企业集团获利能力与价值挖掘:基于中国上市公司“利润逆转”的数据分析

我国上市公司净利润小与利润总额的利润逆转现象频频出现。通过对我国2001年度至2005年度出现利润逆转现象上市公司的总体样本分析,细究其出现逆转现象的原因所在,发现净利润并不能客观地反映集团公司的经营业绩。进一步讨论了利润逆转对于决策的意义所在,认为利润逆转的信号作用不容忽视,其所提供的战略信息不容小觑,因此利润逆转对于业绩评价尤为重要。利润逆转是企业未来持续获利能力的表达,是挖掘企业价值所在的有效途径。

On the Profit-earning Ability of Enterprise Groups and Value Mining:Data Analysis Based on the "Profit Reversion" of Chinese Listed Companies

The profit reversion of net profit and total profit in Chinese listed companies has become a frequent phenomena. After analyzing the samples of Chinese listed companies that shows the profit reversion phenomena from 2001 to 2005, deeply exploring the cause of profit reversion, this paper finds that net profit can't reflect objectively the operation performance of listed companies. It further argues the importance of profit reversion for decision and provides case analysis as scientific basis, and concludes that the signal function of profit reversion can't be neglected, the strategic information it provides can't be under view. In short, profit reversion is of great value for the evaluation of performance. Profit reversion is the expression of enterprises' future earning ability and effective approach to mine the value of enterprises.