我国上市公司经营净现金流量的增量价值相关性的实证研究

The Incremental Value-Relevance of Cash Flows from Operations in Chinese Listed Corporations as Assessed by Empirical Study

本文运用报酬回归模型对上市公司在年度报告中所披露的经营活动所产生的净现金流量的增量信息含量进行定量研究,借此对《企业会计准则-现金流量表》实施的经济后果提供经验证据,从而对会计改革的效果做出实证性的评估。研究结果发现,我国上市公司所披露的会计盈余信息不仅对投资者来说是有用的,而且上市公司所披露的现金流量表中经营净现金流量也具有增量价值相关性。

This paper investigates the incremental informational content of cas h flows from operations in Chinese listed corpo-rations by empirical study in ord er to provide empirical evidences for economic consequences of'Accounting Stand ard-Cash Flow Statements'and evaluate the effectiveness of China accounting ref orm.The results suggest that not only accounting earnings reported by listed cor porations are useful to investors,but also cash flows from operations are increm entally value-relevant.