The Value-Relevance of SFAS No. 95 Cash Flows from Operations as Assessed by Security Market Effects.
研究了SFAS第95号准则披露的经营活动现金流量对投资者的价值相关性，发现该披露在控制盈余信息后仍与股价变动显著相关，且比基于资产负债表和利润表的估计值更具增量信息。
Abstract This paper examines the value-relevance of cash flows from operations as reported under Statement of Financial Accounting Standards (SFAS) No. 95 Statement of Cash Flows. We focus on the value-relevance of cash flows from operations to investors in particular and to the investment community at large. We do this by examining contemporaneous associations between the SFAS No. 95 disclosures and stock price changes after controlling for earnings information. These market effects suggest that SFAS No. 95 cash flows from operations are relevant disclosures for investment decisions. The results also provide standard setters with important evidence supporting continued requirements for disclosure of cash flow information. We also compare the value-relevance of the SFAS No. 95 data with estimates readily available from balance sheet and income statement data. While our results show that estimated cash flows from operations have incremental value-relevance beyond earnings, the estimates fail to show significant market effects after the actual SFAS No. 95 disclosures are included in the analysis. In contrast, we find that the SFAS No. 95 data continue to have value-relevance in market association tests beyond estimated cash flows from operations.