浅议业绩评价中盈余与现金流量的选择

The Choice of Surplus and Cash Flow in Evaluating the Accomplishment of a company

本文从理论上阐明盈余与现金流量两者的差异,进而提出作者自己的观点:企业经营业绩评价应以盈余为主,现金流量作为必要补充。并加以实证检验,得出结论:我国上市公司所公布的会计盈余能向投资者传递决策信息,现金流量也能向投资者传递决策信息。但与现金流量相比,会计盈余对投资者决策行为解释力更强。可见,在实际操作中,投资者也是较多地根据会计盈余来决定他的决策,而现金流量信息作为必要的补充。

The paper expounds the difference between earnings and cash flow,and put for ward the writer's own view:We should use earnings as primary,use cash flow as necessary supplement when we evaluate a corporation's performance.Moreover,the paper is engaged in a empirical study that is based on Shanghai stock market.The result is the earnings information which published by the corporation on the market in our country can transmit decisive messages to investors,and the cash flow information can also do this.But when it is compared with cash flow,earnings have more power of explanation.So,it has more information than cash flow.It is obvious that in the practice,investors make decisions mainly according to earnings,cash flow is necessary supplement.