ໓ᇏ࣮ଆ෮ട֥ࠣᇶေэਈ,࠹ෘਔ۲۱ဢЧ֥૭ඍྟ࠹ਈbູਔᄝܙ࠹݂߭ଆൈ,х૧ࠞ؊ᆴॖିᄯӮ֥మᄝ႕ཙ,ૌο1%֥б২ؓ෮Ⴕ৵࿃ࢳэਈ֥ࠞ؊ᆴ(outliners)ҐႨWinsorization֥ٚمࣉྛਔԩbі2ѓЧ૭ඍྟ࠹-01066-0116841451-0169501433EB013030120021021-0132101403iRSGL010850101711196-0100001193iUSGL010080100001202-0103301031iSGL0109401020112180100001209iBVi31450311181117000132021018BVEi31434311171116000126021016RSGL%012600105751577-0108101544USGL%010210100011779-0152801109SGL%012810107151603-0104701558 ᇿ:RSGL%=ၘൌགྷᆣಊሧ൬ၭ/০ሹح;USGL%=ᆣಊሧ܄ᄍࡎᆴэၭ/০ሹحbі2ਙԛਔဢЧܴҩᆴ֥૭ඍྟ࠹bՖᇏॖၛुԛ,2007୍ഈ൧܄ඳࠆ֤ਔپި֥ᆣಊሧ൬ၭ,ૄܢඥުᆣಊሧ൬ၭSGL֥नᆴູ0109,طૄܢඥުႏြ০EBi֥नᆴູ0130,ؽᆀ֥бᆴູ1:3121,іૼᆣಊ൧ӆ൞ഈ൧܄ඳԢᆞӈࣜႏຓࠆ֤൬ၭ֥ਸ਼၂۱ᇗေ౻֡bᆣಊሧ൬ၭᅝ০ሹح֥бᇗSGL%֥नᆴۚղ28%,іૼھ୍؇႔০ܒӮᇏޓն၂҆ٳটሱႿᆣಊሧ൬ၭ,ႮႿᆣಊሧ൬ၭ֥҂໗ק,ྟၹՎഈ൧܄ඳ֥႔০ᇉਈѩ҂ۚbၘൌགྷᆣಊሧ൬ၭ֥бᇗRSGL%֥नᆴູ26%,ໃൌགྷᆣಊሧ൬ၭ֥бᇗUSGL%֥नᆴࣇູ2%,іૼն؟ඔഈ൧܄ඳ࿊ᄴᄝ൧ӆ໊ۚࠆ০ਔࢲ,ᄹࡆਔ୍֥֒০ሹح,ࠇᆀࡼն҆ٳࣁವሧӁ߃ٳᇀ҂႕ཙၭ֥ॖ܂ԛ൲োࣁವሧӁᇏb2.ଆ֥ဒࢲݔٳ༅ؓࡎ۬ଆ֥ဒࢲݔі3,ؓБԏੱଆ֥ဒࢲݔі4,ؓ႔Ⴥܵଆ֥ဒࢲݔі5b47
߶࠹࣮і3ࡎ۬ଆ֥ဒࢲݔDependentVariable:P Method:LeastSquares Numberofobs=533iPanelA:ൎӮЧಒಪၭ֥ဒࢲݔPanelB:܄ᄍࡎᆴಒಪၭ֥ဒࢲݔVariableCoefficientt-StatisticVariableCoefficientt-StatisticConstant51185***7182Constant51801***9179EBi131940***14187EBi121868***14189RSGLi91566***5111RSGLi71729***4141USGLi121451**2129BVEEi11358***6178BVi11197***6158R-squared 01502AdjR-squared 01499R-squared 01526AdjR-squared 01523F(3,529) 178101RootMSE 71712F(3,529) 146159RootMSE 61624D-Watsonstat 11947Prob>F 01000D-Watsonstat 11948Prob>F 01000 ᇿ***:a**a*ٳљіൕᄝ1%a5%a10%ඣഈཁᇷb༯bі3֥PanelAཁൕଆ(1)֥݂߭ࢲݔ,і4Бԏੱଆ֥ဒࢲݔA1aA2aA3ᄝ1%֥ඣഈཁᇷၳႿ0,іૼၘൌDependentVariable:BHRi