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Universidad Politecnia de Puerto Rico

ACCO-2020

Honesta Ganancias por acción : una medida de GAAP a los ingresos relativos a la pro forma

Prof. Edwin Davila
Wendell Ramos Quiñones
Stu#: 66304
Índice

1. Índice 2. Introducción 3. Muestra 4.1 Analisis 3.1.1.1 Hallazgos 3.1.1.2 Posibles soluciones
3.1.2 Limitaciones 3.1.2.1 3.1.2.2 3.1.3
4. Conclusión
5. Bibliografía

Introducción

Las empresas que listan acciones en el mercado público de valores revelan las ganancias, que es una medida de rentabilidad, sobre una base trimestral y anual.
Las ganancias se pueden entregar teniendo en diferentes componentes de la cuenta, pero “Generally Accepted Accounting Principles” deben incluirse en la forma de ganancias se presentan al gobierno. En Resumen, las ganancias GAAP son normas contables que las empresas deben seguir, y resultados no-GAAP son ganancias ajustadas que las empresas tienen la opción de incluir.Desde 1987, ha habido un aumento significativo en el número de empresas que divulgan las ganancias pro forma, conocidas como las ganancias de la calle en su comunicado de prensa en lugar de o más prominente que sus ingresos calculados de acuerdo con los principios de contabilidad generalmente aceptados GAAP. La definición de los ingresos es un tema controvertido. Ganancias de acuerdo con GAAP se presentan ante la SEC, y son el estándar oficial de EE.UU. para la presentación de informes de ganancias trimestrales. Las ganancias pro forma son las ganancias trimestrales no oficiales emitidos por la propia empresa. El S.E.C. empresas recientemente obligados emitir comunicados de prensa que resaltan sus ganancias pro forma trimestral destacar también sus ingresos de acuerdo con GAAP.

Las ganancias pro forma se desvían de las ganancias GAAP principalmente mediante la exclusión especial, por una sola vez, o cargos no recurrentes de gastos. GAAP tiene un método de exclusión las partidas extraordinarias de las ganancias, sino que tiene criterios estrictos para la clasificación de un cargo como extraordinaria. En contraste, los informes pro forma se pretende para aumentar la relevancia de los ingresos mediante la evaluación de la empresa como una empresa en marcha, pero en realidad reduce la transparencia de los ingresos en un número de maneras.

En primer lugar los administradores de la empresa tienen un margen considerable para informar las ganancias pro forma.

En segundo lugar, las ganancias pro forma proporcionan a los administradores la oportunidad de manejar las ganancias de la empresa, los analistas de seguridad, los inversores y la prensa están confiando cada vez más en las ganancias pro forma de interpretar la información corporativa, por lo que los directivos de las empresas están bajo la presión de hacer las ganancias se ven fuertes.

En tercer lugar, debido a la naturaleza especial de las ganancias pro forma, las cifras pro-forma no son comparables entre empresas o incluso para la misma empresa en el tiempo. Por lo tanto, la información contenida en las ganancias pro forma reduce la transparencia en el mejor y es engañosa en el peor, sobre todo para los inversores menos sofisticados.

Muestra

Las ganancias GAAP reportadas trimestralmente son obtenidas de Compustat, las ganancias trimestrales actuales pro forma son obtenidas de "Institutional Brokers' Estimate System" mientras los retornos son calculados por Compustat

Todas las acciones comunes se incluyen en la muestra después de excluir los American Depositary Receipts (ADRs), sociedades limitadas, fondos de inversión inmobiliaria (REIT), fondos de inversión, las empresas canadienses, Cambio de Fondos de comercio (ETFs), y filiales de empresas.

Analisis

Las métricas No-GAAP también conocida como, pro forma, funcionamiento, o ajustar los resultados excluir determinadas partidas del estado de resultados o de balance que se requieren según los PCGA. Estos tienden a ser partidas no monetarias, tales como gastos de reestructuración, el deterioro de activos y amortización de intangibles. También pueden incluir las ganancias o pérdidas realizadas en la venta de activos o por ajuste al mercado de cambios de las inversiones o los derivados de que la compañía tiene la intención de mantener hasta su vencimiento. Gestión puede preferir medidas no GAAP, ya que cree que la exclusión de estos elementos proporciona una base más relevante para medir el desempeño de la empresa durante un período de referencia específico. No es sorprendente que las ganancias no-GAAP también tienden a ser más altos que las ganancias GAAP. Contadores y reguladores de largo se han preocupado de que el uso de indicadores financieros no-GAAP ha sido abusado por la administración para engañar a los inversores y exagerar earnings.

Las ganancias GAAP en la ecuación son los cuatro trimestres atrasados que se arrastran a la suma de los ingresos principales de Compustat, excluyendo partidas, sobre la base de los PCGA. Para evitar un sesgo hacia el futuro, hemos utilizado los AFR de ganancias trimestrales "Como informó por primera vez", que estaban disponibles en el momento del informe. Las utilidades trimestrales AFR mitiga el sesgo hacia el futuro de re expresión de ganancias en corrientes actualizadas por Compustat.

La diferencia entre los PCGA de EPS y de la pro forma por acción se normalizó por el precio al final del mes en que se forman las carteras. Suponemos que existe un retraso de dos meses entre el trimestre fiscal que terminó el día fecha y el mes final, cuando las carteras están formadas para reflejar la difusión de la información. Si trimestre fiscal de la compañía proporciona en Compustat para recoger las ganancias GAAP no se alinea con el trimestre fiscal disponible en IBES para recoger las ganancias pro forma o contiene datos que faltan, la observación de la acción se omite.

