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论文编号：	1880
作者编号：	041836
上传时间：	2010/5/18 10:48:33
中文题目：	上市公司收益质量评价实证研究
英文题目：	Stock-listed Firms Earning’s Quality Evaluation System
指导老师：	宗先臻
中文关键字：	上市公司 收益质量 评价体系
英文关键字：	Stock-listed Firms Earning’s Quality Evaluation System
中文摘要：	目前，收益质量引起人们越来越多的关注。对于收益质量进行研究，可以帮助利益相关人形成对公司现在和未来创造价值能力的正确判断，缓解目前资本市场严重的信息不对称状况，具有很强的实际意义。 本文研究的就是收益质量的评价问题。“收益质量”这一概念由来已久，基本形成于上个世纪30年代，基本含义是指公司编报的收益信息反映经济现实的真实程度，其中包含可靠性与相关性。收益质量是收益的一个侧面，正如产品具有质量这个属性，可以评价产品质量的优劣一样，收益同样具有收益质量的优劣性。质量有高低之分，具有客观真实性、规范性、持续性、安全性、现金保障性等特征的收益，其质量被认为是好的。 本文从收益持续性、收益现金保障性、资产使用效率、危险信号四个方面对上市公司收益质量进行分析。针对前三个方面，每个方面选取一定的财务代表性指标，建立了一个评价指标体系。根据评价指标体系的结果，利益相关人可以更加全面地了解上市公司收益的质量。文章选取汽车行业上市公司为样本，对上市公司收益质量评价指标体系进行实证分析，说明了收益质量评价指标体系的实际应用性。 从汽车行业的实证结果来看，目前汽车行业上市公司收益质量水平不高，且公司间差异较大。而对个别异常公司的分析，我们可以看出其经营方面存在的问题。从而证实了本文所建立的收益质量评价体系的实际应用性。
英文摘要：	Earning’s quality is drawing more and more attention from people now. The research of the earning’s quality has very strong actual meaning. The result of the analysis of earning’s quality could be used by the stakeholders to judge any company’s ability to create value at the present time and in future correctly. What this article study is the evaluation problem of the earning’s quality. The concept of “earning’s quality” appeared long ago, which formed in 30’s of last century. Earning’s quality basically refers to the relevance between earning’s information prepared by companies and economic practice, including dependence and accordance. Earning’s quality is only one aspect of earning. Just as the product has the quality character and could be evaluated, the income should also include quality character, which is used to evaluate earning’s quality. Earning’s quality including high degree of objectivity, conformity, continuality, security and cash indemnificatory is regarded as good quality. The listed companies’ earning’s quality is analyzed from earning’s consistency, earning’s cash indemnificatory, the efficiency of property usage, and dangerous signals four aspects. And several financial indexes are selected from the first three aspects, and an evaluation index system is built up. The result of the analysis of earning’s quality could be used by the stakeholders to judge any company’s earning’s quality. With the earning’s quality evaluation system, we analyses the automobile listed companies’ earning’s quality, and explains the actual application of the system. The result of the substantial analysis is that the automobile listed companies’ earning’s quality is low, and differences between companies are great. We can find out the operating problems of the individual companies through analysis, the actual application of the earning’s quality evaluation model is confirmed, and the stakeholders can make use of this earning’s quality evaluation model, and understand the quality of the listed companies’ earning more completely.
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