盈余質量分析的評價指標體系【外文翻譯】

1、原文：原文：AnalysisofearningsqualityevaluationindexsystemEarningsqualityisanimptantaspectofevaluatinganentitysfinancialhealthyetinvestscreditsotherfinancialstatementusersoftenoverlookit.Earningsqualityreferstotheabilityofrept

2、edearningstoreflectthecompanystrueearningsaswellastheusefulnessofreptedearningstopredictfutureearnings.Earningsqualityalsoreferstothestabilitypersistencelackofvariabilityinreptedearnings.Theevaluationofearningsisoftendif

3、ficultbecausecompanieshighlightavarietyofearningsfigures:revenuesoperatingearningsincomeprofmaearnings.Inadditioncompaniesoftencalculatethesefiguresdifferently.Theincomestatementaloneisnotusefulinpredictingfutureearnings

4、.TheSECtheinvestingpublicaredeminggreaterassuranceaboutthequalityofearnings.Analystsneedamesuitablebasisfearningsestimates.CreditratingagenciesareunderincreasedscrutinyoftheirratingsbytheSEC.Suchcomftlevelinfmationisnotp

5、rovidedintheauditreptthefinancialstatements.Only27%offinanceexecutivesrecentlysurveyedbyCFO“feelveryconfidentaboutthequalitycompletenessofinfmationavailableaboutpubliccompanies”[“ItsBetter(Wse)ThanYouThink”byD.DupreeMay3

6、2004].Thereareavarietyofdefinitionsmodelsfassessingearningsquality.TheauthshaveproposedaunifmindependentdefinitionofqualityofearningsthatallowsfthedevelopmentofanEarningsQualityAssessment(EQA)model.TheproposedEQAmodeleva

7、luatesthedegreetowhichacompanysincomestatementreptsitstrueearningstheextenttowhichitcanpredictanticipatefutureearnings.EarningsQualityDefinedAvarietyofearningsqualitydefinitionsexist.Teats[“QualityofEarnings:AnIntroducti

8、ontotheIssuesinAccountingEducation”IssuesinAccountingEducation17(4)2002]statesthat“someconsiderqualityofearningstoencompasstheunderlyingeconomicperfmanceofafirmaswellastheaccountingstardsthatreptonthatunderlyingphenomeno

9、nothersconsiderqualityofearningstoreferonlytohowwellaccountingearningsconveyinfmationabouttheunderlyingphenomenon.”Prattdefinesearningsqualityas“theextenttowhichincomereptedontheincomestatementdiffersfromtrueearnings”[in

10、F.Hodge“Investspositivereturnonassetsoperatingcashflowincreasesinreturnonassetscurrentratiogrossmarginassetturnoveroperatingcashflowthatexceedsincome.Itemsviewedunfavably:increasesinlongtermdebttoassetspresenceofequityof

11、ferings.Eachindicatgivena1iffavableanOifnotscesaggregatedonanOto9scales.FdEquityResearch:Earningsvariabilityisminimumstarderrofearningsfpasteightyearsfittedtoanexponentialcurve.Growthpersistenceconsidersearningsgrowthcon

12、sistencyover10yearsprojectedearningsgrowthrateisappliedtonmalearningstoderivelongtermvalue.Operatingearningscalculatedbyexcludingunusualitemssuchasrestructuringgesassetwritedownsearningstrendanalysisdoneonthisadjustedfig

13、ure.Repurchasesofanentitysownsharesareanalyzedtodetermineifresultsarefavable.LevThiagarajan:Eachfundamentalisassignedavalueof1fpositivesignalOfnegativesignal.Eachof12factsisequallyweightedtodevelopaggregatefundamentalsce

14、.Negativesignalsinclude:decreaseingrossmarginsdisproptionatetosalesdisproptionate(versusindustry)decreasesincapitalexpendituresRincreasesinSunusualdecreasesineffectivetaxrate.Inventyaccountsreceivablesignalsmeasurepercen

15、tchangeineach(individually)minuspercentchangeinsalesinventyincreasesexceedingcostofsalesincreasesdisproptionateincreasesinreceivablestosalesareconsiderednegative.Unusualchangesinpercentchangeofprovisionfdoubtfulreceivabl

16、esrelativetopercentchangeingrossreceivablesarealsoviewednegatively.Percentchangeinsalesminuspercentchangeinderbacklogisconsideredanindicationoffutureperfmance.MerrillLynch(DavidHawkins)(seeearningsquality:theestablishmen

17、tofareal360View2002).Highertotalcapitalratio(pretaxoperatingreturnontotalcapital)returnsahigherqualityofearningsequivalent.Liquidityratioabove1.0(incomefigurehowcloseitistoachievepositivecash)thatthehigherqualityofearnin