收益及其质量的内涵演进与量化指标分析
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摘要
各层面对收益及其质量内涵的不同理解以及所导出的收益质量问题是极为重要的理论和实际问题。本文先从收益的内涵及其演进谈起。经济收益有“理想收益”之称。但是经济收益的计量实际操作性不强。会计收益特征为“三位一体”。相对于经济学上的收益理论来说会计收益更具有客观性和可验证性，它是一种“现实收益”。但面临新经济时代，传统的会计收益理论显得无能为力：它不能及时、准确地反映真实的收益。由此，经济增加值理论和全面收益理论应运而生。EVA是一定时期的企业税后经营净利润与投入资本的资金成本的差额。EVA力求与现金流贴现模型等价，同时克服了计量难度。全面收益不仅计量经营活动导致的损益及其已经实现的持产损益，而且也计量物价变动或其他一些外在环境事件所引起的已确认而未实现的损益，从而能够全面反映在报告期内产生(而不是实现)的净资产的全部变动。经济增加值理论和全面收益理论的提出，一方面代表着会计收益理论与经济收益理论的融合；另一方面说明了人们对收益质量问题的关注。
根据对收益及其质量的内涵的理解，对收益质量分三个层次剖析。第一个层次是经济收益能力引起的质量问题，包括收益水平、收益构成、收益的风险敏感性和收益的成长性。第二个层次是会计制度本身的缺陷引起的质量问题，体现在会计收益的不确定性、应计制会计、公认会计原则及历史成本计量原则的局限性、不及时及不全面性、无定性分析等方面。第三个层次是人为造假引
四川大学硕士学位论文
起的质量问题。如违反公正不偏性、随意捏造或弃舍经济业务及其会计处理等。
对收益及其质量的评价分析，除了常用的定性分析用于识别风险信号外，
量化分析是近年来的一大趋势。量化分析一般选择指标，进行单项或综合比较。
我们主张构建指标评价体系，从收益质量的三个层次中分别选出具有代表性的
指标，如反映收益及其质量水平的指标:EVA和ROE;反映收益稳定性、成长性
的指标:主营业务鲜明率和主营业务利润增长率;反映会计制度的缺陷的指标:
现金营运指数、不良资产比率等;反映是否存在人为作假的指标:扣除非经常
性损益的每股收益变化率和易操纵资产比率，由这些指标，结合非财务衡量标
准，全面分析评价收益及其质量。
关键词:经济收益会计收益经济增加值全面收益收益质量
量化指标
The most important practical problem is issue of earnings caused by different opinions on earnings and quality of earnings from various delamination. Starting with connotation and advance of earnings, people often treat economic income as ideal income. However, it is not easy to quantify. Accounting income is charactered by following the rule of historic cost, income and cost matched and wariness. Compared with economic income, accounting income can be validated easy, so it has practicality. But when faced with new economic age, traditional theory of accounting income is too old to reflect the truth quickly and correctly. Responding to this new circumstance, the theories of "Economic Value Added" and "Comprehensive Income" are developed. EVA equals the balance between NOPAT and capital cost. EVA has solved the problem of quantity. And comprehensive income not only include the accounting income, but measure earnings which has affirmed and unrealized such as earnings caused by the change of price or of other environmental conditions. Therefore this theory can show the whole change of net assets during the reported period. With the theory of EVA and comprehensive
income, it shows that the distance of economic income and accounting income became shorter on the one hand, while that people pay more attention to the issue of quality of earnings.According to the understand of earnings and quality of earnings, we probe into interior quality of earnings from three different delamination. The first delamination is about the magnitude of economic income, which include the level of income, the form of income, the sensitivity of income and the increasing ability of income. The second delamination is about objectivity of differentia accounting income and economic income caused by the bug of accounting system itself. For example earnings management is one of the ways to adjust the earning (play number games) which is probably far from the truth to satisfy the manager though the action is under the rule. The Third delamination is about fake income caused by person on purpose. Some companies are against neutral operation or make up unreal income.Quantified analysis is a new means to estimate earnings and quality of earnings in recent years, in addition to the ways of qualitative analysis such as distinguishing "red flags" . The usual way is to select indexes and compare the result to the standard by single index or integrated scores. We propose to build a set of indexes, chosen from three different delamination, which can represent the main elements. These indexes can reflect the level of income, the stability and ability of growth, avoiding the limitation of accounting rules, marking the poor quality of earnings. After calculating these indexes, combining qualitative analysis, we can acquire the status of the quality, then we have reasons to improve quality of earnings.
