CAJ | 학술논문

本文利用新会计准则实施后我国A股上市公司披露的合并报表和母公司报表数据，从股东和债权人两个视角分析了母公司经营模式对合并一母公司报表盈余信息决策有用性的影响。本文实证研究发现，相比母公司是经营主导型的企业，在母公司是投资主导型的企业中，股东决策会更少地依赖母公司净利润，债权人决策会更多地依赖合并一母公司报表净利润差异。进一步的研究发现，在母公司是投资主导型的企业中，母公司报表净利润对未来一期合并报表总资产收益率的预测能力会显著降低。总之，本文的结论支持母公司经营模式是影响合并一母公司报表盈余信息决策有用性的重要因素。
본문이용신회계준칙실시후아국A고상시공사피로적합병보표화모공사보표수거，종고동화채권인량개시각분석료모공사경영모식대합병일모공사보표영여신식결책유용성적영향。본문실증연구발현，상비모공사시경영주도형적기업，재모공사시투자주도형적기업중，고동결책회경소지의뢰모공사정리윤，채권인결책회경다지의뢰합병일모공사보표정리윤차이。진일보적연구발현，재모공사시투자주도형적기업중，모공사보표정리윤대미래일기합병보표총자산수익솔적예측능력회현저강저。총지，본문적결론지지모공사경영모식시영향합병일모공사보표영여신식결책유용성적중요인소。
On January 1, 2007, China began to implement the new accounting standards. Comparing to the old accounting standards, the preparation for consolidated financial statements and parent financial statements has changed dramatically under the new accounting standards： the parent company shall use Cost Method to record its long-term equity investment of its subsidiary companies in the parent financial statement but use Equity Method in the consolidated financial statement. Earnings difference between the consolidated financial statement and the parent financial statement becomes larger under the new accounting standards, and these changes make the parent financial statement more relevant to the users of the consolidated financial statement. Using the data of A-share listed companies＇ consolidated financial statements and parent financial statements under the regime of China＇s new accounting standards, this paper examines the influence of the parent firm＇s business model on the usefulness of the consolidated-parent financial statement earnings, from the perspectives of shareholders and creditors. The paper finds that, comparing to firms with operation-oriented parent firms, shareholders of firms with investment-oriented parent firms are less dependent on the parent financial statement earnings, and creditors of firms with investment-oriented parent firms rely more on the earnings difference between the consolidated financial statement and the parent financial statement. Further analysis shows that, in firms with investment-oriented parent firms, the predictive ability of parent financial statement earnings for the return on assets of consolidated financial statement in next period is reduced. In sum, the paper suggests that the business model of the parent firm has a significant impact on the usefulness of the consolidated-parent financial statement earnings. Our findings have implications for the reforms of accounting standards. The results show that the parent financial statement is a necessary supplement to the consolidated financial statement, supporting the right direction of current reforms of accounting standards. Our results also indicate that we shall match earning structure with asset structure and pay more attention to the business model of the parent firm in financial statement analysis.