Disappearing investment‐cash flow sensitivities: Earnings have not become a worse proxy for cash flow
针对盈利作为经营现金流代理变量质量下降的猜想，本文发现1988年以来美国制造业企业的盈利现金流有效性实际上升，且更全面的现金流指标也无法恢复投资-现金流敏感性。
Abstract According to a recent conjecture in the literature, earnings have become a poorer proxy for cash flow from operations over time. We find that since 1988, when cash flow statements started to be consistently reported in Compustat, the cash effectiveness of earnings has actually increased for a large sample of US manufacturing firms. This occurs despite the introduction of fair value accounting and increasing accounting accruals during the last three decades. Also contrary to the conjecture, using more comprehensive measures of cash flow does not restore the investment‐cash flow sensitivity, which continues to be around 0.05 in more recent periods.