上市公司财务状况质量:理论框架与评价体系  

Quality of Financial Statement of Listed Companies: Theoretical Framework and Evaluation System

作　　者：张新民 钱爱民 陈德球 Zhang Xinmin;Qian Aimin;Chen Deqiu

机构地区：[1]对外经济贸易大学国际商学院/国际财务与会计研究中心

出　　处：《管理世界》2019年第7期152-166,204,共16页Journal of Management World

基　　金：国家自然科学基金重大项目(71790604);面上项目(71872045、71572035)的资助

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 sit? uation 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.

关 键 词：财务状况质量 资本结构质量 资产质量 利润质量 现金流量质量 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]