The Study Of The Extraordinary Items' Influence On Combined Benefits Of DZ Listed Company

With the continuous improvement and development of the capital market,the requirements of investors for the authenticity and reliability of listed companies' financial statements are also increasing day by day.However,in recent years,there are still many listed companies make use of non-recurring profit and loss items to adjust the profits,so as to beautify their business performance,and to polish the operating performance of listed companies.Non-recurrent profit and loss is a kind of non-persistent profit and loss.It is indeed because its fortuitousness that gives the enterprise the space of suplus manipulation.Unlike the disclosure of recurring profit and loss items,the disclosure of non-recurring profits and losses is not included in the income statement,but exists in the form of "off-statement disclosure",which is also provides listed companies with a lot of convenience for mnipulating surplus.Therefore,it leads to the low quality of earnings,and influences the investors' judgement of the true value of the enterprise.Therefore,the investors can correctly understand of the source of listed companies' performance,as well as understanding the profitability of listed companies,and make the right investment decisions by deeply analyzing the impact of non-recurrent profit and loss on business performance,and finally promote the healthy development of the securities market.This paper analyze the impact of nearly three years of non recurring on the net profit trend of the whole industry first,founding that non recurring gains and losses is as the main source of the net profit of listed companies in the machinery and equipment industry,and there is an increasing trend,which caused interference to investors to analyze the real operating performance of their enterprise.So this paper selects DZ listed company which has a typical non-recurrent profit and loss ratio as a case,first of all,by analyzing the non recurring gains and losses from 2012(the years of its release)to 2016 data,we can find the non recurring profit contribution rate of nearly three years were more than 100%,it is a significant impact on the operating performance of DZ listed company.Then this paper deeply analyzes the impact of non-recurrent profit and loss on the operating performance from the three angles of combined benefits,cash flow and profit persistence,and proves that there is a significant correlation between the non-recurrent profit and loss and the operating performance of DZ listed company.Finally,a conclusion is drawn as follows:the operating performance of DZ listed company depends on the non-recurrent profit and loss,which mainly comes from the government subsidy,the government subsidy improves the cash flow of DZ listed company,but it will bring double influence to the enterprise.Non-recurrent gains and losses are not sustainable and DZ listed company's operating performance is unstable as well.It is suggested that the information disclosure and supervision of non-recurrentprofit and loss should be standardized and supervised.The relationship between government and enterprise and the research and implementation of evaluation system including non-recurrent profit and loss should be emphasized so as to promote the normative development of the securities market and ensure the interests of investors.