Method:LeastSquares Numberofobs=533གྷᆣಊሧ൬ၭބႏြ০a࣪ሧӁ၂ဢऎႵࡎᆴVariableCoefficientt-Statisticཌྷܱ,ྟA2<A1,іૼ൧ӆႵି৯ؓ႔০֥҂҆Constant-012456***-9173ٳڮჍ҂֥ܙᆴ,ؓᄠൈྟ႔Ⴥ֥ܙᆴ֮ႿႥࣲEB/Pit-171197***9158ྟ႔Ⴥ,Ֆطᆦӻਔࡌഡ1bRSGL/Pit-1112350165і3֥PanelBཁൕଆ(2)֥݂߭ࢲݔ,USGL/Pit-1511950155ᄹࡆэਈUSGLi(ໃൌགྷᆣಊሧ൬ၭ)ުิۚਔR-squared 01152AdjR-squared 01147F(3,529) 30190ଆ֥ࢳ৯؇(ކႪ؇R2ૼཁิۚ),ః༢RootMSE 01343D-Watsonstat 11953Prob>F 01000ඔ္ᄝ5%ඣഈཁᇷၳႿ0,ᆃᆣૼਔᆣಊሧ܄ᄍࡎᆴэၭཌྷؓႿൎӮЧಒಪ֥ᆣಊሧ൬ၭऎႵᄹਈࡎᆴཌྷܱྟ,ᆦӻਔࡌഡ2bі4ཁൕଆ(3)֥݂߭ࢲݔ,ႏြ০EBiაӻႵ࠹БԏੱBHRiӯᆞཌྷܱ,ၘൌགྷᆣಊሧ൬ၭބໃൌགྷᆣಊሧ൬ၭ֥༢ඔA2aA3न҂ཁᇷၳႿ0,іૼؽᆀन҂႕ཙӻႵ௹ࡗ࠹БԏੱBHRi,Ֆطᆦӻਔࡌഡ3bࡎ۬ଆބБԏੱଆ֥࣮ࢲݔіૼ,ᆣಊሧ൬ၭି႕ཙܢௐࡎ۬,ၹՎऎႵࡎᆴཌྷܱྟ,ႮႿᆣಊሧ൬ၭऎႵॖყҩ,ྟᆃ֤ᆣಊሧ൬ၭྐ༏҂ऎСࠣൈ,ྟၹՎ҂႕ཙ୍Бྐ༏ࡗ֥ܢࡎ߭Бbі5႔Ⴥܵଆ֥ဒࢲݔDependentVariable:RSGL%(USGL%) Method:LeastSquares Numberofobs=533PanelA:ၘൌགྷᆣಊሧ൬ၭ֥႔ჅܵPanelB:ໃൌགྷᆣಊሧ൬ၭ֥႔ჅܵVariableCoefficientt-StatisticVariableCoefficientt-StatisticConstant01683**2151Constant01028***2167SEO-01083-1109SEO-01006-0160LOS01213***3156LOS01014*1168GRO-01033***-4190GRO-01001-1145FIN41361***11114FIN010540196SIZ-01052*-1181SIZ-01001-1112IND-010533*-1185IND01048***2194R-squared 01240AdjR-squared 01233R-squared 01026AdjR-squared 01016F(6,526) 31110RootMSE 01432F(6,526) 2161RootMSE 01062D-Watsonstat 11846Prob>F 01000D-Watsonstat 21055Prob>F 0101648
