盈余持续增长、收入持续增长和盈余质量——基于中国上市公司的实证分析

本文选取净利润连续5年增长的深沪上市公司作为研究主样本，同时将主样本按照主营业务收入是否持续增长分为两类公司，进行其盈余质量的实证研究。以盈余持续性、盈余的价值相关性、盈余和现金流的关联度和盈余披露的及时性作为衡量盈余质量的标准，证实了盈余持续增长的公司的盈余质量水平较高，其中收入同时持续增长的公司的盈余质量水平更高。

Sustained Earnings Growth,Sustained Revenues Growth and Earnings Quality

This paper selects listed finns with 5-year sustained earnings growth as main sample, which is divided into S group and NS group based on whether there is 5-year sustained growth in revenues. This paper constructs an evaluation system, synthetically evaluating earnings quality from the four aspects of earnings persistence, value-relevant, cash flow relevant earnings and in-time announcement of earnings. The result of study indicates that the companies with sustained increase in earnings have higher earnings quality than other companies, and earnings quality is highest when sustained increases in earnings are supported by sustained increases in both revenues.