Profit Quality Analysis Of Listed Companies In Paper

Accounting profit is the operating results in a certain accounting period. It is the important basis of the investors, creditors, government and other users to make a decision. In recent years, at home and abroad along with the rapid development of capital markets, financial fraud cases are constantly being exposed, the authenticity of the profit is being questioned, people gradually realize that we should not only focus on the number of profits, should pay attention to the quality of profit. Analyze the profit quality evaluation can not only guide the investors to make rational investment, protect the interests of investors, but also realize the capital market of rational allocation and effective utilization of resources, improve the quality of the capital market. At the same time, the profit quality analysis and evaluation as a part of the financial analysis, the study of it can further improve the financial analysis system. Based on China’s paper industry’s profit affected by the domestic and international economic environment and the influence of national policy in the recent years, in order to further understand the quality of paper industry profits, this paper build the profit quality evaluation system, and then analyze the S Listed company’s profit quality. The main content of the research are as follows:The first part is the introduction. The paper expounds the research background and significance, research contents and methods, literature review at home and abroad and the characteristics and deficiencies of this article.The second part is the theoretical basis of profit quality analysis. In order to better and more comprehensive understanding of the profit quality, in this paper, on the basis of related literature at home and abroad for reference, first of all, from the two aspects of "quality" and "quantity" the profit quality are defined, and then analyzed the characteristics of the profit quality, at last from the macro and micro two aspects analyzes the factors influencing the quality of profit. The third part is building profits quality evaluation system. This part is divided into three aspects, the first is to build the earnings qualitative evaluation index system which contain the quantitative index and qualitative index, the quantitative indicators are selected from surplus is cash, growth, persistence, security; qualitative index mainly includes the social environment, industry analysis, company’s overall business situation, the audit opinion and the annual report disclosure time. The second is selected24papermaking industry listed companies during2010-2012financial data and using factor analysis method to establish the profit quality evaluation model. The third is through the analysis of paper industry profit quality, found that the overall profit quality is deteriorating.The fourth part is analyzing the S Listed company. Firstly, according to the profit quality evaluation model get the score of2010-2012, then overall analyze the S Listed company; Secondly, the S Listed company has carried on the detailed analysis of the horizontal from profit is growth,security, persistence and cash; Finally, the S Listed company’s profit has carried on the brief qualitative analysis.The fifth part is the thinking and suggestions of the S Listed company’s profit quality. Through the analysis found that the S Listed company’s cost and cost control needs to be strengthened, the financial risk is bigger. So, from the macroscopic and microscopic two aspects put forward the suggestions to improve the company S profit quality.The sixth part is the conclusion. This chapter summarizes the final conclusion of this study.