A Note on Cash Flow and Classification Patterns of Financial Ratios.
指出，若将现金流量定义为净利润调整所有应计和递延项目，则现金流量比率与回报率比率在分类上形成独立因子，有助于理解财务比率的实证相似性和选择关键变量。
Abstract ABSTRACT: Classification schemes for financial ratios serve to aid understanding of empirical similarity among the ratios and to aid in the selection of critical financial variables for empirical research. Previous researchers, who defined cash flow as net income plus depreciation, found cash flow ratios highly associated with return ratios. In this study, cash flow is computed by adjusting net income for all accruals and deferrals. This more appropriate definition leads to classification schemes in which the cash flow ratios form a factor separate and distinct from the factor of return ratios.