The Rate Regulation and the Relationship between Stock prices and Earnings

利率管制与股价与盈利的关系

基本信息

批准号：
15530297
负责人：
OBINATA Takashi
金额：
$ 0.77万
依托单位：
The University of Tokyo
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2003
资助国家：
日本
起止时间：
2003 至 2004
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-15530297/
关键词：
Rate Regulation Financial Accounting Capital Market 会計株価-利益関係

项目摘要

This research focuses on the decommissioning cost and the recycle cost of used nuclear fuel, which are incurred by nuclear power plant. We examine what incentive factors affect the discretionary measurement of those expenses in the year and investigate whether the discretionary components are value relevant. First, the recycle expenses in the year is discretionally determined in order to smooth the uncertain fluctuations in operating profits, while the decommissioning expenses is not utilized for income smoothing. If some accruals were discretionally allocated inter-period for the purpose of income smoothing, the discretionary increase in those accruals (i.e. savings of earnings in current period) would communicate the manager's pessimistic forecasts on the performance to investors. Second, as consistent with the above hypothesis, the discretionary recycle expenses is value relevant and the coefficient on them is negative. Moreover, it is negatively related to the one-year ahead operating profits. These evidences imply that the value relevance of the recycle expenses is consistently estimated with the determinants and the predictive power of future performance. Third, both the decommissioning expenses and the recycle expenses do not deteriorate the quality of earnings. We cannot find the evidence supporting the repeated criticism that the opportunity to measure expenses based on managerial discretion must diminish the usefulness of accounting information.

这项研究的重点是退役成本和二手核燃料的回收成本，这些核燃料由核电站产生。我们检查了哪些激励因素会影响一年中这些费用的自由裁量衡量，并研究可支配的组件是否相关。首先，为了使运营利润的不确定波动平滑，而退役费用并未用于收入平滑。如果某些收入是为了获得收入平稳的裁量分配的跨期间，那么这些应计的酌处增加（即当前收益的节省）将传达经理对投资者对绩效的悲观预测。其次，与上述假设一致，可支配的回收支出与价值相关，并且系数为负。此外，它与一年的前一年运营利润相关。这些证据表明，回收支出的价值相关性始终与决定因素和未来绩效的预测能力相关。第三，退役费用和回收支出都不会降低收入质量。我们找不到支持反复批评的证据，即基于管理酌处权衡量费用的机会必须降低会计信息的有用性。