上市公司财务状况质量:理论框架与评价体系
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摘要
科学、有效地评价上市公司质量,保护利益相关者权益,是资本市场健康发展的关键,而财务状况质量是上市公司质量最综合、最显性的体现。以往对上市公司财务状况质量的评价方法主要来源于美国,这种评价方法由于没有也不可能考虑中国情境下的上市公司在会计准则与信息披露变化等方面具体的制度背景、经营环境以及管理特征等诸多方面存在的差异性对会计信息造成的影响,已经表现出越来越差的适用性,并在相当程度上误导了人们在整体上对上市公司财务状况质量的评价与判断。鉴于此,本文构建了基于中国情境的上市公司财务状况质量分析的理论框架和评价体系,以"股权结构、经营战略选择、战略实施后果、管理质量"为分析路径,从资本结构质量、资产质量、利润质量和现金流量质量4个维度,解读上市公司的资本引入战略、资源配置战略、战略实施效果和战略支撑能力,透视公司的管理质量和治理效率,以期为评价上市公司质量提供更为有效的分析工具。
The key to the healthy development of capital market is evaluating the quality of listed companies scientifically,which the quality of financial situation can manifest. Previous evaluation method of the financial status quality of listed companies,often used in America,is not applicable to China's condition. This method does not take into account the impact of countries' differences in institutional background,operating environment and management characteristics on accounting information,and misleads the judgment of financial status quality. This paper constructs a theoretical framework and evaluation system for the quality analysis of listed companies' financial status quality,mainly for the situation in China. Taking "ownership structure,business strategy choice,strategy implementation consequences and management quality" as the analysis path,this paper interprets capital infusion strategy,the capital allocation strategy,the effect of strategy implementation and the ability of strategy support from the four dimensions of capital structure quality,asset quality,profit quality and cash flow quality. This paper provides a more effective analysis tool for evaluating the quality of listed companies.
The key to the healthy development of capital market is evaluating the quality of listed companies scientifically,which the quality of financial situation can manifest. Previous evaluation method of the financial status quality of listed companies,often used in America,is not applicable to China's condition. This method does not take into account the impact of countries' differences in institutional background,operating environment and management characteristics on accounting information,and misleads the judgment of financial status quality. This paper constructs a theoretical framework and evaluation system for the quality analysis of listed companies' financial status quality,mainly for the situation in China. Taking "ownership structure,business strategy choice,strategy implementation consequences and management quality" as the analysis path,this paper interprets capital infusion strategy,the capital allocation strategy,the effect of strategy implementation and the ability of strategy support from the four dimensions of capital structure quality,asset quality,profit quality and cash flow quality. This paper provides a more effective analysis tool for evaluating the quality of listed companies.
引文
(1)Ball,R.and Shivakumar,L.,2008,“Earnings Quality at Initial Public Offerings”,Journal of Accounting and Economics,Vol.45,pp.324~349.
(2)Botosan,C.A.and Plumlee,M.A.,2002,“A Re-examination of Disclosure Level and the Expected Cost of Equity Capital”,Journal of Accounting Research,Vol.40,pp.21~40.
(3)Bushman,R.and Smith,A.,2001,“Financial Accounting Information and Corporate Governance”,Journal of Accounting Economics,Vol.31,pp.237~333.
(4)Cohen,D.A.,Dey,A.and Lys,T.Z.,2008,“Real and Accrual-based Earnings Management in the Pre-and Post-Sarbanes-Oxley Periods”,The Accounting Review,Vol.83,pp.757~787.
(5)DeAngelo,L.E.,1986,“Accounting Numbers as Market Valuation Substitutes:A Study of Management Buyouts of Public Stockholders”,The Accounting Review,Vol.61,pp.400.
(6)Dechow,P.M.,Kothari,S.P.and Watts,R.L.,1998,“The Relation Between Earnings and Cash Flows”,Journal of Accounting and Economics,Vol.25,pp.133~168.
(7)Dechow,P.,Ge,W.and Schrand,C.,2010,“Understanding Earnings Quality:A Review of the Proxies,Their Determinants and Their Consequences”,Journal of Accounting and Economics,Vol.50,pp.344~401.
