现金流量表中信息披露质量的优点和不足之处【外文翻译】.doc

1、外文文献翻译译文一、外文原文原文DISCLOSUREQUALITYANDTHEMISPRICINGOFACCRUALSANDCASHFLOWINTHISPAPER,WEINVESTIGATETHEROLETHATDISCLOSUREQUALITYPLAYSINTHEACCURATEVALUATIONOFACCRUALSANDCASHFLOWWEPREDICTTHATSTOCKPRICESOFFIRMSWITHHIGHERQUALITYDISCLOSURESMOREACCURATELYREFLECTTHEPERSISTENCEOFACCRUALSANDCASHFLOWWETESTOURPREDI

2、CTIONSUSINGANALYSTRATINGSOFDISCLOSUREPUBLISHEDINTHEANNUALASSOCIATIONFORINVESTMENTMANAGEMENTANDRESEARCHAIMRCORPORATEINFORMATIONCOMMITTEEREPORTSFORTHEYEARS1982THROUGH1996THERESULTSPROVIDESTRONGEVIDENCEOFMISPRICINGFORTHESUBSETOFFIRMSWITHLOWERQUALITYDISCLOSURESANDOFASIGNIFICANTREDUCTIONINMISPRICINGFORTH

3、ESUBSETOFFIRMSWITHHIGHERQUALITYDISCLOSURESWECONFIRMTHERESULTSOFOURMISHKINTESTSUSINGRETURNSREGRESSIONSTHATALSOCONTROLFORINVESTORSOPHISTICATION,ANALYSTFOLLOWING,ANDFIRMLIFECYCLESTAGEOVERALL,OURRESULTSDEMONSTRATETHEMITIGATINGEFFECTTHATHIGHERQUALITYDISCLOSUREHASONMISPRICINGKEYWORDSDISCLOSUREQUALITY,MISP

4、RICING,ACCRUALANOMALY,CASHFLOWMISPRICING1INTRODUCTIONSLOAN1996PROVIDESEVIDENCETHATINVESTORSOVERESTIMATETHEPERSISTENCEOFACCRUALSANDUNDERESTIMATETHEPERSISTENCEOFCASHFLOWTHISRESULTSINMISPRICINGLABELEDTHEACCRUALANOMALYWHEREATRADINGSTRATEGYDESIGNEDTOEXPLOITINVESTORSMISUNDERSTANDINGOFTHEPERSISTENCEOFEARNI

5、NGSCOMPONENTSEARNSSIGNIFICANTABNORMALRETURNSLITERATUREEXTENDINGSLOAN1996PRIMARILYFOCUSESONACCRUALOVERVALUATIONEG,XIE2001THOMASANDZHANG2002COLLINS,GONG,ANDHRIBAR2003HOWEVER,RECENTRESEARCHSUGGESTSTHATRESEARCHFOCUSINGONACCRUALMISPRICINGWITHOUTALSOCONSIDERINGCASHFLOWMISPRICINGISINCOMPLETEDESAI,RAJGOPAL,

6、ANDVENKATACHALAM2004YU2007BARONEANDMAGILKE2008THUS,INTHISPAPER,WEINVESTIGATETHEROLETHATDISCLOSUREQUALITYPLAYSINTHEACCURATEVALUATIONOFBOTHACCRUALSANDCASHFLOWSPECIFICALLY,WEEXAMINEWHETHERINVESTORSPRICESECURITIESASIFTHEYBETTERUNDERSTANDTHEINFORMATIONINACCRUALSANDCASHFLOWFORFUTUREEARNINGSFORFIRMSWITHHIG

7、HDISCLOSUREQUALITYRELATIVETOFIRMSWITHLOWDISCLOSUREQUALITYINVESTIGATINGTHEASSOCIATIONBETWEENDISCLOSUREQUALITYANDTHEMISPRICINGOFACCRUALSANDCASHFLOWISIMPORTANTBECAUSEITHIGHLIGHTSTHEROLETHATDISCLOSUREQUALITYPLAYSINHELPINGINVESTORSTOEFFICIENTLYIMPOUNDACCOUNTINGINFORMATIONINTOPRICES,THUSESTABLISHINGALINKB

8、ETWEENDISCLOSUREQUALITYANDMARKETEFFICIENCYASSUCH,THISSTUDYTESTSACONJECTUREINTHOMAS2000THATTHEMISPRICINGOFEARNINGSINFORMATIONMAYRESULTFROMLOWQUALITYDISCLOSURESOURRESULTSCONTRIBUTETOTHELITERATUREBYPROVIDINGEVIDENCETHATTHEEXISTENCEOFATLEASTSOMEMARKETANOMALIESMAYBEREDUCEDBYHIGHQUALITYDISCLOSUREMOREOVER,