根据对收益及其质量的内涵的理解，对收益质量分三个层次剖析。第一个层次是经济收益能力引起的质量问题，包括收益水平、收益构成、收益的风险敏感性和收益的成长性。第二个层次是会计制度本身的缺陷引起的质量问题，体现在会计收益的不确定性、应计制会计、公认会计原则及历史成本计量原则的局限性、不及时及不全面性、无定性分析等方面。第三个层次是人为造假引
四川大学硕士学位论文
起的质量问题。如违反公正不偏性、随意捏造或弃舍经济业务及其会计处理等。
对收益及其质量的评价分析，除了常用的定性分析用于识别风险信号外，
量化分析是近年来的一大趋势。量化分析一般选择指标，进行单项或综合比较。
我们主张构建指标评价体系，从收益质量的三个层次中分别选出具有代表性的
指标，如反映收益及其质量水平的指标:EVA和ROE;反映收益稳定性、成长性
的指标:主营业务鲜明率和主营业务利润增长率;反映会计制度的缺陷的指标:
现金营运指数、不良资产比率等;反映是否存在人为作假的指标:扣除非经常
性损益的每股收益变化率和易操纵资产比率，由这些指标，结合非财务衡量标
准，全面分析评价收益及其质量。
关键词:经济收益会计收益经济增加值全面收益收益质量
量化指标
The most important practical problem is issue of earnings caused by different opinions on earnings and quality of earnings from various delamination. Starting with connotation and advance of earnings, people often treat economic income as ideal income. However, it is not easy to quantify. Accounting income is charactered by following the rule of historic cost, income and cost matched and wariness. Compared with economic income, accounting income can be validated easy, so it has practicality. But when faced with new economic age, traditional theory of accounting income is too old to reflect the truth quickly and correctly. Responding to this new circumstance, the theories of "Economic Value Added" and "Comprehensive Income" are developed. EVA equals the balance between NOPAT and capital cost. EVA has solved the problem of quantity. And comprehensive income not only include the accounting income, but measure earnings which has affirmed and unrealized such as earnings caused by the change of price or of other environmental conditions. Therefore this theory can show the whole change of net assets during the reported period. With the theory of EVA and comprehensive
income, it shows that the distance of economic income and accounting income became shorter on the one hand, while that people pay more attention to the issue of quality of earnings.According to the understand of earnings and quality of earnings, we probe into interior quality of earnings from three different delamination. The first delamination is about the magnitude of economic income, which include the level of income, the form of income, the sensitivity of income and the increasing ability of income. The second delamination is about objectivity of differentia accounting income and economic income caused by the bug of accounting system itself. For example earnings management is one of the ways to adjust the earning (play number games) which is probably far from the truth to satisfy the manager though the action is under the rule. The Third delamination is about fake income caused by person on purpose. Some companies are against neutral operation or make up unreal income.Quantified analysis is a new means to estimate earnings and quality of earnings in recent years, in addition to the ways of qualitative analysis such as distinguishing "red flags" . The usual way is to select indexes and compare the result to the standard by single index or integrated scores. We propose to build a set of indexes, chosen from three different delamination, which can represent the main elements. These indexes can reflect the level of income, the stability and ability of growth, avoiding the limitation of accounting rules, marking the poor quality of earnings. After calculating these indexes, combining qualitative analysis, we can acquire the status of the quality, then we have reasons to improve quality of earnings.
