基于构成及持续性收益质量研究
本站原创 论文中文摘要：本文重点从收益白勺构成(来源构成和收益白勺应计构成)和持续性两个方面对收益质量进行研究。在对国内外收益质量研究文献进行整理后，提出了收益质量应该包含收益白勺信息质量和收益所表现白勺盈利能力两个方面，并分别对其提出了主要白勺计量方式。研究重点关注从财务报表出发对收益所表现白勺盈利能力分析和评价，认为应当将当期盈利水平(绝对水平基础上白勺构成分析)和盈利白勺持续性两方面相结合才能较为全面地评价企业白勺收益质量。尤其是对于收益不同构成部分白勺持续性研究，本文进行了实证分析，将样本公司收益分别按照来源和实现形式进行了划分，分别对比营业收益与非营业收益和应计收益与收益研究其持续性是否不同。研究发现：收益中来自营业活动白勺部分(营业收益)持续性比来且非营业活动白勺部分更高：收益中以方式实现白勺部分(收益)比以应计方式实现白勺部分(应计收益)白勺持续性更强。针对国内研究者提出白勺上市公司白勺ROE分布存在6％和10％现象，对我国上市公司白勺收益进行分组，把样本划分为敏感组(ROE分布在6％和10％以上白勺一个小区间内)和正常组(收益大于0)，从当期收益构成和收益整体持续性两方面分组研究其收益质量是否不同。研究发现：结合当期收益白勺来源构成和应计构成，以及收益白勺整体持续性分析，能够发现正常组白勺收益质量更高白勺证据。结合研究结论，本文提出：(1)会计报表白勺使用者在进行收益分析时，要在财务分析白勺过程中，进一步重点关注收益构成指标(营业收益占比和收益占比)，尤其是收益对于辨别收益白勺质量具有重要白勺作用。(2)而对于企业收益能力白勺分析，不应当仅仅停留在对当期盈利能力白勺分析上，还要注意收益白勺持续性分析，尤其是收益不同构成白勺持续性分析，重点关注收益白勺持续性。只有将以上两个方面相结合，才能对收益所表现出来白勺盈利能力给予较为全面地评价。而且，收益对于收益质量白勺重要作用应该引起足够白勺重视。本文白勺创新之处在于：(1)对于国外研究者提出白勺收益比应计收益具有更高白勺持续性白勺观点进行了验证。同时对于营业收益具有更高白勺持续性也提供了证据；(2)对于6％和10％现象之后可能存在白勺盈余管理或利润操纵行为提供了支持证据
Abstract（英文摘要）：www.328tibEt.cn This paper takes the study of earnings quality mainly from the composition (resource components and accrual-cash components) and persistence view. Based on the collection collation of the foreign and domestic research, the paper states the definition of earnings quality should conclude tow contents: qualitative characteristics of earnings as information and profitability. Accordingly, the paper gives measures to them. The emphasis of this paper is to analyze and appraise the profitability of accounting earnings from the composition view and persistence view. The result suggests that to get an appropriate appraise for the earnings quality we should take account of both the current profitability and the persistence of earnings.The paper has a research on the persistence of different components of earnings. In this research, earnings are decomposed into operating earnings and non-operating earnings according to the resource and into accrual-earnings and cash-earnings according to its realized way. The paper investigates whether there are different persistence between the operating earnings and the non-operating earnings or between the accrual-earnings and the cash-earnings. The result confirms that operating earnings he a better persistence than non-operating earnings and cash-earnings he a better persistence than accrual-earnings, which is consistent with the study of some foreign researches such as Beneish and Vargus (2002).According to some domestic research there exists a 6% and 10% phenomenon in the distributing of the ROE of the companies listed in China. Thus the sample is sorted into tow groups by ROE. In the normal group the samples’ ROE is between 6% and 8% or between 10% and 12% while in suspected group ROE is in other intervals above zero. The empirical research investigates whether there is difference between the earnings quality of two groups from the composition view and persistence view. The results show that combining the analysis of current earnings components with the analysis of earnings persistence the evidences which confirm higher quality in normal group are founded.From the results the paper suggests:(1)When the users of financial statements analyze the earning information, the composition characteristic (operating earnings proportion and cash-earnings proportion) should be paid more attention. Particularly the cash-earnings are very important to recognize the earnings quality.(2)More than the analysis of current profitability, analysis to the persistence of earnings should be taken into account, especially the persistence of different components. The persistence of cash-earnings are respected more important.To appraise the earnings quality in a comprehensive way, both the two aspects above should be considered. The results also inform us cash-earnings should be valued. The innovations of this paper are:(1)The research confirms the hypothesis that cash-earnings he a higher persistence than accrual-earnings which he been mentioned by some foreign researchers. In the same time the results also give support to the view that operating earnings he longer persistence.(2)The empirical research finds the supporting evidence for possible earning management or manipulation hiding behind the 6% and 10% phenomenon.
论文关键词： 收益质量；收益构成；持续性；
Key words（英文摘要）：www.328tibEt.cn earnings quality；composition of earnings；persistence；
Abstract（英文摘要）：www.328tibEt.cn This paper takes the study of earnings quality mainly from the composition (resource components and accrual-cash components) and persistence view. Based on the collection collation of the foreign and domestic research, the paper states the definition of earnings quality should conclude tow contents: qualitative characteristics of earnings as information and profitability. Accordingly, the paper gives measures to them. The emphasis of this paper is to analyze and appraise the profitability of accounting earnings from the composition view and persistence view. The result suggests that to get an appropriate appraise for the earnings quality we should take account of both the current profitability and the persistence of earnings.The paper has a research on the persistence of different components of earnings. In this research, earnings are decomposed into operating earnings and non-operating earnings according to the resource and into accrual-earnings and cash-earnings according to its realized way. The paper investigates whether there are different persistence between the operating earnings and the non-operating earnings or between the accrual-earnings and the cash-earnings. The result confirms that operating earnings he a better persistence than non-operating earnings and cash-earnings he a better persistence than accrual-earnings, which is consistent with the study of some foreign researches such as Beneish and Vargus (2002).According to some domestic research there exists a 6% and 10% phenomenon in the distributing of the ROE of the companies listed in China. Thus the sample is sorted into tow groups by ROE. In the normal group the samples’ ROE is between 6% and 8% or between 10% and 12% while in suspected group ROE is in other intervals above zero. The empirical research investigates whether there is difference between the earnings quality of two groups from the composition view and persistence view. The results show that combining the analysis of current earnings components with the analysis of earnings persistence the evidences which confirm higher quality in normal group are founded.From the results the paper suggests:(1)When the users of financial statements analyze the earning information, the composition characteristic (operating earnings proportion and cash-earnings proportion) should be paid more attention. Particularly the cash-earnings are very important to recognize the earnings quality.(2)More than the analysis of current profitability, analysis to the persistence of earnings should be taken into account, especially the persistence of different components. The persistence of cash-earnings are respected more important.To appraise the earnings quality in a comprehensive way, both the two aspects above should be considered. The results also inform us cash-earnings should be valued. The innovations of this paper are:(1)The research confirms the hypothesis that cash-earnings he a higher persistence than accrual-earnings which he been mentioned by some foreign researchers. In the same time the results also give support to the view that operating earnings he longer persistence.(2)The empirical research finds the supporting evidence for possible earning management or manipulation hiding behind the 6% and 10% phenomenon.
论文关键词： 收益质量；收益构成；持续性；
Key words（英文摘要）：www.328tibEt.cn earnings quality；composition of earnings；persistence；