9、OURRESEARCHMAYPROVIDEEVIDENCETOPOLICYMAKERSASTHEYWEIGHTHECOSTSANDBENEFITSOFMANDATINGIMPROVEDDISCLOSURESRECENTRESEARCHPROVIDESEVIDENCETHATTEMPORARYACCOUNTINGDISTORTIONSARISINGFROMACCRUALESTIMATIONERRORSPLAYSASIGNIFICANTROLEINTHELOWEREARNINGSPERSISTENCEOFACCRUALSRELATIVETOCASHFLOWRICHARDSON,SLOAN,SOLI

10、MAN,ANDTUNA2006THESEACCRUALESTIMATIONERRORSCOULDBEARESULTOFBOTHUNINTENTIONALERRORSINFORECASTINGTHEFUTUREECONOMICBENEFITSOFACCRUALSANDINTENTIONALMANAGERIALMANIPULATIONXIE2001RICHARDSONETAL2006SLOAN1996ARGUESTHATINVESTORSFAILTOFULLYUNDERSTANDTHEDIFFERENTIALPERSISTENCEOFACCRUALSBECAUSETHEYDONOTUNDERSTA

11、NDTHEGREATERSUBJECTIVITYINVOLVEDINESTIMATINGACCRUALSRELATIVETOCASHFLOWRECENTRESEARCHALSOSUGGESTSTHATINVESTORSUNDERESTIMATETHEPERSISTENCEOFCASHFLOWANDTHUS,FAILTOFULLYUNDERSTANDTHEFUTUREECONOMICBENEFITSOFCASHFLOWDESAI,RAJGOPAL,ANDVENKATACHALAM2004YU2007BARONEANDMAGILKE2008THEORYSUGGESTSTHATINCREASEDDI

12、SCLOSUREPLAYSAROLEINEQUITYMARKETSBYREDUCINGINFORMATIONASYMMETRIES,INCREASINGLIQUIDITY,ANDREDUCINGTHECOSTOFCAPITALDIAMONDANDVERRECCHIA1991KIMANDVERRECCHIA1994HOWEVER,VERYFEWPAPERSINVESTIGATETHEROLETHATDISCLOSUREPLAYSINEFFICIENTPRICINGOURFOCUSONDISCLOSUREISBASEDONTHEIDEATHATMOREINFORMATIVEDISCLOSURESA

13、LLOWINVESTORSTOMOREFULLYUNDERSTANDTHEINFORMATIONINACCRUALSANDCASHFLOWFORFUTUREEARNINGSWECONJECTURETHAT,ALLTHINGSEQUAL,INVESTORSCANBETTERUNDERSTANDTHEMANAGERIALASSUMPTIONSUSEDTORECORDACCRUALSANDTHEREFORE,CANBETTERFORECASTTHEFUTUREECONOMICBENEFITSANDVALUATIONIMPLICATIONSOFACCRUALSWHENDISCLOSUREQUALITY

14、ISHIGHERWEALSOCONJECTURETHAT,ALLTHINGSEQUAL,INVESTORSCANBETTERUNDERSTANDTHEINFORMATIONINCASHFLOWFORFUTUREEARNINGS,ANDTHUSCANMOREACCURATELYVALUECASHFLOW,WHENDISCLOSUREQUALITYISHIGHERMORESPECIFICALLY,WEPREDICTTHATSTOCKPRICESOFFIRMSWITHHIGHERQUALITYDISCLOSURESMOREACCURATELYREFLECTTHELOWERHIGHEREARNINGS

15、PERSISTENCEOFACCRUALSCASHFLOWRELATIVETOFIRMSWITHLOWERQUALITYDISCLOSURESWETESTOURPREDICTIONSUSINGANALYSTRATINGSOFDISCLOSUREQUALITYPUBLISHEDINTHEANNUALASSOCIATIONFORINVESTMENTMANAGEMENTANDRESEARCHAIMRCORPORATEINFORMATIONCOMMITTEEREPORTSFORTHEYEARS1982TO1996INCLUSIVEWEFOLLOWASTRINGOFACCOUNTINGLITERATUR

16、E,BEGINNINGWITHLANGANDLUNDHOLM1993,WHICHUSESTHEAIMROVERALLDISCLOSURESCORESASANEMPIRICALMEASUREOFOVERALLDISCLOSUREQUALITY1WEDISCUSSTHEAIMRSCORESINFURTHERDETAILINSECTION2FOLLOWINGSLOAN1996,WEUSETHEMISHKIN1983RATIONALEXPECTATIONSFRAMEWORKHEREAFTERREFERREDTOASTHEMISHKINTESTTOEXAMINEWHETHERTHEEARNINGSEXP

