Intangible Investments, Scaling, and the Trend in the Accrual–Cash Flow Association
研究发现应计-现金流关联减弱并非因应计会计失效，而是由于无形资产投资增加、费用化处理以及按账面资产规模缩放导致；改用市值缩放后关联显著增强并消除减弱趋势。
ABSTRACT We provide evidence that the documented weakening of the accrual–cash flow association results not from a loss of accrual accounting usefulness per se, but from the deviation from accrual accounting as it relates to intangible investments. More specifically, the weakening of the negative association is driven by the combined effects of (1) increasing intangible investments, (2) the practice of expensing rather than capitalizing intangible investments, and (3) scaling accruals and cash flows by book value of assets, which are understated for intangible‐intensive firms. Treating intangible expenditures as capitalized investments and scaling accruals and cash flows by market value of equity, which reflects the value of intangible investments, (1) substantially strengthens the negative association between accruals and cash flows and (2) practically eliminates the apparent weakening trend in the association.