基于财务报表基本面信息的上市公司盈余质量评价

会计报告的盈余信息(每股收益)是判断股票是否具有投资价值的重要指标,即便是具有相同盈余数字的上市公司,其股价(或股票收益率)也存在或大或小的差异,投资者在进行分析时除了关注盈余信息之外,还应关注财务报表中的基本面信息。通过分析基本面信息对盈余反应系数的影响,可以考察基本面信息在评价上市公司盈余质量中所起的作用。实证研究结果表明,基本面信息可以在一定程度上反映盈余质量,而依据基本面信息构建的盈余质量综合评价指标(EQ)可以作为评价上市公司盈余质量的参考标准。

Earnings Quality and Fundamental Information Analysis Based on Financial Statement

The income information(EPS) from financial statement is one of the most important indicators to assess the stock’s investment value.There may be some difference among different corporate in their stock price even if they have exactly same EPS numbers.So,we should think about the non-income information,namely fundamental information,besides the income information.In this paper,the authors analyze the relationship between fundamental information and ERC(or earnings quality).The findings indicate that there has some relationship between ERC and fundamental information.All of these fundamental information can be used as an indicators of earnings quality.