CAJ | 학술논문

本文在描述中国上市公司非经常性损益2001年正式披露起至2011年11年间发展变化趋势的基础上，结合2007年新会计准则实施后的分项披露频率及特征，探讨其不同类型项目的市场反应差异。研究发现，11年间非经常性损益在企业净利润中占比整体大幅上升，已成为企业净收益的重要组成部分，并日趋稳定。此外，针对非经常性损益分项构成的价值相关性研究显示，投资者在对非经常性项目定价过程中，区分了非经常性损益的发生频率及其交易与事项的具体特征，特别是对于偶发的经营性损益，其定价系数甚至高于企业正常损益（扣除非经常性损益后净利润）的两倍。
본문재묘술중국상시공사비경상성손익2001년정식피로기지2011년11년간발전변화추세적기출상，결합2007년신회계준칙실시후적분항피로빈솔급특정，탐토기불동류형항목적시장반응차이。연구발현，11년간비경상성손익재기업정리윤중점비정체대폭상승，이성위기업정수익적중요조성부분，병일추은정。차외，침대비경상성손익분항구성적개치상관성연구현시，투자자재대비경상성항목정개과정중，구분료비경상성손익적발생빈솔급기교역여사항적구체특정，특별시대우우발적경영성손익，기정개계수심지고우기업정상손익（구제비경상성손익후정리윤）적량배。
This paper aims to investigate the long-term trends in the disclosure of extraordinary items from 2001 to 2011. Taking into consideration the implementation of new accounting standards in 2007, we analyze the composition characteristics of the extraordinary items to explore the market reaction differences to different types of components .We find that the propor-tion of extraordinary items have increased significantly during the 11 years.A further study on value relevance which considers the frequency and characteristics of extraordinary items show that when pricing the items , investors differentiate the frequencies of the items and characteristics of the transactions and events .