The Relation Between SFAS No. 95 Cash Flows From Operations and Credit Risk
研究SFAS第95号准则披露的经营活动现金流量对评估企业信用风险的作用，发现其是债务评级的重要决定因素，且对长期债务多、规模大、经营不确定性低的企业影响更强。
This study examines the relevance of Financial Accounting Standards (SFAS) No. 95 operating cash flow disclosures for assessing a primary component of firm risk, namely credit risk. We find that SFAS No. 95 operating cash flows is an important determinant of credit risk, measured by debt ratings, incremental to other profitability and risk–related information. We also find that operating cash flows have a stronger incremental relation to credit risk for firms with a larger proportion of long–term debt and larger firms with lower operating uncertainty. Interestingly, cash flows appear to have less incremental importance for firms in high tech and regulated industries.