Se ha utilizado el concepto de datos “lag” trimestral desde el software de estación de trabajo de “Charter Oak Investment Systems” que coincide correctamente fiscal a trimestres naturales y han asumido un retraso de informes de dos meses en los datos trimestrales. Hemos encontrado que el concepto de retraso de “Charter Oak” aumenta en gran medida de la integridad de nuestros datos en esta Medida de ganancias GAAP

Hallazgos

Nos encontramos con que las existencias de las empresas con mayores EPS honestos superan constantemente a los de las empresas con EPS honestos inferiores. Otras pruebas de robustez confirman este resultado cuando el control de otros factores de riesgo, tales como el tamaño y relaciona el valor de mercado de las acciones de una compañía con su correspondiente valor en libros

La intuición inversión de ganancias por acción es que las ganancias GAAP y pro forma puede esperar que los ingresos a divergir durante un trimestre, pero una vez más deben converger en cuatro trimestres. Las empresas que se inflan constantemente sus ingresos pro forma en relación con sus ganancias GAAP señal de una baja calidad de los beneficios y aumentar el riesgo de una subsiguiente sorpresa ganancias negativo. Ganancias por acción honesta es una señal de identificación, ya sea abuso o exceso de conservadurismo en lo relacionado con la información pro forma. Mientras pro forma ganancias bajen los precios en el corto plazo, con el tiempo el precio se ajuste hacia verdaderas ganancias económicas reflejadas en la contabilidad GAAP apropiada.

Posibles soluciones

Las empresas públicas utilizan una fracción simple para calcular el beneficio. El FASB establece que el cálculo utilizado para calcular el beneficio básico por acción se inicia tomando la utilidad disponible para los accionistas comunes y dividiendo por el número promedio ponderado de acciones en circulación. La utilidad disponible para accionistas comunes se determina primero restando los dividendos de acciones preferentes de la utilidad neta antes de calcular las EPS. El número promedio ponderado de acciones se calcula contabilizando el número fluctuante de las acciones en circulación durante el año. Bajo los lineamientos del FASB, el beneficio básico por acción puede ser un número negativo en el que se registró una pérdida por acción a través de los mismos métodos. Para una pérdida por acción, el número se muestra generalmente entre paréntesis.

Siguiendo las regulaciones de la SEC, las normas GAAP requieren la empresa para mostrar los cálculos como parte de los informes de la empresa debe presentar. Esta revelación completa hace que sea más fácil para los inversores a entender dónde se originaron los números. Por ejemplo, la orientación FASB requiere una empresa para dejar espacio suficiente para la división de acciones, en su caso, e informar los datos correspondientes en el número de acciones en circulación.

Limitaciones

Todas las medidas financieras que no cumplen con los GAAP mencionadas anteriormente tienen limitaciones. Específicamente, las medidas financieras que no cumplen con los GAAP, que excluyen los rubros mencionados anteriormente, no incluyen ninguno de los rubros de ingresos y egresos que afectan las operaciones de EMC. Además, estas medidas financieras que no cumplen con los GAAP no están preparadas conforme a los GAAP, pueden no ser comparables con las medidas financieras que no cumplen con los GAAP que usan otras empresas ni tampoco reflejan ningún beneficio que dichos rubros puedan conferirle a EMC. La gerencia compensa estas limitaciones, ya que también analiza los resultados financieros de EMC según lo determinan los GAAP

Conclusión

Nuestro interés en investigar el factor se acuñó como "EPS Honest" fue la aceleración de las compañías de informes de ganancias trimestrales "reales" que fueron groseramente desconectados de las ganancias trimestrales en base a los estándares de Estados Unidos o GAAP. Parece incongruente que los analistas de Wall Street están contenidos para comparar su previsión de beneficios para una empresa a un número que se determina subjetivamente por la empresa que cubren.

Este número se refiere a como las ganancias pro forma y grabada por primera llamada y “Institutional Brokers' Estimate System” como el número "real" ganancias y elimina los cargos especiales" o "castigos" que son tratados por los PCGA como gasto ordinario. Este método se ha convertido en una manera muy fácil para las empresas para inflar sus ganancias. La comunidad de inversores, tanto Wall Street de investigación "sell side" y "comprar secundarios" gestores de inversiones, mediante la aceptación de las ganancias pro forma como las ganancias "reales" da estas ganancias infladas la credibilidad necesaria para la práctica de continuar.

Referencias

Bradshaw, M., Moberg, M. and Sloan, R.G. (2000), “GAAP versus the street: an empirical assessment of two alternative definitions of earnings”, working paper, Harvard
University, Cambridge, MA.
Ciccone, S. (2002), “GAAP versus street earning: making earnings look higher and smoother”, working paper, University of New Hampshire, Durham, NH.
Fama, F.E. and MacBeth, J.D. (1973), “Risk, return and general equilibrium: empirical tests”,
Journal of Political Economy, Vol. 81, pp. 607-36.
Frederickson, J.R. and Miller, J.S. (2002), “Pro forma earnings disclosures: do analysts and nonprofessional investors react differently?”, working paper, University of Notre Dame,
Notre Dame, IN.

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