(8)Fama,E.F.and Jensen,J.M.,1983,“Separation of Ownership and Control”,Journal of Law and Economics,Vol.26,pp.301~325.
(9)Francis,J.and Schipper,K.,1999,“Have Financial Statements Lost Their Relevance”,Journal of Accounting Research,Vol.37,pp.319~352.
(10)Ghosh,A.and Moon,D.,2010,“Corporate Debt Financing and Earnings Quality”,Journal of Business Finance&Accounting,Vol.37,pp.538~559.
(11)Healy,P.M.and Palepu,K.G.,2001,“Information Asymmetry,Corporate Disclosure and the Capital Markets:A Review of the Empirical Disclosure Literature”,Journal of Accounting and Economics,Vol.9,pp.405~440.
(12)Jensen,M.and Meckling,W.,1976,“Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure”,Journal of Financial Economics,Vol.3,pp.305~360.
(13)La Porta,R.,Lopez-de-Silanes,F.,Shleifer,A.and Vishny,R.W.,1998,“Law and Finance”,Journal of Political Economy,Vol.106,pp.1133~1155.
(14)La Porta,R.,Lopez-de-Silanes,F.,Shleifer,A.and Vishny,R.W.,2002,“Investor Protection and Corporate Valuation”,Journal of Finance,Vol.57,pp.1147~1170.
(15)Leftwich,R.,1983,“Accounting Information in Private Markets:Evidence from Private Lending Agreements”,The Accounting Review,Vol.58,pp.23~42.
(16)Nissim,D.and Penma,S.H.,2003,“Financial Statement Analysis of Leverage and How It Informs about Profitability and Priceto-Book Rations”,Review of Accounting Studies,Vol.8,pp.531~560.
(17)Singvi,S.S.,1968,“Corporate Disclosure through Annual Reports in the United States of America and India”,Journal of Finance,Vol.23,pp.551~552.
(18)Sloan,R.G.,1996,“Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?”,The Accounting Review,pp.289~315.
(19)Srivastava,A.,2014,“Why Have Measures of Earnings Quality Changed Over Time?”,Journal of Accounting and Economics,Vol.57,pp.196~217.
(20)Watts,R.L.and Zimmerman,J.L.,1983,“Agency Problems,Auditing and the Theory of the Firm:Some Evidence”,Journal of Law and Economics,Vol.26,pp.613~633.
(21)Watts,R.L.and Zimmerman,J.L.,1990,“Positive Accounting Theory:A Ten Year Perspective”,The Accounting Review,Vol.65,pp.131~156.
(22)财政部会计准则委员会编译:《国际会计准则2000》,中国财政经济出版社,2000年。
(23)陈德球、李思飞、王丛:《政府质量、终极产权与公司现金持有》,《管理世界》,2011年第11期。
(24)葛家澍、叶丰滢、陈秧秧、徐跃:《如何评价美国FASB的财务会计概念框架?》,《会计研究》,2005年第4期。
(25)葛家澍、张金若:《FASB与IASB联合趋同框架(初步意见)的评介》,《会计研究》,2007年第2期。
(26)国务院国有资产监督管理委员会令(2006)第14号:《中央企业综合绩效评价管理暂行办法》。
(27)雷光勇:《企业会计契约:动态过程与效率》,《经济研究》,2004年第5期。
(28)刘玉廷:《严格遵守会计准则提供高质量财务报告认真履行社会责任》,《会计研究》,2010年第1期。
(29)陆正飞、杨德明:《商业信用:替代性融资,还是买方市场?》,《管理世界》,2011年第4期。
(30)钱爱民、张新民:《资产质量:概念界定与特征构建》,《财经问题研究》,2009年第12期。
(31)许家林:《西方会计学名著导读》,中国财政经济出版社,2004年。
(32)张新民:《企业财务状况质量分析理论研究》,对外经济贸易大学出版社,2001年。
(33)张新民:《资产负债表:从要素到战略》,《会计研究》,2014年第5期。
(34)证监会计字(1999)17号,中国证监会:《关于提高上市公司财务信息披露质量的通知》。
(35)证监会计字(2004)1号:《中国证监会关于进一步提高上市公司财务信息披露质量的通知》。
