民營(yíng)上市公司盈利質(zhì)量研究

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摘 要
隨著我國(guó)市場(chǎng)經(jīng)濟(jì)的深入發(fā)展，企業(yè)財(cái)務(wù)報(bào)告信息顯得愈加重要。特別是對(duì)于民營(yíng)上市公司，投資者主要依賴(lài)財(cái)務(wù)報(bào)告信息來(lái)評(píng)價(jià)其財(cái)務(wù)狀況和經(jīng)營(yíng)成果。財(cái)務(wù)報(bào)告信息可以提供相關(guān)企業(yè)的多方面信息，但其中最為投資者所關(guān)注的信息是企業(yè)的盈利質(zhì)量。廣大投資者通常使用以凈利潤(rùn)為基礎(chǔ)的評(píng)價(jià)指標(biāo)來(lái)評(píng)價(jià)民營(yíng)上市公司的盈利能力，而凈利潤(rùn)是以權(quán)責(zé)發(fā)生制為基礎(chǔ)進(jìn)行核算的，極易被人為操縱。因此，財(cái)報(bào)信息使用者迫切需要對(duì)盈利質(zhì)量更高水平的保證程度。如何評(píng)價(jià)民營(yíng)上市公司的盈利質(zhì)量，保護(hù)廣大投資者的利益不受損害，已成為整個(gè)證券市場(chǎng)健康發(fā)展的客觀需要。基于這種考慮，本文根據(jù)盈利質(zhì)量的特征和影響因素，選取了9個(gè)評(píng)價(jià)指標(biāo)建立民營(yíng)上市公司的盈利質(zhì)量評(píng)價(jià)體系，運(yùn)用因子分析法，對(duì)蘇州三縣——昆山、常熟和張家港的民營(yíng)上市公司2013年的盈利質(zhì)量進(jìn)行實(shí)證分析。針對(duì)實(shí)證分析發(fā)現(xiàn)的民營(yíng)上市公司盈利質(zhì)量存在的問(wèn)題，本文在最后提出了相應(yīng)的對(duì)策建議，指出提高盈利質(zhì)量既要從公司內(nèi)部入手，突出主營(yíng)業(yè)務(wù)，提高獲現(xiàn)能力，完善治理結(jié)構(gòu)，加強(qiáng)內(nèi)部控制，也需要進(jìn)一步健全上市公司信息披露制度，規(guī)范證券市場(chǎng)行為。

關(guān)鍵詞：民營(yíng)上市公司 盈利質(zhì)量 因子分析 評(píng)價(jià)體系


ABSTRACT

With the further development of market economy in our country, enterprise financial report information is of more importance. Particularly for private listed companies, the investors depend much on the financial report information to eva luate their financial condition and operating result. Generally, financial report provides many kinds of information relating to the enterprises, of which earnings quality is paid much more attention by investors. The investing public prefer to take eva luation indicators based on the net profit to eva luate the profit capability of private listed company, however the net profit is checked under the accrual basis and easy to be manipulated. Therefore, the users of financial information are demanding greater assurrance about the quality of earnings. To make the securities market develop healthily, it’s necessary to eva luate the earnings quality of private listed companies and protect the interest of the investors. Depending on the characters and influencing factors of earnings quality, this paper established a eva luation system with 9 eva luation indicators to make a comprehensive eva luation of earnings quality of private lisied companies of Suzhou in 2013 by the method of Factor Analysis. Against the current problems of private listed company’s earnings quality which were found in empirical research, this paper finally put forward some suggestions for private listed companies as follows: to focus on the prime operation, to enhance company’s ability of acquiring cash flows, to strengthen the governance structure and internal control, to improve the information disclosure system and regulate the behavior of the securities market’s participants.

Key words: private listed company earnings quality factor analysis eva luating system

目 錄

引言 - 1 -
1 盈利質(zhì)量的概述 - 1 -
1.1 盈利質(zhì)量的內(nèi)涵 - 1 -
1.2 盈利質(zhì)量的特征 - 3 -
1.3 盈利質(zhì)量的影響因素 - 4 -
1.3.1 盈利質(zhì)量的外部影響因素 - 5 -
1.3.2 盈利質(zhì)量的內(nèi)部影響因素 - 6 -
2 民營(yíng)上市公司盈利質(zhì)量的現(xiàn)狀分析 - 7 -
3 民營(yíng)上市公司盈利質(zhì)量評(píng)價(jià)體系設(shè)計(jì) - 8 -
3.1 評(píng)價(jià)方法確定 - 8 -
3.2 評(píng)價(jià)指標(biāo)選擇 - 10 -
4 民營(yíng)上市公司盈利質(zhì)量的實(shí)證分析 - 13 -
4.1 樣本選擇 - 13 -
4.2 數(shù)據(jù)來(lái)源 - 14 -
4.3 實(shí)證過(guò)程 - 14 -
4.3.1 描述性統(tǒng)計(jì) - 14 -
4.3.2 因子分析 - 15 -
4.4 實(shí)證分析及結(jié)果 - 20 -
5 提高民營(yíng)上市公司盈利質(zhì)量的對(duì)策 - 21 -
結(jié) 束 語(yǔ) - 23 -
參考文獻(xiàn) - 24 -
致謝 - 26 -