扣除非经常性损益后会计盈余指标的有用性

20032()No.22003(156)JOURNALOFXIAMENUNIVERSITY(Arts&SocialSciences)GeneralNo.156X,(,361005):,1999,:;;:F830191:A:0438-0460(2003)02-0114-08,,,,1999,1999,,,,,,,,,,??2060BallBrown(1968)[1](P159-178),,,411X:2002-09-16:(1968-),,,,;(1973-),,,[2],,,,,(basicearningspershare,BEPS)(primaryearningspershare,PEPS)(fullydilutedearningspershare,FDEPS),,,?StevenJ.Rice(1978)FDEPSPEPS[3](P429-435)FDEPS,187(E)152(C),FDEPS(ACAR),ACAR,FDEPSPEPS(InformationContent)RossJennings(1997)BEPSPEPSFDEPS[4](P24-33)198919966688,3BEPSPEPSFDEPS:P=a0+1BEPS+e1:P=b0+b1PEPS+e2:P=c0+c1FDEPS+e3P3R2,,,FDEPS,PEPS,BEPS,,(1998)[5],(1999)[2],(1999)(2001),,[6],1999,,,(),3:5111:2:3:,19981231A:1143021EPS31STPT41516111,,,,,,,,(1998),(1999)21(Abnormalreturn),,(Riskadjust2edabnormalreturn)(Meanadjustedabnormalreturn)(Marketadjustedabnormalreturn),RitERit:Rit=i+iRmt+it,E(it)=0,Var(it)=0,Cov(it,Rmt)=0Rmt;iti;Riti:ERit=^i+^iRmt:ARit=Rit-ERit61198,,31,6:(1):30(2):15(3):5(4):5(5):15(6):3041:19991999108200071,1999108175,174;20002000108200171,2000108175,174,51,:Rmt=Indext+1-IndextIndext:Rmtmtt+1;Indextmt;Indext+1mt+161,,3(1)12,::CARit=t+tXi+it:CARitit;Xii(EPS)(DEPS)(EPS-DEPS),3t,EPS,DEPSEPS-DEPS(2)2,::CARit=t+1tEPSi+2tXi+it,CARitit;Xi(EPS-DEPS),12,,EPS-DEPS,DEPS(3),RossJennings(1997),2EPSDEPS711:Pij=a0+a1EPStj+i:Pij=b0+b1DEPStj+i,Pijij4430,,4PEPSDEPS,,AEPSDEPS,BEPSDEPS,EPS-DEPS,EPS-DEPS,EPSDEPSEPS-DEPS3015551530(,,),19991999,(EPS)(DEPS)(EPS-DEPS),4,(EPS)(DEPS),(EPS),(EPS)(DEPS)5,(EPS)(EPS-DEPS),6,(EPS),6,(EPS)(DEPS),(EPS)(DEPS)(EPS-DEPS),2000,1,(EPS)(DEPS)2,(EPS)3,(EPS)(DEPS)4,(DEPS)(EPS-DEPS)5,(EPS)(DEPS)6,(EPS)(EPS-DEPS)(EPS)(DEPS)(EPS-DEPS),,(EPS)(DEPS)811(EPS-DEPS),1(1999)1234561-0.015-0.00030.0195-0.0607-0.0716-0.0612t--1.205-0.00760.6898-1.9623-2.0533-1.4132-0.0014-0.0526-0.0028-0.0502-0.126-0.0857t--0.0513-0.54-0.0436-0.718-1.60733-0.8770.0030.02500.006350.02650.03980.0259t-0.2391.69330.6582.30133.33031.74733R20.6160.1230.2001.9043.001.24F-0.7370.1470.2382.30933.68431.491-0.031-0.0153-0.04570.0672-0.466-0.389t-0.791-0.1240.5770.759-0.402-2.143A320.0795-0.2330.07830.2950.118-0.946t-0.509-0.6260.3261.0970.4010.352-0.00350.00550.0254-0.01810.0110.094t--0.3280.1621.17-0.7460.4021.89733R22.151.824.903.863.8714.4F-0.3290.2790.6420.6020.6032.5333:3=0.05,33=0.15,12,199952000612,,(DEPS)31999A2000A,EPS(R2)DEPS;1999B,EPSDEPS,2000B,EPSDEPS,EPSDEPS,EPSDEPS,EPSDEPS,DEPSEPS9112(2000)12345610.08880.09750.0552-0.0533-0.0446-0.0501t-2.89834.42633.6713-0.337-1.7633-1.525332-0.0125-0.017-0.0121-0.0563-0.0441-1.20t--0.171-0.323-0.336-1.4933-0.73-1.53233-0.022-0.017-0.00880.00290.00760.0190t--2.3423-2.5273-1.91330.5990.9821.89133R23.607.995.611.131.842.47F-4.2739.9436.8131.312.15332.897331-0.516-0.3120.2260.3440.285-0.619t--0.671-0.6321.140.8180.935-0.81620.5050.211-0.26-0.618-0.5050.140t-0.2850.185-0.572-0.637-0.7190.0800.02620.005-0.0344-0.0464-0.05460.054t-0.10.0298-0.509-0.324-0.5450.210R20.950.8242.761.742.231.42F-0.230.1990.6820.4240.5490.3463a0t-a1t-R2b0t-b1t-R21999A11.0415.27318.628.11322.512.7121.0216.247.23318.71999B9.796.68313.563.15317.910.667.549.322.61317.92000A14.2822.4336.633.1634.3415.0326.974.542.1532.072000B13.4310.2036.911.7035.5713.149.117.271.74335.81,,,,021,,,,,,;,,10,,,,,,,,,,,,,,,,,:[1]BALL,R.J.andP.BROWN1AnEmpiricalEvaluationofAccountingIncomeNumbers[J]1JournalofAccountingResearch,Autumn,1968.[2],,1A[J]1,1999,(6)1[3]STEVENJ.RICE1TheInformationContentofFullyDilutedEarningsPerShare[J]1TheAccountingReview,April1978.[4]ROSSJENNINGS,MARCJ.LECLERE,andROBERTBTHOMPSON1EvidenceontheUsefulnessofAlternativeEarningsperShareMeasures[J]1FinancialAnalystsJournal,November/December1997.[5].[J]1,1998,(7)1[6],,1[J]1,2001,(5)1[:]ResearchontheUsefulnessofAccountingEarningsafterDeductionofExtraordinaryItemsLIChang2qing,ZHANGZhao2weiAbstract:Extraordinaryearningstendtobeusedtomanipulateprofitsbylistedcompanies.Inordertorestrainsuchatendency,CSRCrequiredalllistedcompaniestorevealtheirprofitsafterdeductionofextraordinaryearnings,startingfromtheannualreportoftheyear1999.ThroughstudyingtheannualreportsofsomelistedcompaniesinShanghaiStockEx2change,itisarguedthattheEPSwhichexcludesextraordinaryearningsdoesprovidesomeincrementalinformationtothemarket.ItcanbesaidthattheEPSwhichexcludesextraordinaryearningsisinformativetoinvestors.Keywords:extraordinaryearnings,informationcontent,marketreaction121