作者：程柯 程立
摘要/Abstract
本文以价格模型为基础，选取2005、2007年中国沪深两市A股非金融上市公司为样本，研究新会计准则实施前后利润表新增项目的价值相关性。经验发现，新准则实施后利润表的价值相关性显著提高。进一步研究表明，利润表新增项目中，资产减值损失项目价值相关性较强，相比于旧制度下信息质量也得到改善，但不是信息增量的主要来源；而公允价值变动收益项目信息并未有得到市场显著反应。研究结果还发现，利润表其他项目质量的改善是会计信息价值相关性增加的主要源泉。
This paper makes analysis on value relevance of newly formulated items in income statements under the New Accounting Standards (NAS) based on price model. Empirical evidences find that, the value relevance of accounting earnings are improved significantly with the NAS adoption from the time dimension. Further investigations demonstrate that, in the newly formulated items, Losses on Impairment of Assets has more value relevance than Gains from Changes in Fair Value has. Compared to the old Accounting Standards, the information quality of Losses on Impairment of Assets has been improved. We also find that information increments of value relevance primarily come from other traditional items, not from Losses on Impairment of Assets. The item of Gains from Changes in Fair Value has not received a significant market reaction for investors comparatively.