特別損益が利益の持続性及び将来業績に与える影響 = The relationship between current Extraordinary gain / loss and Future Performance

다국어 초록 (Multilingual Abstract)

特別損益が有する固有の性質を立証することは、特別損益を区分することによって経常利益を表示する日本に固有の区分表示利益の存在意義に関わる重要な論点である。この点を踏まえて、本論では特別損失が将来の利益の持続性及び将来業績に与える影響を分析した。まず、特別損益が著しく正または負の企業に着目し、特別損益の本来的な性質である一時的要素について分析した。分析の結果、特別損益が著しく正または負の場合には、翌期の利益に対する持続性を低下させることが判明し、特別損益が一時的な要素であることが強いという証拠を得た。
その一方で、米国における先行研究を踏まえ、特別損失が長期的に将来利益及び将来キャッシュ·フローを増加させる効果があるかを分析した。日本では長期的には将来利益は主に会計発生高の反転によって増加する傾向があるものの、米国における先行研究とは異なり、将来キャッシュ·フローについてはむしろ減少させる効果があることが判明した。これは日本では特別損失が本来的に有するネガティブな情報内容を含んでいることを示唆するものである。
このように、日本における特別損失は、持続性という点からも他の費用と区別されるべき性質を有しており、また、将来業績との関係で固有の情報内容を含む可能性がある。本分析の結果は、特別損益を区分表示する意義を国際的に立証する根拠になり得ると考えられる。

다국어 초록 (Multilingual Abstract)

To prove the peculiar nature of extraordinary gains and losses is an important issue on the significance of the existence of classified profit which is unique to Japan that discloses “Ordinary Income (or Recurring Earning)” by classifying extraordinary gains and losses. Based on this point, I analyze extraordinary losses, persistence of future profits and their impact on future performance. First of all, I focus on the companies with significantly positive or negative extraordinary gains or losses to analyze temporary factors that are the intrinsic nature of extraordinary gains and losses. As a result, when extraordinary loss profit is extremely positive or negative, it is clear that the sustainability to the profit for the next term is reduced, and it is evident that extraordinary gains and losses are temporary factors.
On the other hand, based on the previous research in the United States, it was analyzed whether the extraordinary loss had the effect of increasing future profit and future cash flow in the long run. In Japan, future profits tend to increase mainly due to Reversal Accrual occurrence in the long-term. But unlike previous research in the United States, it turned out that future cash flows have the effect of decreasing rather than increasing.
This paper implies that the extraordinary loss inherently contains negative information content in Japan. Thus, extraordinary losses in Japan have the property that they should be distinguished from other ordinary costs in terms of persistence, and may include specific information value to future performance. The results of this analysis can be considered as a prove for internationally proving the significance of classifying extraordinary gains and losses.

참고문헌 (Reference)

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