基于投资者视角的公司财务质量评价研究——以煤炭上市公司为例

Construction and Application of Financial Quality Evaluation Index System of Listed Company from the Perspective of Investor

针对国内有关公司财务质量评价研究中存在的不足,把握财务质量概念内涵,立足于公司财务管理目标以及实现过程,基于投资者视角提出了从资本质量、资产质量、盈利质量和股东权益增长质量四个层面分析评价上市公司财务质量的观点。在此基础上考虑各个层面的质量特征,选择相关指标构建了上市公司财务质量评价指标体系,并将该指标体系应用于对我国煤炭上市公司财务质量的评价中。研究发现,盈利质量高低对煤炭上市公司财务质量综合排序有决定性影响,资产质量对煤炭上市公司财务质量综合排序有重要影响。

The paper put forward the opinion that financial quality should be consist in quality of capital, quality of assets, quality of earnings and quality of the growth that involve in owner＇ s equity from the perspective of investor. This opinion was put forward bases on the consideration the research limits about financial quality, which the authors take hold in the target of financial management and grasp the concept of financial quality, construct financial quality evaluation index system of listed company. Further more, by applying the index system, the paper evaluate the financial quality of the Chinese coal listed companies based on the data of 2013, arrival at some significant conclusions and enlightenment.