Accruals, Cash Flows And Equity Values

• Main Authors: Hsiao-Ching Lo, 羅筱靖
• Other Authors: Show-Ming Tsao
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/81548268736673375975

碩士 === 中原大學 === 會計研究所 === 90 === This study develop linear information model（LIM）and accounting-based valuation model by utilizing the framework in Ohlson（1999）and add the conservatism parameter of Feltham and Ohlson（1995）. We also replace the information other than abnormal earnings for an intercept according to Myers（1999）. This study discusses following attributes relative with equity value of earnings component：（i）forecasting .（ii）persistence.（iii）book value influences earnings component for next-period.（iv）value relevance. 　　With respect to empirical results, we use Ordinary Least Squares（OLS）to perform each industry equation. We verify every attribute by using regression analysis of t statistic. We find as followings：（i）in most industries, accruals(cash flows) can forecast next-period abnormal earnings. （ii）current accruals(cash flows) can predict next-period accruals(cash flows). （iii） current book value is relative with accruals and cash flows . （iv）current accruals(cash flows) influences current equity value.