An Investigation of the Value Relevance of Alternative Foreign Exchange Disclosures*
从理论和实证上证明，评估有海外业务的企业需要按货币和持续性分类的外币经营现金流信息，尤其是永久性外币经营现金流上的汇兑损益，这有助于投资者更准确地估值。
Abstract We demonstrate analytically and empirically that valuing a firm with foreign operations in the presence of exchange rate uncertainty requires information on the foreign operating cash flows disaggregated by currency and persistence. In particular, given consolidated earnings, investors need information on the exchange gain or loss on permanent foreign operating cash flows. We extend the model to show how the permanent foreign cash flows can be used to condition the change in the translation adjustment to make it value‐relevant; however, using the permanent foreign cash flows directly is superior for valuation purposes. The empirical tests support our hypothesis that the market response to exchange rate movements is sensitive to the relative magnitudes of revenues and costs denominated in each foreign currency in which a firm has transactions. Disclosure of cash flows by currency should enhance the valuation of firms with foreign operations.