17、ECTATIONSEMBEDDEDINSTOCKPRICESACCURATELYREFLECTTHEDIFFERENTIALPERSISTENCEOFTHECOMPONENTSOFEARNINGSIE,ACCRUALSANDCASHFLOWWEFIRSTCONFIRMTHATTHEMISPRICINGPHENOMENONDOCUMENTEDBYSLOAN1996OCCURSINOURFULLSAMPLEOFFIRMSTHATIS,WEFINDTHATINVESTORSBEHAVEASIFTHEYOVERESTIMATETHEPERSISTENCEOFACCRUALSANDUNDERESTIMA

18、TETHEPERSISTENCEOFCASHFLOWWETHENREPEATTHEMISHKINTESTUSINGTWOSUBSAMPLESOFFIRMSHIGHQUALITYDISCLOSERSIE,FIRMSINTHETOPQUINTILEOFDISCLOSUREQUALITYANDLOWQUALITYDISCLOSERSIE,FIRMSINTHEBOTTOMQUINTILEOFDISCLOSUREQUALITY2THERESULTSOFTHESUBSAMPLEANALYSISREVEALTHATTHEMARKETPRICESACCRUALSANDCASHFLOWDIFFERENTLYFO

19、RTHEDIFFERENTSUBSAMPLESSPECIFICALLY,WEFINDSIGNIFICANTOVERPRICINGOFACCRUALSANDUNDERPRICINGOFCASHFLOWFORLOWQUALITYDISCLOSERSHOWEVER,THEREISNOEVIDENCEOFMISPRICINGOFACCRUALSANDCASHFLOWFORHIGHQUALITYDISCLOSERSTHISRESULTIMPLIESTHATINVESTORSBETTERUNDERSTANDTHEINFORMATIONINACCRUALSANDCASHFLOWFORFUTUREEARNIN

20、GSWHENDISCLOSUREQUALITYISHIGHFOLLOWINGPRIORLITERATUREEG,COLLINS,GONG,ANDHRIBAR2003DESAI,RAJGOPAL,ANDVENKATACHALAM2004MASHRUWALA,RAJGOPAL,ANDSHEVLIN2006BARONEANDMAGILKE2008,WEUSEACROSSSECTIONALREGRESSIONAPPROACHTOINVESTIGATEWHETHERACCRUALSANDCASHFLOWAREASSOCIATEDWITHFUTURERETURNSAFTERCONTROLLINGFORVA

21、RIABLESKNOWNTOPREDICTFUTURERETURNSIE,SIZEANDBOOKTOMARKETRATIOCONSISTENTWITHRECENTRESEARCH,INOURFULLSAMPLE,WEFINDNOEVIDENCETHATACCRUALSAREASSOCIATEDWITHFUTURERETURNSWHENCASHFLOWANDTHECONTROLVARIABLESAREINCLUDEDINTHEMODELDESAI,RAJGOPAL,ANDVENKATACHALAM2004YU2007BARONEANDMAGILKE2008HOWEVER,WEDOFINDEVID

22、ENCETHATISCONSISTENTWITHTHEEXISTENCEOFCASHFLOWMISPRICINGDESAI,RAJGOPAL,ANDVENKATACHALAM2004YU2007BARONEANDMAGILKE2008WETHENPERFORMTHEANALYSESUSINGTHEHIGHERANDLOWERQUALITYDISCLOSURESUBSAMPLESWEFINDTHATCASHFLOWISSIGNIFICANTLYANDPOSITIVELYASSOCIATEDWITHFUTURERETURNSFORTHELOWQUALITYDISCLOSERS,ANDWEFINDA

23、SIGNIFICANTREDUCTIONINMISPRICINGFORTHEHIGHQUALITYDISCLOSERS3MOREOVER,INJOINTTESTS,WEFINDNOEVIDENCEOFASIGNIFICANTASSOCIATIONBETWEENCASHFLOWANDFUTURERETURNSFORTHEHIGHQUALITYDISCLOSERSALSOCONSISTENTWITHTHEANALYSISUSINGTHEFULLSAMPLE,WEFINDNOEVIDENCEOFANASSOCIATIONBETWEENACCRUALSANDFUTURERETURNSONCECASHF

