Research On The Change Of Sales And Management Expense Rate And Future Earnings Growth

Earnings forecast is the core task of fundamental analysis.Through fundamental analysis,investors can determine the growth trend of future surpluses and make reasonable investment decisions.The change of sales and management expense ratio is an important indicator of fundamental analysis and an important signal to evaluate the value of enterprises.The sales and management expense ratio is affected by the direction of sales revenue changes and the cost management behavior of managers.Cost stickiness provides clues to reveal the "black box" of managers' cost management behavior,so studying the relationship between changes in sales management expense ratio and future earnings growth from the perspective of cost stickiness and changes in internal factors can better reveal sales management expenses The impact of rate changes on future earnings is of great significance for improving the accuracy of earnings forecasts and investors 'valuation.Based on the information transmission and value measurement functions of accounting information,this paper applies cost sticky motivation theory,principal-agent theory and strategic management theory to analyze the different situations and future surpluses of sales and management expense rate changes from the perspective of changes in internal factors of sales and management expense rates.The relationship of growth,combined with China's institutional background,analyzes the impact of the nature of property rights and the marketization process on the relationship between the two.On this basis,the data of Shanghai and Shenzhen A-share listed companies were selected as the research sample,and the multiple linear regression analysis method was used to empirically test the relationship between the different changes in sales and management expense ratios and future earnings growth.The research results show that when sales revenue rises,the decline in sales and management expense ratio is negatively correlated with future earnings growth;when sales revenue declines,the increase in sales and management expense ratio is positively correlated with future earnings growth;further research found that the nature of property rights has Differential impact,when sales revenue rises and sales and management expenses fall,the impact of the decline in sales and management expense ratio on future surplus is more significant in state-owned enterprises,and when sales revenue declines and sales and management expenses rise,the sales and management expense ratio rises The impact on the future surplus is more significant in state-owned enterprises;the marketization process also has a differential impact onthe above relationship.Under the high marketization level,the increase in the sales and management expense rate is more conducive to future surplus growth,while at the low marketization level,The decline in the sales management expense ratio is more conducive to future surplus growth.In addition,in order to enhance the reliability of the conclusions of this paper,the robustness test was carried out by using fixed-effect models,replacing relevant variables,and eliminating market factors.Finally,according to the research conclusions of this article,relevant suggestions are put forward in terms of improving investor analysis capabilities,strengthening corporate governance,advancing marketization construction and perfecting financial statement analysis system.This article uses the theory of cost stickiness to analyze the impact of managers' cost management decisions on changes in sales and management expense ratios,and their decisive role in future earnings growth,broadens the fundamental analysis and helps investors understand more comprehensively Signal role of sales management expense rate changes;from the perspective of changes in internal factors of sales management expense rate indicators,systematically investigated the relationship between sales and management expense rate changes and future earnings growth,for investors to fully understand the signal role of sales management expense rate changes Provided a new perspective;studied the heterogeneous performance of the above-mentioned relationships in the nature of the property rights and the marketization process of China 's institutional background,deepened the level of application of the conclusions of this article,and better applied the forecast of changes in the sales and management expense rate to investors The future surplus provides the institutional basis and empirical evidence.The paper has 2 picture,10 tables,and 131 references.