Earticle

초록

영어

This study hypothesizes that one role of accounting accruals is to provide a measure of short-term performance that more closely reflects expected cash slows than do realized cash flows. The results are consistent with this prediction. Over short measurement intervals earnings are more strongly associated with stock returns than are cash flow from operations and net cash flow. The ability of cash flow from operations and net cash flow to measure firm performance improves relative to earnings as the measurement interval is lengthened. Earnings have a higher association with stock returns than cash flow measures in firms experiencing large changes in their working capital requirements and aggregate accruals are large in absolute value. In addition, this study predicts that the length of the operating cycle is an underlying determinant of the variability of working capital and hence cross-sectional variation in cash flow from operations`s association with stock returns. The empirical results imply that the length of the operating cycle is a determinant of the variability of working capital. But earnings do not better reflects firm performance than cash flow from operations for firms in industries with long operating cycles.

목차

I. 서
 II. 선행연구의 검토
 III. 가설의 설정
  1. 이익과 현금흐름의 기업성과 반영능력과 성과측정기간
  2. 이익과 현금흐름의 기업성과 반영능력의 설명 요인
 IV. 표본의 선택과 변수의 측정
  1. 변수의 정의 및 측정
  2. 표본기업의 선택과 극단치의 제거
 V. 실증분석의 결과
  1. 기술통계
  2. 기업성과 반영능력과 성과측정기간
  3. 기업성과 반영능력과 총발생항목의 크기
  4. 기업성과 반영능력과 영업순환기간
 VI. 결론
 참고문헌
 ABSTRACT

키워드

저자

• 吳瑗善 [ 오원선 | 인천대학교 경영학과 부교수 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330