食品釀酒業(yè)上市公司盈利質(zhì)量分析

摘要
    會(huì)計(jì)信息的真實(shí)性與可靠性是投資者做出決策的基礎(chǔ)，而盈利質(zhì)量的高低作為評(píng)價(jià)會(huì)計(jì)信息的指標(biāo)之一不可或缺。近年來(lái)財(cái)務(wù)欺詐事件的出現(xiàn)大大動(dòng)搖了投資者信心，使得投資者對(duì)上市公司披露的財(cái)務(wù)報(bào)告的真實(shí)性產(chǎn)生了質(zhì)疑，同時(shí)也使人們?cè)絹?lái)越關(guān)注上市公司的盈利來(lái)源及其質(zhì)量好壞。盈利質(zhì)量的研究和分析不僅有利于投資者和債權(quán)人做出經(jīng)濟(jì)決策，還有利于我國(guó)資本市場(chǎng)的快速健康發(fā)展，規(guī)范上市公司秩序，提高市場(chǎng)資源配置效率。
本文以食品釀酒業(yè)的上市公司為研究對(duì)象，根據(jù)高盈利質(zhì)量所具有盈利持續(xù)性、穩(wěn)定性及高現(xiàn)金保障，選用了四個(gè)財(cái)務(wù)比率對(duì)58家上市公司的盈利質(zhì)量進(jìn)行比較，并詳細(xì)分析了其中兩家上市公司的盈利質(zhì)量，得出了盈利穩(wěn)定性和持續(xù)性的分析與盈利結(jié)構(gòu)分析相結(jié)合，而不是單獨(dú)看盈利變化趨勢(shì)，才能較為準(zhǔn)確和客觀的對(duì)企業(yè)的盈利質(zhì)量好壞做出判斷。同時(shí)本文還對(duì)影響盈利質(zhì)量的其他因素進(jìn)行了分析，認(rèn)為該行業(yè)一股獨(dú)大現(xiàn)象較突出，內(nèi)部控制有待趨于完善，企業(yè)應(yīng)加強(qiáng)其社會(huì)責(zé)任感來(lái)避免產(chǎn)生可能對(duì)企業(yè)盈利的持續(xù)與穩(wěn)定產(chǎn)生較大的影響的事件。
   
關(guān)鍵詞：盈利質(zhì)量、食品釀酒業(yè)上市公司、財(cái)務(wù)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   錄
摘要 I
Abstract II
1緒論 1
1.1選題背景 1
1.2 研究意義 1
2 國(guó)內(nèi)外研究現(xiàn)狀 3
2.1國(guó)外研究現(xiàn)狀 3
2.2國(guó)內(nèi)研究現(xiàn)狀 4
3盈利質(zhì)量的含義及其影響因素 5
3.1盈利質(zhì)量的含義 5
3.2影響盈利質(zhì)量的因素 5
3.2.1盈利的持續(xù)性 5
    3.2.2盈利的穩(wěn)定性 ..............................................5
3.2.3盈利的現(xiàn)金保障 6
3.2.4公司治理結(jié)構(gòu) 6
3.2.5會(huì)計(jì)政策的選用 6
3.2.6 社會(huì)責(zé)任感 6
4 食品釀酒行業(yè)上市公司盈利質(zhì)量分析 7
4.1 財(cái)務(wù)比率分析 7
4.1.1用于評(píng)價(jià)盈利質(zhì)量的財(cái)務(wù)比率 7
4.1.2盈利持續(xù)性的比較 7
4.1.2.1凈利潤(rùn)增長(zhǎng)率 7
4.1.2.2主營(yíng)業(yè)務(wù)收入增長(zhǎng)率 8
4.1.3盈利的穩(wěn)定性比較 10
4.1.3.1主營(yíng)業(yè)務(wù)利潤(rùn)率 10
4.1.4 盈利的現(xiàn)金保障比較 11
4.1.4.1盈利經(jīng)營(yíng)現(xiàn)金保障倍數(shù) 11
4.1.5 個(gè)案分析 13
4.1.5.1豐原生化 13
4.1.5.2上海梅林 14
4.2 其他因素分析 16
4.2.1公司治理結(jié)構(gòu) 16
4.2.2 會(huì)計(jì)政策的選用 17
4.2.3社會(huì)責(zé)任感 17
結(jié)論 18
參考文獻(xiàn) 19
致謝 20