引文
[1]．汝莹，符蓉．收益与收益质量的分层研究．中国工业经济，2003(7)
[2]．汝莹，符蓉．经济收益、会计收益与全面收益的比较分析．四川会计，2003(5)
[3]．S．戴维．扬(S．David Young)，斯蒂芬．F．奥伯恩(Stephen F.O'Byrne)著．廖理主编．EVA与价值管理．北京：社会科学文献出版社，2002
[4]．戴维·F·霍金斯著．孙铮，郭永清主译．公司财务报告与分析：教程与案例．大连：东北财经大学出版社，2000
[5]．糜仲春，蔡天君．收益质量分析．技术经济与管理研究．2001(1)
[6]．王啸．美国收益质量危机的探讨及其启示．证券市场导报．2002(10)
[7]．汝莹，符蓉．信息非对称下的会计收益质量探析．四川会计，2003(10)
[8]．程春晖．全面收益会计研究．大连：东北财经大学出版社，2000
[9]．夏恩·桑德著．方红星、王鹏、李红霞译．会计与控制理论．大连：东北财经大学出版社，2000 ．
[10]．魏明海、谭劲松、林舒．盈余管理研究．北京：中国财经出版社，2000
[11]．赵宇龙．会计盈余与股价行为．上海：上海三联书店，2000
[12]．刘立国、杜莹．公司治理与会计信息质量关系的实证研究．会计研究，2003(2)
[13]．蒋义宏、魏刚著．中国上市公司会计与财务问题研究．大连：东北财经大学出版社，2001
[14]．范益棋、美小勇、刘连起．我国上市公司经营业绩分析．经济管理，2003(14)
[15]．赵宇龙．会计利润的信息含量．经济研究，1998(7)
[16]．周浪波．收益质量及其评价探微．财会月刊，2002(10)
[17]．陈晓、陈小悦、刘钊．A股盈余报告的有用性研究．经济研究，1999(6)
[18]. http://www.sternstewart.com.cn
[19]. http://finance.stockstar.com/ar/evainfo.asp
[20]. Baruch Lev. On the Usefulness of Earnings:Lessons and Direction from Two Decades of Empirical Research. Journal of Accounting Research, 1989
[21]. Collins, Daniel W.,S. P. Kothari, Jay Shanken and Richard G. Sloan. Lack of Timeliness and Noise as Explanations for the Low Contemporaneous Return-Earnings Association. Journal of Accounting and Economics, 1994
[2]．汝莹，符蓉．经济收益、会计收益与全面收益的比较分析．四川会计，2003(5)
[3]．S．戴维．扬(S．David Young)，斯蒂芬．F．奥伯恩(Stephen F.O'Byrne)著．廖理主编．EVA与价值管理．北京：社会科学文献出版社，2002
[4]．戴维·F·霍金斯著．孙铮，郭永清主译．公司财务报告与分析：教程与案例．大连：东北财经大学出版社，2000
[5]．糜仲春，蔡天君．收益质量分析．技术经济与管理研究．2001(1)
[6]．王啸．美国收益质量危机的探讨及其启示．证券市场导报．2002(10)
[7]．汝莹，符蓉．信息非对称下的会计收益质量探析．四川会计，2003(10)
[8]．程春晖．全面收益会计研究．大连：东北财经大学出版社，2000
[9]．夏恩·桑德著．方红星、王鹏、李红霞译．会计与控制理论．大连：东北财经大学出版社，2000 ．
[10]．魏明海、谭劲松、林舒．盈余管理研究．北京：中国财经出版社，2000
[11]．赵宇龙．会计盈余与股价行为．上海：上海三联书店，2000
[12]．刘立国、杜莹．公司治理与会计信息质量关系的实证研究．会计研究，2003(2)
[13]．蒋义宏、魏刚著．中国上市公司会计与财务问题研究．大连：东北财经大学出版社，2001
[14]．范益棋、美小勇、刘连起．我国上市公司经营业绩分析．经济管理，2003(14)
[15]．赵宇龙．会计利润的信息含量．经济研究，1998(7)
[16]．周浪波．收益质量及其评价探微．财会月刊，2002(10)
[17]．陈晓、陈小悦、刘钊．A股盈余报告的有用性研究．经济研究，1999(6)
[18]. http://www.sternstewart.com.cn
[19]. http://finance.stockstar.com/ar/evainfo.asp
[20]. Baruch Lev. On the Usefulness of Earnings:Lessons and Direction from Two Decades of Empirical Research. Journal of Accounting Research, 1989
[21]. Collins, Daniel W.,S. P. Kothari, Jay Shanken and Richard G. Sloan. Lack of Timeliness and Noise as Explanations for the Low Contemporaneous Return-Earnings Association. Journal of Accounting and Economics, 1994
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