Abstract This article discusses the effects of non-recurring profits and losses on statement users’ decision-making processes from the perspective of securities analysts. We examine the relationship between analysts’ forecast revisions and firms’ non-recurring earnings. We find that 1) non-recurring gains and losses can influence analysts’ earnings forecast revision; 2) compared with non-recurring items resulting from policy changes, analysts are more concerned about those attributed to changes in business scope; 3) if listed companies use non-recurring items to turn losses into gains during earnings management, it will weaken the effects of non-recurring items on analysts’ earnings forecast revision. The results suggest that non-recurring items that result from changes in business scope incorporate information that users need for the future operation of the business. This article verifies the information relevance of non-recurring items and provides evidence for the necessity of non-recurring item disclosure.

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非经常性项目对分析师收益预测的影响

摘要本文从证券分析师的角度探讨了非经常性损益对报表用户决策过程的影响。我们研究了分析师的预测修订与公司的非经常性收益之间的关系。我们发现1）非经常性损益会影响分析师的盈利预测修订；2）与政策变化导致的非经常性项目相比，分析师更关注归因于业务范围变化的项目；3）如果上市公司在盈余管理过程中使用非经常性项目将亏损转化为收益，则会削弱非经常性项目对分析师的盈利预测修订的影响。结果表明，由于业务范围变化而产生的非经常性项目包含了用户未来业务运营所需的信息。本文验证了非经常性项目的信息相关性，并为非经常性项目披露的必要性提供了证据。