我国上市公司收益质量评价体系研究

Research on the Evaluation System of the Earnings Quality of Listed Companies in China

本文基于现有研究成果构建了我国上市公司收益质量评价体系,通过结构方程建模和对我国A股上市公司样本数据分析发现,收益质量对社会经济环境的高度依赖性使得国内外现有研究结论在我国上市公司中并不完全适用。所以,本文进一步对初始模型进行了指标筛选和修正,给出了符合我国现状的上市公司收益质量综合评价体系。算例分析显示该体系不仅能够给出收益质量的客观评价,还能对公司市场竞争力、资金运作、企业成长前景等方面进行评定和分析,为投资者、公司管理者等提供决策支持。

Based the existing research and theory of earnings quality, an evaluation index system is established comprehensively, which includes six aspects of earnings： reliability, growth, sustainability, stability, cash ensuring and safety. To test the reasonability of the index system, the method of Structure Equations Model （SEM） is adopted based on the data from Chinese listed company. By analyzing the goodness-of-fit results of the model, it shows that the existing research results are inapplicable to our listed company, owing to the strong dependency of earnings quality on social and economic environment. According to these unreasonable hypotheses, the original model is modified and the index system is adjusted. Then this paper proposes a scientifically rational and integrated index system of earnings quality evaluation. A numerical example is given to demonstrate the effectiveness of this index system.