企业的利润结构与可持续增长 ——基于A股竞争性上市公司的经验证据

企业的可持续增长是社会经济可持续发展的基础,企业的可持续性增长能力与利润总额和利润构成密切相关.在新企业会计准则下,利润总额由核心利润、资产减值损失、公允价值变动损益、投资损益、营业外收支净额等五个部分构成,利润总额不同构成部分的来源不一样,稳定性和持久性也不一样.实证研究发现,盈利对企业增长的可持续性具有正面影响,利润总额的不同构成部分会对企业增长的可持续产生不同影响,利润结构可以提供有关企业可持续增长的增量信息,新企业会计准则下利润表项目的调整变化提高了利润表的信息含量.

Profit Structure and Sustainable Growth:Empirical Evidence from Competitive Listed Companies of A Share

The enterprise’s sustainable growth is the foundation for sustainable development of social economy,and its sustainable growth ability is closely related to the total profit and its components.Under the new accounting standards for business enterprises,the total profit consists of core profit,asset impairment loss,income from changes in fair value,investment income,and net non-operating income,which are produced from different business activities,and their stability and durability are not the same.The present study comes to the following conclusions: earnings have a positive impact on the sustainability of corporate growth;the different components of the total profit impose different influences on the corporate growth;the profit structure can provide incremental information about relevant enterprises;the adjustment and the changes of the income statement items under the new enterprise accounting standards improve the information of the income statement.