An Empirical Research On Income Structure And Corporate Value From Listed Companies Of China

As the income information reflects operating results of an enterprise, it becomes the common concern of the operator, investors, creditors, As well as other information users of an enterprise. The analysis of income structure is necessary to choose the high quality of income information. Income structure can be understood as the different parts of income. From the perspective of revenue sources, different components reflect different ways of profit and profitabilities. From the perspective of the accrual and cash income. The cash income is more reliable, and has stronger sustainability than the accrual income. The new enterprise accounting standards which was issued in2006is fully implement assets and liabilities view, reflected in the income concept, the recognition and measurement model of accounting elements, the change of income information disclosure, etc. These changes will bring significant impact to the analysis of income structure.With the economic globalization and the competition, the enterprise value is becoming the object of people’s attention.At present, the maximum of enterprise value has already become the enterprise operation and management objectives, and it is also the basic train of thought of the enterprise financial management activities. The financial management target of the enterprise has been from the initial maximum profit per share, profit maximization, to maximum shareholder value, and the maximization of the enterprise value now become the target of all enterprises, which implements the consistency of the internal control objectives and business goals. Based on the enterprise value,the income structure should have the following features:conform to the enterprise development strategy, highlight the dominant core profit, and match the cash flow structure. Firstly, this paper presents the research background and research significance, and introduces the theory of income structure of domestic and foreign development course and related research systematically, then elaborates the relevant basic theory of the income structure and enterprise value. Based on the theoretical analysis, the paper uses empirical research method to investigate the relationship between the income structure and enterprise value. I selected wholesale and retail industry, electricity and energy industry, transportation and warehousing industry which represent competitive, monopolistic and monopoly competitive industry for empirical research. Research results show that the corporate value has a positive correlation with core profit and cash income. the corporate value has a negative correlation with investment profit and net non-operating income.Finally, according to the empirical conclusion, this paper put forward suggestions to improve the profit structure of listed companies in China. Internal aspects:managers should formulate reasonable strategies,develop the core business, pay attention to cash flow; External aspect:the government departments should strengthen macro guidance, securities supervision departments should intensify supervision, accounting standards should be improved and information users should improve analysis abilities.