财务报表质量

一.调整ROE

ROE=(NI-equity income)/EBT *EBT/EBIT *EBIT/REV *REV/(Average assets-Associate) *Average asset/Average equity

①净利润扣除公司间投资子公司利润调整；

②平均资产扣除公司间投资子公司Associate。

二.资本支出

%proportion of capital expenditure/%proportion of asset

①大于1，对相应部门分配更多资源；

②小于1，削减资源分配。

三.盈利质量

1.资产负债表端

NOA(net operating asset)=operating asset-operating liability=(Total asset-现金及等价物）-(Fatal liability-debt)

Aggregate accural=NOA1-NOA0

Accural ratio=(NOA1-NOA0)/[(NOA1+NOA0)/2)

比例越低，质量越好。

2.损益表端

Accural=NI-CFO-CFI

Accural ratio=(NI-CFO-CFI)/[((NOA1+NOA2)/2]

四.The implied value

=parent's market value -parent's pro-rate share of the associate

implied P/E=implied value of parent/(NI-parent's share of associated earning)