论文部分内容阅读
本文在不考虑上市公司财务报表是否经过盈余管理的基础上,直接以财务报表的数据为依据,研究企业报表提供的盈余质量信息对企业价值的影响。显然,会计盈余质量信息具有明显的“经济后果”。正因为会计盈余质量信息和公司价值之间的这种密切联系,因此研究盈余质量与企业价值的关系有重要意义。本文研究得出正常损益所占比重和现金流与企业价值正相关,但不显著;非正常损益所占比重与企业价值负相关,基本显著;而反映企业盈利能力的净资产收益率与企业价值正相关,且非常显著。
Based on the data of the financial statements, the paper studies the impact of the earnings quality information provided by the corporate statements on the corporate value, without considering whether the financial statements of the listed companies have undergone earnings management. Obviously, accounting earnings quality information has obvious “economic consequences ”. Because of this close relationship between accounting earnings quality information and company value, it is of great significance to study the relationship between earnings quality and enterprise value. The study shows that the proportion of normal profit and loss and cash flow are positively correlated with the enterprise value, but not significant. The proportion of abnormal profit and loss is negatively correlated with the enterprise value, which is basically significant. The ROE and the enterprise value, which reflect the profitability of the enterprise, Positive and very significant.