The Predictive Ability of Direct Method Cash Flow Information
研究使用直接法编制现金流量表的公司，发现直接法下的历史现金流量数据比间接法更能预测未来经营现金流，且经营现金流比盈利和应计项目预测更准。
This research examines the predictive ability of direct method cash flow information for firms that use the direct method in their cash flow statements. We use cross sectional and pooled time series regressions to predict operating cash flow data and assess relative predictive ability. Principal findings are: (1) past period direct method cash flow data predict future operating cash flow better than indirect method cash flow data; (2) past period direct method gross operating cash flows predict future net operating cash flow better than past period net operating cash flow; (3) measurement error exists in estimates of direct method operating cash flows from other financial statement data; (4) past operating cash flows predict future operating cash flows better than earnings and accruals.