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首页> 外文期刊>Oil, Gas and Energy Quarterly >NON-GAAP METRICS, CEO PAY, AND MARKET CAP PERFORMANCE IN MINING AND METALS INDUSTRIES: THE COMEBACK OF NON-GAAP METRICS_
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NON-GAAP METRICS, CEO PAY, AND MARKET CAP PERFORMANCE IN MINING AND METALS INDUSTRIES: THE COMEBACK OF NON-GAAP METRICS_

机译：采矿和金属行业的非GAAP指标，CEO薪酬和市场资本表现：非GAAP指标的回归_

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Why are non-generally accepted accounting principles (GAAP) metrics or measures making a comeback after Congress had directed securities regulators to clean up financial report disclosures as part of the Sarbanes-Oxley Act (SOX) of 2002 after the dot.com stock market crash of the early 2000s? The Securities and Exchange Commission (SEC) then issued Regulation G which requires companies using non-GAAP numbers in regulatory filings to present "with equal or greater prominence," comparable financial measures calculated under GAAP in an 8-K Report filed with the SEC. Accordingly, the use of non-GAAP measures then decreased, but recently they have made a comeback. About 10% of the major securities filings in 2015 used the term adjusted EBITDA versus 2.5% a decade ago and about 25% of these filings included non-GAAP figures. 20% of these filings showed adjusted profits which were higher than GAAP net income by 50% or more and some of these companies that seemed profitable actually were losing money (Condon 2015), i.e., the Earnings Before Bad Stuff strategy. Hundreds of U.S. companies are emphasizing adjusted net income, adjusted sales, and adjusted EBITDA. These adjusted measures show a much better view of corporate earnings. Without them, third-quarter 2015 earnings per share fell 13% for the biggest U.S. companies, according to Deutsche Bank research, instead of falling 0.1% with them (Francis and Linebaugh 2015).
机译：在dot.com股市崩盘后，国会指示证券监管机构清理2002年《萨班斯-奥克斯利法案》（SOX）的一部分内容，为什么非通用会计准则（GAAP）指标或卷土重来？在2000年代初期？证券交易委员会（SEC）随后发布了G法规，该法规要求在监管文件中使用非GAAP编号的公司出示“相等或更大的突出”，即根据GAAP在SEC提交的8-K报告中计算出的可比财务指标。因此，非GAAP措施的使用随后减少了，但最近它们又卷土重来了。 2015年，约有10％的主要证券备案使用了调整后EBITDA一词，而十年前为2.5％，其中约25％包含了非GAAP数据。这些文件中有20％显示调整后的利润比GAAP净收入高出50％或更多，而其中一些似乎获利的公司实际上正在亏损（Condon 2015），即``坏东西赚钱''策略。数百家美国公司都在强调调整后的净收入，调整后的销售额和调整后的EBITDA。这些调整后的指标显示出对公司收益的更好了解。根据德意志银行的研究，如果没有它们，美国最大的公司2015年第三季度的每股收益下降了13％，而不是它们下降了0.1％（Francis and Linebaugh 2015）。

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