(36)中国上市公司业绩评价课题组:《2001年度中国上市公司业绩评价报告》,经济科学出版社,2012年。
(37)中国证券监督管理委员会令(2007)第40号:《上市公司信息披露管理办法》。
(38)中华人民共和国财政部:《企业会计准则(2006年)》,经济科学出版社,2006年。
(1)根据国泰君安CSMAR数据库2018年财务年度报告数据库整理。
(2)2014年以来,证监会因信息披露违法违规问题,对“博元投资”等上市公司和深圳鹏城及中磊两会计师事务所等中介机构立案调查43起,已对“天丰节能”等16家公司,光大证券股份有限公司、北京竞天公诚律师事务所等5家中介机构,171名上市公司董事、高管及其他责任人员做出行政处罚,21人被市场禁入。信息披露违法违规与市场操纵、内幕交易等多种违法违规相互交织,危害极大。因欺诈发行,2017年6月23日,欣泰电气是创业板第一家退市的公司,也是中国资本市场第一家因欺诈发行而退市的公司。
(3)当然,在一些新的商业模式下,单独从某一领域来看,投入并不一定会带来相应的产出,如腾讯公司的微信业务和网游业务之间就存在这样的关系。在这种情况下,单纯的报表分析可能并不能直接说明问题,而需要综合表外的很多非财务因素来进行分析。有一点可以肯定的是,新的商业模式和业态确实对传统的财务报表分析方法提出了很大的挑战。
(2)Botosan,C.A.and Plumlee,M.A.,2002,“A Re-examination of Disclosure Level and the Expected Cost of Equity Capital”,Journal of Accounting Research,Vol.40,pp.21~40.
(3)Bushman,R.and Smith,A.,2001,“Financial Accounting Information and Corporate Governance”,Journal of Accounting Economics,Vol.31,pp.237~333.
(4)Cohen,D.A.,Dey,A.and Lys,T.Z.,2008,“Real and Accrual-based Earnings Management in the Pre-and Post-Sarbanes-Oxley Periods”,The Accounting Review,Vol.83,pp.757~787.
(5)DeAngelo,L.E.,1986,“Accounting Numbers as Market Valuation Substitutes:A Study of Management Buyouts of Public Stockholders”,The Accounting Review,Vol.61,pp.400.
(6)Dechow,P.M.,Kothari,S.P.and Watts,R.L.,1998,“The Relation Between Earnings and Cash Flows”,Journal of Accounting and Economics,Vol.25,pp.133~168.
(7)Dechow,P.,Ge,W.and Schrand,C.,2010,“Understanding Earnings Quality:A Review of the Proxies,Their Determinants and Their Consequences”,Journal of Accounting and Economics,Vol.50,pp.344~401.
(8)Fama,E.F.and Jensen,J.M.,1983,“Separation of Ownership and Control”,Journal of Law and Economics,Vol.26,pp.301~325.
(9)Francis,J.and Schipper,K.,1999,“Have Financial Statements Lost Their Relevance”,Journal of Accounting Research,Vol.37,pp.319~352.
(10)Ghosh,A.and Moon,D.,2010,“Corporate Debt Financing and Earnings Quality”,Journal of Business Finance&Accounting,Vol.37,pp.538~559.
(11)Healy,P.M.and Palepu,K.G.,2001,“Information Asymmetry,Corporate Disclosure and the Capital Markets:A Review of the Empirical Disclosure Literature”,Journal of Accounting and Economics,Vol.9,pp.405~440.
(12)Jensen,M.and Meckling,W.,1976,“Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure”,Journal of Financial Economics,Vol.3,pp.305~360.
(13)La Porta,R.,Lopez-de-Silanes,F.,Shleifer,A.and Vishny,R.W.,1998,“Law and Finance”,Journal of Political Economy,Vol.106,pp.1133~1155.
(14)La Porta,R.,Lopez-de-Silanes,F.,Shleifer,A.and Vishny,R.W.,2002,“Investor Protection and Corporate Valuation”,Journal of Finance,Vol.57,pp.1147~1170.
(15)Leftwich,R.,1983,“Accounting Information in Private Markets:Evidence from Private Lending Agreements”,The Accounting Review,Vol.58,pp.23~42.
