The Research On Earnings Quality Of The Listed Companies Of Publishing Industry

With the development of economic globalization and continued advances in reform and opening up,people's spiritual and cultural demand is increasing day by day.In order to meet people's demand,and promote the culture industry become the pillar industry of national economy,China issues a series of positive policies.As an important part of culture industry,the market demand of publishing industry is being expanded constantly.An increasing number of publishing companies choose to be listed,aiming at opening the financing channel and enhancing its overall strength.Making profits is the ultimate goal of the enterprise,thus a reasonable and thorough evaluation of earnings quality is indispensable for the stakeholders to make a suitable investment.In view of the brief introduction of the development and financial features of publishing companies,the article formulates an earnings-quality evaluation system.The system,consisting of 13 financial indicators,is able to illustrate the earnings-quality of publishing companies systematically in four aspects,such as return on capital,cash security,sustained stability and growth ability.In order to work out the ranking of the earnings-quality of the publishing companies,these financial indicators have been run in SPSS.According to the observation of the ranking,it's noted that Xinhua media has been at the bottom third of the list three years in a row.Therefore,Xinhua media,as a case,has been analyzed.Through the analysis,the reasons that caused Xinhua media's low quality of earnings are found mainly as follows: poor returns on capital ability,poor earnings stability,the moderate cash security and growth ability.As the financial indicators merely reflect the external representation of earnings,the article digs down more deeply,which unveils the influencing factors of the quality of earnings,such as the economic policy,the operating capacity of asset,investment decision,cash flow and the profit structure.In this process,the problems of the quality of earnings of Xinhua media emerged.At last,we put forward corresponding countermeasures and suggestions for Xinhua media,aiming at improving its quality of earnings,such as promoting the transition to digital bookshop,making characteristic brand,improving the fund use efficiency and strengthening cost control,etc.Suggestions that are drawn from the analysis of the this paper are as follows:First,there are many factors that will affect the quality of corporate earnings,so it is not appropriate to evaluate the quality of earnings from one perspective.Second,when evaluating the quality of earnings,we should not only analysis the financial indicators,but also analyze those that affect the changing of financial indicators by estimating specific business and business environment.Third,we should pay high attention to the factors affecting the quality of corporate earnings and improve the quality of earnings by arranging these factors reasonably.