收益质量分析需要花费投资者大量的精力和财力,因此,必须提高投资者进行收益质量分析的效率。要达到这一目的,我们需要注意以下两个方面:1.集中精力分析收益质量最有可能下降的企业把主要精力集中于经验表明收益质量最有可能下降的那些企业,能够显著降低收益质量分析所需要的成本。一般来讲,这些企业可能具有以下特征:(1)公司已经取得了巨大的市场份额,但是从报表数据来看,其增长速度比行业平均水平更快。通常,一个公司所占据的市场份额越大,比同行业平均水平增长得更快也就越困难,因此,这样已占据较大市场份额仍能快速增长的公司需要引起我们注意。(2)经常签订企业之间的并购协议。企业之间的并购活动,可能是出于战略扩张的考虑,但是战略扩张会造成企业大量的现金流出,而且并购完成后企业能否较好地整合在一起,也有较大的不确定性,这都有可能影响企业未来的收益质量。(3)公司管理当局具有不好的历史记录,如 The quality analysis of revenue needs a lot of energy and financial resources to be spent on the investors. Therefore, investors must improve the efficiency of the revenue quality analysis. To do this, we need to pay attention to the following two aspects: 1. Concentrate on analyzing the enterprises with the most likely decline in earnings quality Focus on those companies whose experience shows that the revenue quality is most likely to decline, and can significantly reduce the revenue quality analysis The required cost. In general, these companies may have the following characteristics: (1) The company has made a huge market share, but according to the report data, the growth rate is faster than the industry average. Often, the greater the market share a company takes, the harder it will be to grow faster and faster than the industry average, so companies that have enjoyed significant market share growth need to catch our eye. (2) Often sign a merger agreement between enterprises. Mergers and acquisitions among enterprises may be due to the strategic expansion, but the strategic expansion will result in a large amount of cash outflow from the enterprises, and after the completion of the mergers and acquisitions, the enterprises can integrate well and have greater uncertainty, which Are likely to affect the quality of the future earnings of enterprises. (3) Company management has a poor history, such as