食品酿酒业上市公司盈利质量分析.doc

食品酿酒业上市公司盈利质量分析

摘要
    会计信息的真实性与可靠性是投资者做出决策的基础，而盈利质量的高低作为评价会计信息的指标之一不可或缺。近年来财务欺诈事件的出现大大动摇了投资者信心，使得投资者对上市公司披露的财务报告的真实性产生了质疑，同时也使人们越来越关注上市公司的盈利来源及其质量好坏。盈利质量的研究和分析不仅有利于投资者和债权人做出经济决策，还有利于我国资本市场的快速健康发展，规范上市公司秩序，提高市场资源配置效率。
本文以食品酿酒业的上市公司为研究对象，根据高盈利质量所具有盈利持续性、稳定性及高现金保障，选用了四个财务比率对58家上市公司的盈利质量进行比较，并详细分析了其中两家上市公司的盈利质量，得出了盈利稳定性和持续性的分析与盈利结构分析相结合，而不是单独看盈利变化趋势，才能较为准确和客观的对企业的盈利质量好坏做出判断。同时本文还对影响盈利质量的其他因素进行了分析，认为该行业一股独大现象较突出，内部控制有待趋于完善，企业应加强其社会责任感来避免产生可能对企业盈利的持续与稳定产生较大的影响的事件。
   
关键词：盈利质量、食品酿酒业上市公司、财务比率

Earnings Quality Analysis of Listed Companies in Food and Wine Industry

Abstract
The authenticity and reliability of accounting information is the foundation for investors to make decisions. As one of the essential indicators of accounting information, earnings quality is indispensable. In recent years, the emergence of financial fraud has shaken the confidence of investors, making investors doubt about the authenticity of financial reports of listed companies. And it has also raised concerns about the sources and quality of profit of listed companies. The study and analysis of earnings quality can not only help investors and creditors make economic decisions, but also benefit the rapid and healthy development of Chinese capital market. Moreover, it can standardize the order of listed companies, and improve market efficiency of resource allocation.
In this paper, the listed companies of Food and Wine industry are studying subject. And according to the characteristics of high earnings quality, which are sustainability, stability and high cash protection, I choose four financial rations to compare the earnings quality of 58 listed companies. Moreover, the paper also detailed analyzes the earnings quality of two companies from the 58 listed companies., and obtains the conclusion that sustainability and stability of earnings analysis should be combined with profit structure analysis to get a more accurate and objective conclusion on the quality of corporate earnings, rather than solely look at the profit change trends. This paper also exams some other factors that have effect on earnings quality. The study indicates that most of the 58 listed companies in Food and Wine industry have dominant shareholder, the internal control should be improved, and the corporations should strengthen their social responsibility to avoid some incidents that may have a greater impact on the sustainability and stability of corporate earnings.
Key words: earnings quality; food and wine listed companies; financial ratios
 
目   录
摘要 I
Abstract II
1绪论 1
1.1选题背景 1
1.2 研究意义 1
2 国内外研究现状 3
2.1国外研究现状 3
2.2国内研究现状 4
3盈利质量的含义及其影响因素 5
3.1盈利质量的含义 5
3.2影响盈利质量的因素 5
3.2.1盈利的持续性 5
    3.2.2盈利的稳定性 ..............................................5
3.2.3盈利的现金保障 6
3.2.4公司治理结构 6
3.2.5会计政策的选用 6
3.2.6 社会责任感 6
4 食品酿酒行业上市公司盈利质量分析 7
4.1 财务比率分析 7
4.1.1用于评价盈利质量的财务比率 7
4.1.2盈利持续性的比较 7
4.1.2.1净利润增长率 7
4.1.2.2主营业务收入增长率 8
4.1.3盈利的稳定性比较 10
4.1.3.1主营业务利润率 10
4.1.4 盈利的现金保障比较 11
4.1.4.1盈利经营现金保障倍数 11
4.1.5 个案分析 13
4.1.5.1丰原生化 13
4.1.5.2上海梅林 14
4.2 其他因素分析 16
4.2.1公司治理结构 16
4.2.2 会计政策的选用 17
4.2.3社会责任感 17
结论 18
参考文献 19
致谢 20