߶࠹࣮і5֥PanelAਙԛਔଆ(4)֥ဒࢲݔ,ᄝ॥ᇅࣜ࠶ၹaܿଆၹބྛြၹު,эਈLOS֥༢ඔA2ཁᇷູᆞ,эਈGRO֥༢ඔA3ཁᇷູڵ,іૼഈ൧܄ඳ๙ݖؓԛ൲ൈࠏ֥࿊ᄴൌീਔၛ/0ބ/০߁0ູଢ֥֥႔Ⴥܵ,॥ᇅэਈࣜ࠶ၹFINaܿଆၹSIZބྛြၹIND֥༢ඔA4aA5aA6֥ژݼაყ௹ᆴཌྷژ,ѩ๙ݖਔཁᇷྟඣဒbᄜವሧэਈSEO֥༢ඔીႵ๙ݖཁᇷྟඣဒ,іૼഈ൧܄ඳ႔Ⴥ֥ܵࠏ҂Їওᄜವሧ,ᆃॖି൞ၹູᆣࡓ߶ྩڿު֥ᄜವሧ่ࡱؓြࠛၹ֥ܱᇿીႵၛభପહ۬,ਸ਼ຓᆣಊሧ൬ၭູ٤ࣜӈྟ൬ၭ,ޓၹՎطิۚြࠛ๙ݖᆣࡓ߶֥ᄜವሧബނbі5֥PanelBਙԛਔଆ(5)֥ဒࢲݔ,෮Ⴕ႔Ⴥܵࠏэਈ֥༢ඔીႵ๙ݖཁᇷྟඣဒ,طଆטᆜު֥ކႪ؇ࣇູ01016,іૼഈ൧܄ඳીႵؓᆣಊሧ܄ᄍࡎᆴэၭࣉྛ႔Ⴥܵ,აࡌഡ4ཌྷژbaࢲંࠣࡹၰЧ໓֥࣮ࢲݔіૼ:(1)ݓᆣಊ൧ӆିܔٳႏြ০აᆣಊሧ൬ၭ,ѩ۴ऌૌ֥ᇗေྟطڮჍ҂֥ܙᆴ;(2)ᆣಊሧ൬ၭऎႵࡎᆴཌྷܱ,ྟ҂ऎႵࠣൈ;ྟ(3)ഈ൧܄ඳ๙ݖԛ൲ൈࠏ֥࿊ᄴؓၘൌགྷᆣಊሧ൬ၭࣉྛਔ႔Ⴥܵ;(4)ᆣಊሧҐႨ܄ᄍࡎᆴэಒಪၭ֥ٚൔ࠻ิۚਔ߶࠹ྐ༏֥ཌྷܱ,ྟႻх૧ਔ႔Ⴥܵ,൞၂ᇕ۷ݺ֥ᆣಊሧ൬ၭಒಪଆൔbݓྍ߶࠹ሙᄵؓᆣಊሧҐႨਔ܄ᄍࡎᆴ࠹ਈଆൔ,ཌྷؓႿൎӮЧ࠹ਈଆൔ,ᆃ൞၂۱ޓն֥bྍ߶࠹ሙᄵࡼॖ܂ԛ൲ࣁವሧӁ֥܄ᄍࡎᆴэ࠹ೆਔሧЧ܄ࠒ,ط5ݓ࠽߶࠹ሙᄵֻ39ݼ6࠻ᄍྸࡼھোሧӁ֥܄ᄍࡎᆴэ࠹ೆၭ,္ॖၛ࠹ೆಃၭbྍ߶࠹ሙᄵ֥ھཛܿקൌᇉഈಯಖ൞ҐႨൎӮЧଆൔಒಪھোࣁವሧӁ֥ሧ൬ၭb۴ऌЧ໓֥࣮ؿགྷ,ູх૧ഈ൧܄ඳؓၘൌགྷᆣಊሧ൬ၭ֥႔Ⴥܵ,ࡼॖ܂ԛ൲ࣁವሧӁބࢌၞྟࣁವሧӁ၂ҐႨ܄ᄍࡎᆴэᆰࢤಒಪၭ֥ଆൔ۷ႵᇹႿ॥ᇅ႔ჅܵགྷའbႮႿᆣಊሧ൬ၭ֥ѯྟࢠն,ೂݔࣇᄝ୍Бa϶୍Бა࠱Бᇏ,߶֝ᇁః҂ିࠣൈّ႘ᄝܢࡎᇏ,ၹՎႋิۚᆣಊሧ൬ၭྐ༏֥ൈིྟაૼ؇,ࡹၰࡓܵҪေӻႵࣁವሧӁࢠ؟֥ഈ൧܄ඳࠣൈ(ೂοᄅБۡ)ཌྷܱሧቆކაၭྐ༏,Ֆطࢆ֮ഈ൧܄ඳܵҪაሧᆀࡗ֥ྐ༏҂ؓӫbᇶေҕॉ໓ངࡹూ.1999.ᇏݓ܄ඳ႔Ⴥܵൌᆣ࣮.߶࠹࣮,9້ม,ᆞ٦,ֆޡ.2007.٤ࣜӈྟၭ႔Ⴥ֥ܵࠏa൭؍ބቔႨ࣮)))টሱᇏݓഈ൧܄ඳ֥ࣜဒᆣऌ.ܵൗࢸ,1Haw,In-Mu,,-Guo,:,,,,lMay-June:53~:-countingReview,69:1~,1954~,61:333~,:335~37049
,tsecuritygainsandlosses(SGL)becomeoneofcrucialextraordinaryprofit-lossitems(EPLI)-ingsindicatethat1)ChinapsstockmarketcandifferentiatetheoperatingprofitandSGL,andgivedifferentvalueaccordingtotheirimportance;2)SGLisvaluerelevan,tbutnottimely;3)Thelistedcompaniesconducttheearningsmanagementinrealizedsecuritiesgainsandlossesbytimingthesaleofsecur-ities;4)Fairvaluesecuritiesgainsandlossesnotonlyimprovetherelevanceofaccountinginformation,-mentionedresearch,thispapersuggeststhatthefairvaluefluctuationsofboth/tradingfinancialassets0and/-termDynamicAdjustmentofCorporateCapitalStructureinChinaWangZhiqiang&HongYixunBasedonthelatestachievementsofthecapitalstructuretheoryandtheempiricalresearch,,weestimateaTobitregressionmodeltopredictthetargetcapitalstructure,andthenweusethepartialadjustmentmodeltoexamhowfinancialdefici,tmarkettiming,thestockpricechanges,,,-assessmentofPublicListedCompaniesinShanghaiStockExchangein2007:DataAnalysisandPolicyImplicationYangYouhong&ChenLingyunInternalcontrolself-assessmentofmanagementcanreleaseinformationabouttheeffectivenessofthecompanypsinternalcontro,,wedidsomestatisticalanalysisontheinternalcontrolself-assessmentreportsofpubliclistedcompaniesinshanghaistockexchangein2007,andanalyzedtheproblemsandeffectsforcompaniestorealizethreebasicobjectsofinternalcontro:lfinancialreporting,assesssecurity,,weputforwardsomepolicysuggestionsforInternalControlAssessmentGuidelineofBusinessEnterprise(ExposureDraft).ControlChain,AgencyConflictsandAuditorChoiceWangYeBasedonadatasetofcontrolchainandotherdatainChinapslistedcompaniesduring2002-2003,thispaperanalyzestherelationshipamongcontrolchain,,,,themorelikelythecorporatewouldhire/-stageprocedure,wealsofindthatthechoiceof/,PredictionModelandForecastEfficiencyZhaoGuoyu&,,thepapergetsaccesstotheauditcollusionvar-iablecharacteristicsthroughmultipleregressionanalysis,-sionishighlyconcealed,itisnotidealtodiscernbysingle-variablemode,,
