李宁公司盈余质量分析

发布时间：2018-05-11 01:05

本文选题：李宁公司 + 盈余质量　；参考：《兰州财经大学》2017年硕士论文

【摘要】：随着我国资本市场的发展,上市公司财务数据的重要性日益凸显。虽然国家相关部门对上市公司的财务信息披露的要求越来越严格,但盈余管理在上市公司中仍广泛存在。盈余管理降低了公司盈余相关信息的可靠程度。因此,对盈余质量的研究显得尤为重要。有关盈余质量的研究,国内外学者多数是从盈余质量的某一方面对其进行研究,全面性和系统性的研究较少,本文在对国内外学者有关盈余质量研究文献梳理的基础上认为盈余质量是对传统盈利能力评价的扩展,以收付实现制为基础,结合现金流量表对公司盈利指标进行进一步修正和检验,是企业在一定时期内获得利润质量好坏的一种评价结果,是对企业盈余是否持续的反映。并在已有研究的基础上对盈余质量评价方法、影响因素开展研究。李宁公司作为我国优秀的民族品牌,曾经是我国体育用品行业的龙头企业,却从2011年起业绩下滑,并于2012年出现连续亏损,至2015年再次实现盈利,其盈余的持续性和盈余质量是否发生实质性提高受到了社会的关注。因此,本文选取李宁公司为研究对象,对其2012年12月31日至2016年6月30日期间的盈余质量进行研究。本文在考虑了盈余质量影响因素的基础上,围绕盈余的获利性、持续性、现金保障性、成长性和安全性这五大特征,按盈余质量财务指标选取的全面综合、实用以及体现盈余特征这三个原则,结合李宁公司实际情况,为其选择了销售净利润率、主营业务利润占利润总额比重、资产现金回收率等15个财务指标对其盈余质量进行分析。本文发现李宁公司盈余质量存在现金保障能力不足、成本费用管控能力需加强、收益安全性有待提高的问题,这些问题主要是由体育用品行业竞争激烈、公司经营成本不断增加所致。为解决这些问题本人提出的建议是注重现金保障性,提高偿债能力;拓宽融资渠道,提升融资效率;加强成本费用管控力度,提高盈利能力;聚焦主营业务,加强核心竞争力;提升产品设计,进一步优化用户体验。通过对李宁公司盈余质量进行分析,希望对其盈余质量的提高和未来发展有所帮助,同时,也期待对同行业和其他处于亏损时期的公司盈余质量的提高有借鉴作用。
[Abstract]:With the development of China's capital market, the importance of financial data of listed companies is becoming increasingly prominent. Although the requirements of financial information disclosure of listed companies are becoming more and more strict, earnings management still exists widely in listed companies. Earnings management reduces the reliability of earnings-related information. Therefore, the study of earnings quality is particularly important. Most scholars at home and abroad study earnings quality from one aspect of earnings quality, but there are few comprehensive and systematic studies on earnings quality. Based on the review of domestic and foreign scholars' researches on earnings quality, this paper holds that earnings quality is an extension of traditional profitability evaluation, and is based on the cash basis. Combining with the cash flow statement to further revise and test the profit index of the company, it is a kind of evaluation result that the enterprise obtains the profit quality in a certain period, and it is a reflection of whether the earnings of the enterprise is sustained or not. And on the basis of the existing research on earnings quality evaluation methods, impact factors to carry out research. As an excellent national brand in our country, Li Ning Company was once the leading enterprise in the sports goods industry of our country, but its performance has been declining since 2011, and it has been losing money continuously in 2012, and has been profitable again in 2015. The persistence of earnings and whether the quality of earnings has been substantially improved has been concerned by the society. Therefore, this paper selects Li Ning Company as the research object, and studies the earnings quality from December 31, 2012 to June 30, 2016. On the basis of considering the influencing factors of earnings quality, this paper focuses on the five characteristics of earnings profitability, persistence, cash security, growth and security, and the comprehensive selection of financial indicators according to earnings quality. According to the actual situation of Li Ning Company, the three principles of practicality and the embodiment of earnings characteristics have chosen the net profit margin of sales, the proportion of main business profit to the total profit, Asset cash recovery and other 15 financial indicators to analyze the quality of its surplus. In this paper, we find that there are some problems in Li Ning's earnings quality, such as insufficient cash support ability, the ability of cost and expense control should be strengthened, and the security of earnings should be improved. These problems are mainly caused by the fierce competition in the sporting goods industry. The company's operating costs are increasing. In order to solve these problems, I put forward suggestions to pay attention to cash security, improve solvency, broaden financing channels, improve financing efficiency, strengthen cost and cost control, improve profitability, focus on main business, strengthen core competitiveness; Improve product design and further optimize user experience. Through the analysis of the earnings quality of Li Ning, the author hopes to be helpful to the improvement of earnings quality and the future development of the earnings quality, and also looks forward to the improvement of earnings quality of the same industry and other companies in the period of loss.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.8

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