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论文编号：	12627
作者编号：	1120150816
上传时间：	2021/6/17 12:05:56
中文题目：	非准则利润调整项、调整列示方式与投资者投资判断
英文题目：	Non-GAAP Profit Adjusting Items, Adjusting Presentation Mode and Investors’ Investment Judgments
指导老师：	张继勋
中文关键字：	非会计准则利润；非会计准则利润调整项性质；非会计准则利润调整列示方式；投资者投资判断
英文关键字：	non-GAAP Profit; nature of non-GAAP profit adjusting items; non-GAAP profit adjusting presentation mode; investors’ investment judgments
中文摘要：	为了满足投资者多样化的信息需求，越来越多的公司管理层在披露传统会计准则利润的同时，还会自愿披露非会计准则利润，以期望更好地向投资者反映公司真实的经营状况，非会计准则利润的使用因此大幅增加。实践中发现，非会计准则利润调整项的性质存在差异，有些非会计准则利润调整项当年被审计师确认为关键审计事项，而有些非会计准则利润调整项当年并没有被审计师确认为关键审计事项。此外，为了提高非会计准则利润的透明度和可靠性，监管者和准则制定者要求公司在披露非会计准则利润时，需要列示非会计准则利润同最直接可比的会计准则利润之间的定量调整表。实践中，非会计准则利润调整列示方式存在差异，披露非会计准则利润的大部分公司按照规定披露了定量调整表，而少部分公司没有披露相应的定量调整表。本文以心理学中的信息加工理论、狭窄框架效应以及风险感知理论为基础，采用实验研究方法，分析并检验了非会计准则利润调整项的性质与非会计准则利润调整列示方式对投资者投资判断的影响。 本文共分为六章，具体内容如下：第一章为引言，在研究背景的基础上提出研究问题及研究意义，同时对研究框架、研究方法和研究创新进行了说明；第二章为文献综述，对非会计准则利润与关键审计事项相关研究进行了系统的梳理，并进行文献述评；第三章以心理学中的信息加工理论、狭窄框架效应以及风险感知理论为基础，分析非会计准则利润调整项的性质与调整列示方式对投资者投资判断的影响，并提出本文的研究假设；第四章为实验设计，具体介绍本文的实验设计、实验被试、实验过程、自变量的操控以及因变量和中介变量的测量方法；第五章为实验结果分析，对本文的假设进行验证，并进行附加检验分析；第六章为本文的研究结论，同时指出本文的研究局限性以及未来可能的研究方向。 本文主要的研究结论包括： 1.理论分析认为，根据心理学中的信息加工理论、狭窄框架效应以及风险感知理论，非会计准则利润调整项的性质会影响投资者的投资判断；非会计准则利润调整项的性质与调整列示方式会共同影响投资者的投资判断，当有非会计准则利润定量调整表时，投资者会表现出非理性行为，非会计准则利润调整项的性质会影响投资者的投资判断，当不存在非会计准则利润定量调整表时，非会计准则利润调整项的性质不会影响投资者的投资判断；此外，当有非会计准则利润定量调整表时，非会计准则利润调整项的性质对投资者投资判断的影响，先后被投资者感知的非会计准则利润的可靠性、投资者的业绩判断所中介。 2.实验结果表明，非会计准则利润调整项的性质会影响投资者的投资判断，具体来说，相比非会计准则利润调整项不是关键审计事项，在非会计准则利润调整项是关键审计事项的情况下，投资者的估值判断以及投资者判断的投资吸引力均更低。 3.实验结果表明，非会计准则利润调整项的性质与调整列示方式会共同影响投资者的投资判断，即非会计准则利润调整项的性质对投资者投资判断的影响取决于非会计准则利润调整列示方式。具体而言： （1）当有非会计准则利润定量调整表时，相比于非会计准则利润调整项不是关键审计事项，在非会计准则利润调整项是关键审计事项的情况下，投资者的估值判断以及投资者判断的投资吸引力均更低； （2）当不存在非会计准则利润定量调整表时，不论非会计准则利润调整项是否是关键审计事项，投资者的估值判断以及投资者判断的投资吸引力均无显著差异。 4.实验结果表明，当有非会计准则利润定量调整表时，非会计准则利润调整项的性质对投资者的估值判断以及投资者判断的投资吸引力的影响，先后被投资者感知的非会计准则利润的可靠性、投资者的业绩判断所中介。
英文摘要：	In order to meet the diversified information needs of investors, more and more management will voluntarily disclose non-GAAP profit while disclosing GAAP profit, hoping to better reflect the true operating conditions of the company to investors. As a result, the use of non-GAAP has increased substantially. In practice, it is found that there are differences in the nature of non-GAAP profit adjusting items. Some non-GAAP profit adjusting items were identified as key audit matters by the auditor in the current year, while some non-GAAP profit adjusting items were not identified as key audit matters by the auditor in the current year. In addition, in order to improve the transparency and reliability of non-GAAP profit, regulators and standard setters require companies to disclose a quantitative reconciliation between non-GAAP profit and the most directly comparable GAAP profit when disclosing non-GAAP profit. In practice, there are differences in the adjusting presentation mode of non-GAAP profit. Most companies that disclose non-GAAP profit have disclosed quantitative reconciliation in accordance with regulations, while a small number of companies have not disclosed corresponding quantitative reconciliation. Based on the information processing theory, narrow framing effect and risk perception theory in psychology, this paper uses experimental research methods to analyze and test the joint effect of the nature of non-GAAP profit adjusting items and the non-GAAP profit adjusting presentation mode on investors’ investment judgments. The dissertation is composed of six chapters, and the specific contents are as follows: Chapter one is the introduction, which proposes research questions and implications based on the background, and at the same time explains the research framework, methods and innovations; Chapter two is the literature review, which systematically