CAJ | 학술논문

自我国2007年开始实施的新会计准则把“投资收益”和“公允价值变动损益”划入“营业利润”范畴内，近年来多次出现上市公司利用大量“投资收益”增加短期利润弥补亏损的现象。本文系统地分析了2007年至2011年深沪两市A股上市公司的投资收益和公允价值变动损益，发现投资收益和公允价值变动损益的盈利持续性显著低于营业利润其它组成部分，虽然股价完全反映了公允价值变动损益暂时性盈利的特征，但高估了投资收益对于未来盈利的持续能力，构造卖空投资收益占净利润比重高、买人投资收益占净利润比重低的公司的对冲投资组合能够在未来一年得到超额股票回报率；尤其对于主营业务亏损、盈余管理动机较强的公司，投资组合超额回报率更为显著。本文结果帮助投资人理性认识属于“营业利润”范畴内的“投资收益”和核心营业利润的差异，并且对报表使用者正确运用2007年后广泛实施的新会计准则提供重要警示。
자아국2007년개시실시적신회계준칙파“투자수익”화“공윤개치변동손익”화입“영업리윤”범주내，근년래다차출현상시공사이용대량“투자수익”증가단기리윤미보우손적현상。본문계통지분석료2007년지2011년심호량시A고상시공사적투자수익화공윤개치변동손익，발현투자수익화공윤개치변동손익적영리지속성현저저우영업리윤기타조성부분，수연고개완전반영료공윤개치변동손익잠시성영리적특정，단고고료투자수익대우미래영리적지속능력，구조매공투자수익점정리윤비중고、매인투자수익점정리윤비중저적공사적대충투자조합능구재미래일년득도초액고표회보솔；우기대우주영업무우손、영여관리동궤교강적공사，투자조합초액회보솔경위현저。본문결과방조투자인이성인식속우“영업리윤”범주내적“투자수익”화핵심영업리윤적차이，병차대보표사용자정학운용2007년후엄범실시적신회계준칙제공중요경시。
The new Chinese accounting standards implemented from 2007 reclassify ＂investment income＂ and ＂unrealized gains or losses from trading securities＂ into the section of operating income. Recent anec- dotal evidence suggests that many public companies have created big amount of ＂investment income＂ to increase short-term earnings or mitigate losses. Using a sample of all Chinese A-share companies from 2007 to 2011, this paper finds that investment income and unrealized gains and losses from trading securities have significantly lower persistence than the rest of operating income. Additionally, the stock market does not fully reflect the lower persistence of investment income, but fully incorporate the transitory nature of unrealized gains and losses from trading securities. Trading strategies taking a long position of stocks with low proportion of investment income to net income and a short position of stocks with high investment income relative to net income Will earn significant positive returns in the next one year. The returns are more significant and positive for strategies taken in firms with operating losses before investment income and unrealized gains and losses. This paper sheds light on the proper use of the new Chinese accounting standards and provides impor- tant implications to investors for correctly differentiating the investment income from the rest of operating income.