The Influencing Factors Of Non-recurring Gains And Losses On The Stock Price

Capital market economy has been in an important position, efficient capital markets directly affect the healthy development of the national economy, but to measure the degree of development of the capital market, one of the standard, the market reflects the ability of information, so this annual study listed companies report non-recurring impact of information disclosure on stock prices. The concept of non-recurring gains and losses since the introduction in 1999, through 2001,2004, 2007 four amendments perfect.2008 for a new definition and classification, the Commission for the introduction of non-recurring gains and losses repeatedly provided sufficient explanation of its importance. As part of the non-recurring gains and losses net profit accounting, with a temporary surplus characteristics directly affect the sustainability of the net profit; if net contains too many temporary surplus information indicates that the future earnings instability and further affect investment were conducted to determine the profitability and future prospects of the business.In the current theoretical and academic research, the impact of non-recurring gains and losses on stock prices is mainly for non-recurring impact of aggregated data, the stock price on the Effect of non-recurring gains and losses of specific projects are few. To further more comprehensive role in the stock price of non-recurring gains and losses were studied, on the basis of previous studies and disclosures in accordance with the new Commission in 2008 non-recurring items, research in 2009 and 2010 in Shanghai and Shenzhen City A-share listed companies in non-current assets, debt restructuring and financial assets (held for trading financial assets at fair value changes and disposal of financial assets available-for-sale financial assets) impact on stock prices. First, examine the impact of non-flow asset disposal gains on stock prices, the results show that in 2009 and 2010 Non-current asset disposal gains are not significantly affected by the presence of the stock; secondly examine the effects of debt restructuring gains on stock prices, the results indicate that 2009 earnings on debt restructuring shares significant negative impact.2010 debt restructuring gains a significant impact on the share price does not exist; Impact of investment income (above financial assets related gains and losses resulting from transactions) of shares, the results show that in 2009 and 2010 investment income significant impact on the stock price does not exist. In addition to the above regression results show that there is a significant negative effect on the time window within four 2009 debt restructuring and stock price, other items do not exist in a significant impact on the share price of the four time window of two test year.