reviews and comments on research relating to non-GAAP profit and key audit matters; Chapter three draws on the information processing theory, narrow framing effect and risk perception theory in psychology to analyze the impact of the nature of non-GAAP profit adjusting items and non-GAAP profit adjusting presentation mode on investors’ investment judgments, and put forward the research hypothesis; Chapter four is the experimental design, specifically introducing the experimental design, experimental subjects, experimental process, and the manipulation of independent variables and the measurement methods of dependent variables and mediating variables; Chapter five analyzes experimental results, verifies the hypothesis of this article, and performs additional test analysis; Chapter six is the research conclusion of this article, while pointing out the research limitations and possible future research directions. The main research conclusions of the dissertation are as follows: 1. According to the theoretical analysis and based on the information processing theory, narrow framing effect and risk perception theory in psychology, the nature of non-GAAP profit adjusting items will affect investors’ investment judgments. The nature of non-GAAP profit adjusting items and the adjusting presentation mode will jointly affect the investors’ investment judgments. When there is a non-GAAP profit quantitative reconciliation, investors will show irrational behavior, and the nature of non-GAAP profit adjusting items will affect investors’ investment judgments. When there is no non-GAAP profit quantitative reconciliation, the nature of non-GAAP profit adjusting items will not affect investors’ investment judgments. In addition, when there is a non-GAAP profit quantitative reconciliation, the impact of the nature of non-GAAP profit adjusting items on investors' investment judgments is successively mediated by the investors’ perceived reliability of the non-GAAP profit and investors' performance judgments. 2. The experimental results indicate that the nature of non-GAAP profit adjusting items will affect investors’ investment judgments. Specifically, compared to the condition non-GAAP profit adjusting item is not a key audit matter, when the non-GAAP profit adjusting item is a key audit matter, the valuation judgment of the investors and the investment attractiveness judged by the investors are all lower. 3. The experimental results indicate that the nature of non-GAAP profit adjusting items and the adjusting presentation mode will jointly affect investors' investment judgments, and the effect of the nature of non-GAAP profit adjusting items on investors' investment judgments depends on non-GAAP profit adjusting presentation mode. Specifically: (1) when there is a non-GAAP profit quantitative reconciliation, compared to the condition non-GAAP profit adjusting item is not a key audit matter, when the non-GAAP profit adjusting item is a key audit matter, the valuation judgment of the investors and the investment attractiveness judged by the investors are all lower. (2) when there is no non-GAAP profit quantitative reconciliation, regardless of whether the non-GAAP profit adjusting item is a key audit matter, there is no significant difference between the valuation judgments of the investors and the investment attractiveness judged by the investors. 4. The experimental results indicate that when there is a non-GAAP profit quantitative reconciliation, the impact of the nature of non-GAAP profit adjusting items on investors’ valuation judgments and investment attractiveness judged by the investors is successively mediated by the investors’ perceived reliability of the non-GAAP profit and investors' performance judgments.
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