摘要：投资市场日趋复杂，债权人和投资者开始更多的关注上市公司盈利质量而不再仅仅是财务报表上的数字。在高压政策和高银行贷款利率的背景下，房地产行业自身盈利质量的好坏对整个国民经济发展极具重要性。而构成房地产行业元素的微观因子房地产企业的稳定、持续发展又决定了整个产业链的可持续性。本论文正是基于这一背景，对房地产上市公司的一个侧面——企业盈利质量进行了分析和研究。

　　　本文采用规范研究和实证研究相结合的方法。首先采用定性分析方法，从盈利质量的涵义、影响因素等方面进行了理论阐述；在实证分析方面本文从盈利的持续性、成长性、收现性、社会效益收益分析四个方面构建了盈利质量综合评价模型。采用定量分析方法，以2009、2010、2011年房地产行业上市公司的数据作为分析样本，研究房地产企业盈利质量。本文最后从企业内部结构与外部治理两方面就如何提高企业盈利质量提出了建议。

关键词：盈利质量; 持续性; 成长性; 收现性; 实证分析

Abstract：Investment market has become increasingly complex, creditors and investors began to pay more attention to the listed company earnings quality rather than just the numbers in the financial statements. In high pressure under the background of high policy and bank loan interest rates, the real estate industry profits to stand or fall of quality consciousness of the whole national economy. Microscopic factor, constituted elements of real estate industry of the stable and sustainable development of real estate companies decided to the sustainability of the entire industry chain. Based on this background, this paper on the side of the real estate listed companies, earnings quality is analyzed and studied.

　　　This paper adopts the method of combining normative research and empirical research. Using qualitative analysis method, first from the meaning of earnings quality theory, influence factors, etc; In the empirical analysis in this paper, from the sustainability of earnings, growth,  the benefits and social benefit analysis of four aspects of earnings quality comprehensive evaluation model was constructed. Using quantitative analysis method, to 2009, 2010, 2011, real estate industry listed companies' data as the analysis sample, research real estate corporate earnings quality. Finally, the paper from two aspects of enterprise internal structure and external governance, puts forward suggestions on how to improve the quality of corporate earnings.

Keywords: Earnings quality; sustainability; growth; collection; the empirical analysis