(16)Nissim,D.and Penma,S.H.,2003,“Financial Statement Analysis of Leverage and How It Informs about Profitability and Priceto-Book Rations”,Review of Accounting Studies,Vol.8,pp.531~560.
(17)Singvi,S.S.,1968,“Corporate Disclosure through Annual Reports in the United States of America and India”,Journal of Finance,Vol.23,pp.551~552.
(18)Sloan,R.G.,1996,“Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?”,The Accounting Review,pp.289~315.
(19)Srivastava,A.,2014,“Why Have Measures of Earnings Quality Changed Over Time?”,Journal of Accounting and Economics,Vol.57,pp.196~217.
(20)Watts,R.L.and Zimmerman,J.L.,1983,“Agency Problems,Auditing and the Theory of the Firm:Some Evidence”,Journal of Law and Economics,Vol.26,pp.613~633.
(21)Watts,R.L.and Zimmerman,J.L.,1990,“Positive Accounting Theory:A Ten Year Perspective”,The Accounting Review,Vol.65,pp.131~156.
(22)财政部会计准则委员会编译:《国际会计准则2000》,中国财政经济出版社,2000年。
(23)陈德球、李思飞、王丛:《政府质量、终极产权与公司现金持有》,《管理世界》,2011年第11期。
(24)葛家澍、叶丰滢、陈秧秧、徐跃:《如何评价美国FASB的财务会计概念框架?》,《会计研究》,2005年第4期。
(25)葛家澍、张金若:《FASB与IASB联合趋同框架(初步意见)的评介》,《会计研究》,2007年第2期。
(26)国务院国有资产监督管理委员会令(2006)第14号:《中央企业综合绩效评价管理暂行办法》。
(27)雷光勇:《企业会计契约:动态过程与效率》,《经济研究》,2004年第5期。
(28)刘玉廷:《严格遵守会计准则提供高质量财务报告认真履行社会责任》,《会计研究》,2010年第1期。
(29)陆正飞、杨德明:《商业信用:替代性融资,还是买方市场?》,《管理世界》,2011年第4期。
(30)钱爱民、张新民:《资产质量:概念界定与特征构建》,《财经问题研究》,2009年第12期。
(31)许家林:《西方会计学名著导读》,中国财政经济出版社,2004年。
(32)张新民:《企业财务状况质量分析理论研究》,对外经济贸易大学出版社,2001年。
(33)张新民:《资产负债表:从要素到战略》,《会计研究》,2014年第5期。
(34)证监会计字(1999)17号,中国证监会:《关于提高上市公司财务信息披露质量的通知》。
(35)证监会计字(2004)1号:《中国证监会关于进一步提高上市公司财务信息披露质量的通知》。
(36)中国上市公司业绩评价课题组:《2001年度中国上市公司业绩评价报告》,经济科学出版社,2012年。
(37)中国证券监督管理委员会令(2007)第40号:《上市公司信息披露管理办法》。
(38)中华人民共和国财政部:《企业会计准则(2006年)》,经济科学出版社,2006年。
(1)根据国泰君安CSMAR数据库2018年财务年度报告数据库整理。
(2)2014年以来,证监会因信息披露违法违规问题,对“博元投资”等上市公司和深圳鹏城及中磊两会计师事务所等中介机构立案调查43起,已对“天丰节能”等16家公司,光大证券股份有限公司、北京竞天公诚律师事务所等5家中介机构,171名上市公司董事、高管及其他责任人员做出行政处罚,21人被市场禁入。信息披露违法违规与市场操纵、内幕交易等多种违法违规相互交织,危害极大。因欺诈发行,2017年6月23日,欣泰电气是创业板第一家退市的公司,也是中国资本市场第一家因欺诈发行而退市的公司。
(3)当然,在一些新的商业模式下,单独从某一领域来看,投入并不一定会带来相应的产出,如腾讯公司的微信业务和网游业务之间就存在这样的关系。在这种情况下,单纯的报表分析可能并不能直接说明问题,而需要综合表外的很多非财务因素来进行分析。有一点可以肯定的是,新的商业模式和业态确实对传统的财务报表分析方法提出了很大的挑战。