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cst6666 · 2024年05月28日

Earning quality-sustainable?

NO.PZ2024011002000144

问题如下:

Low quality earnings most likely reflect:

选项:

A.low-quality financial reporting. B.company activities which are unsustainable. C.information that does not faithfully represent company activities.

解释:

Earnings quality pertains to the earnings and cash generated by the company’s actual economic activities and the resulting financial condition. Low-quality earnings are likely not sustainable over time because the company does not expect to generate the same level of earnings in the future or because earnings will not generate sufficient return on investment to sustain the company in the future. Earnings that are not sustainable decrease company value. Earnings quality is distinguishable from financial reporting quality, which pertains to the quality of the information contained in financial reports.

Earning quality:  Low-quality earnings are likely not sustainable over time because the company does not expect to generate the same level of earnings in the future or because earnings will not generate sufficient return on investment to sustain the company in the future


想知道这个sustainablility要怎么理解


high financial reporting quality at the same time: low earning quality是一种什么情况呢?


Earning management 是与financial reporting quality 相关吧,那EM 对于earning quality 有什么影响呢?

1 个答案
已采纳答案

lynn_品职助教 · 2024年05月28日

嗨,爱思考的PZer你好:


想知道这个sustainablility要怎么理解


可持续性。


earning quality和financial reporting quality是两个评估维度,financial reporting quality简单说就是看财报是不是遵循了会计准则,财报上的数字是否可靠,earning质量就是看公司的earning是否充足,是否具有可持续性。


high financial reporting quality at the same time: low earning quality是一种什么情况呢?


报表真实,业绩差。


Earning management 是与financial reporting quality 相关吧,那EM 对于earning quality 有什么影响呢?


相关,操纵业绩影响报表,但是实际上的earning quality是影响不了的,但是公司的earning质量高不高,公司必须要有高质量的财报为前提,因此结论是,都会影响。


理由如下


分析师首先要看的是financial reporting quality,如果reporting quality低,那么就没有继续看earning quality的必要了,而且也没法看,因为财报数字已经不具有可靠性,看earning的数据也没有意义。


如果financial reporting quality高,那么分析师可以进一步看earning quality,这就会分成两种情形,一种是reporting quality和earning quality都高,也就是遵循了会计准则,而且公司的earning也很充足&可持续;另一种是financial reporting quality高但是earning quality低,即公司的报表是遵循了会计准则的,但是earning低,而且不具有可持续性。简单来说就是,分析公司的earning质量高不高,公司必须要有高质量的财报为前提,但是高质量的财报不等于高质量的earning。


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