Is Other Comprehensive Income Reported in the Income Statement More Value Relevant? The Role of Financial Statement Presentation
Is Other Comprehensive Income Reported in the Income Statement More Value Relevant? The Role of Financial Statement Presentation
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损益表中报告的其他综合收益是否更具价值相关性？
DOI：
10.1177/0148558x16670779
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发表时间：
2016
期刊：
影响因子：
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通讯作者：
Ya‐wen Yang
中科院分区：
文献类型：
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作者：
Steve W. J. Lin;Donel Martinez;Changjiang Wang;Ya‐wen Yang
本研究考察(a)其他综合收益（OCI）是否在财务报表中更突出和透明的位置报告时更具价值相关性，(b)经济状况如何影响在不同位置报告的OCI的价值相关性，以及(c) OCI的价值相关性是否受到会计准则更新（ASU） 2011-05的实施的影响。要求在合并收益表和综合收益表或单独的综合收益表中报告OCI，并禁止仅在股东权益变动表中报告OCI。使用手工收集的2000-2012年期间的数据，我们发现投资者在整个测试期间一致地定价上交所报告的OCI。我们还发现，只有在最近的金融危机时期（2007-2009年），当OCI的规模和波动性显著增加时，投资者才会对SCI中报告的OCI进行定价。进一步的证据表明，这一发现不是由短暂投资者的投资偏见驱动的。最后，我们发现在实施ASU 2011-05后，将OCI报告地点从上交所改为SCI的公司与未改变报告地点的公司相比，OCI的价值相关性降低。由于投资者有望更有能力将在更透明的地点报告的信息纳入价格，本研究探索了一些令人困惑的发现的合理解释，并呼吁未来的研究。
This study examines (a) whether other comprehensive income (OCI) is more value relevant when reported in a more prominent and transparent location in financial statements, (b) how economic condition affects value relevance of OCI reported in different locations, and (c) whether value relevance of OCI is affected by the implementation of Accounting Standard Update (ASU) 2011-05, which requires reporting OCI in either a combined statement of income and comprehensive income or a separate statement of comprehensive income (SCI), and prohibits reporting OCI only in the statement of changes in shareholders’ equity (SSE). Using manually collected data for the period 2000-2012, we find that investors consistently priced OCI reported in the SSE during the entire test period. We also find that investors priced OCI reported in the SCI only during recent financial crisis period (2007-2009) when the magnitude and volatility of OCI significantly increased. Further evidence shows that this finding is not driven by the investment bias of transient investors. Finally, we find that value relevance of OCI decreases for firms that changed the reporting location of OCI from SSE to SCI following the implementation of ASU 2011-05 compared with firms that did not change the reporting location. As investors are expected to be more capable of incorporating information reported in a more transparent location into price, this study explores some plausible explanations for the puzzling finding and calls for future research.