Explaining Accruals Using Working Capital Efficiency
研究了营运资本应计项目与营运资本利用效率之间的关系，发现加入效率变量及其与销售的交互项能显著提高应计模型的解释力，并更好地预测未来经营收益。
ABSTRACT We explore the empirical strength of the relation between working capital accruals and working capital utilization efficiency. Using the approach in financial statement analysis textbooks, we model accruals (i.e., investment in working capital) as a function of sales and working capital efficiency (WCE) in the previous and the current periods. We build a model to predict current‐period WCE based on firm fundamentals. Our results reveal that these factors correlate with a firm's WCE. We find that incorporating WCE variables and their interactions with sales significantly improves the explanatory power of the accrual model. We also find that the model incorporating these variables does better than other models in predicting future operating income.