文档介绍：
上市公司盈利能力的因子分析1
The Factors Analysis on Profitability of Listed Companies
张俊瑞 孙玉梅2
Zhang, Junrui Sun, Yumei
摘要：本文以国外 50 家上市公司和国内 187 家上市公司为样本，利用其 1998-2002 年
连续 5 年的财务会计信息，运用因子分析法，分别对样本公司按照应计制和现金制会计基
础下衡量公司盈利能力的财务指标进行了分析。研究发现，以应计制会计基础和以现金制
会计基础衡量的企业盈利能力存在很大的差异，因而单独运用某一基础下的财务指标来衡
量公司的盈利能力都是不全面的，应该将两者相互融合起来。
关键词：应计制；现金制；盈利能力；因子分析
Abstract In this article, 50 listed companies aboard and 187 listed companies domestic
are chosen as samples, using their successive 5 years’ accounting information from
1998 to 2002, this article analyze the financial indexes based on accrual basis and
cash basis respectively by means of factor analysis. According to the research, there
is large difference between enterprises’ profitability based on above two accounting
bases, therefore, no way that use single basis could evaluate enterprise profitability
comprehensively, the reasonable method is that the two basis should be combined in
the evaluation.
Key words: Accrual Basis; Cash Basis; Profitability; Factor Analysis