24、LOWANDCONTROLVARIABLESAREINCLUDEDINTHEMODELFOREITHEROFTHEDISCLOSURESUBSAMPLESFINALLY,WEPERFORMTHEANALYSESWHILECONTROLLINGFORVARIABLESTHATAREKNOWNTOBECORRELATEDWITHBOTHAIMRSCORESANDRETURNSWECONTROLFORHIGHINSTITUTIONALOWNERSHIPBECAUSEPRIORLITERATUREDOCUMENTSTHATFIRMSWITHHIGHERAIMRRANKINGSHAVEGREATERIN

25、STITUTIONALINVESTOROWNERSHIPBUSHEEANDNOE2000ANDTHATFIRMSWITHHIGHLEVELSOFINSTITUTIONALINVESTOROWNERSHIPHAVESTOCKPRICESTHATMOREACCURATELYREFLECTACCRUALPERSISTENCECOLLINS,GONG,ANDHRIBAR2003WEALSOCONTROLFORANALYSTFOLLOWINGBECAUSEPRIORRESEARCHFINDSTHATFIRMSWITHHIGHERDISCLOSURESCORESAREFOLLOWEDBYMOREANALY

26、STSLANGANDLUNDHOLM1996MOREOVER,CONTROLLINGFORANALYSTFOLLOWINGRULESOUTTHEALTERNATIVEEXPLANATIONTHATOURDISCLOSUREMEASUREISMERELYPROXYINGFORANALYSTFOLLOWINGFINALLY,WECONTROLFORTHECURRENTLIFECYCLESTAGEOFTHEFIRMIE,FIRMAGEBECAUSEPRIORLITERATUREFINDSTHATACCRUALSDIFFERWITHCHANGESINAFIRMSLIFECYCLEANTHONYANDR

27、AMESH1992MYERS,MYERS,ANDOMER2003ANDBECAUSEINCREASEDVOLUNTARYDISCLOSUREISMORELIKELYAMONGYOUNGERFIRMSCHEN,DEFOND,ANDPARK2002HERE,WEFINDTHATTHEINFERENCESFROMTHISTESTARECONSISTENTWITHTHEINFERENCESDRAWNFROMOURMISHKINTESTSOVERALL,OURRESULTSSUGGESTTHATHIGHERQUALITYDISCLOSUREMITIGATESTHEMISPRICINGOFEARNINGS

28、COMPONENTSTHEREMAINDEROFTHISPAPERISORGANIZEDASFOLLOWSINSECTION2,WESUMMARIZETHELITERATUREMOSTRELEVANTTOTHISSTUDYANDDEVELOPOURHYPOTHESESINSECTION3,WEDISCUSSTHEDATAANDSAMPLEWEPRESENTOURRESULTSINSECTION4ANDCONCLUDEINSECTION52PRIORLITERATUREANDDEVELOPMENTOFHYPOTHESES21THEACCRUALANOMALYLITERATURESLOAN1996

29、FIRSTDOCUMENTEDTHATINVESTORSPRICESECURITIESASIFTHEYOVERVALUEUNDERVALUETHEINFORMATIONINACCRUALSCASHFLOWFORFUTUREEARNINGSHEFINDSTHATSIGNIFICANTFUTUREABNORMALRETURNSCANBEEARNEDBYTAKINGLONGPOSITIONSINFIRMSWITHLOWACCRUALSANDSHORTPOSITIONSINFIRMSWITHHIGHACCRUALSSLOANALSOSTATESHOWEVER,HEDOESNOTCONTROLFORCA

30、SHFLOWINTHEHEDGEPORTFOLIOTESTSSLOANSACCRUALANOMALYHASRECEIVEDCONSIDERABLEATTENTIONFROMACADEMICSOVERTHEPASTDECADE,ANDANUMBEROFSUBSEQUENTSTUDIESHAVEREFINEDOURUNDERSTANDINGOFTHEACCRUALANOMALYEXTENSIONSOFSLOAN1996FINDTHATTHEACCRUALANOMALYISPRIMARILYDRIVENBYTHEMISPRICINGOFABNORMALORDISCRETIONARYACCRUALSX

31、IE2001AND,MORESPECIFICALLY,BYINVENTORYCHANGESTHOMASANDZHANG2002EXTANTRESEARCHALSOPROVIDESEVIDENCEONTHEASSOCIATIONBETWEENTHEACCRUALANOMALYANDTHESOPHISTICATIONOFFINANCIALSTATEMENTUSERSCOLLINS,GONG,ANDHRIBAR2003FINDTHATLESSACCRUALMISPRICINGISEXHIBITEDBYFIRMSWITHHIGHINSTITUTIONALOWNERSHIPTHANBYFIRMSWITH

32、LOWINSTITUTIONALOWNERSHIPBRADSHAW,RICHARDSON,ANDSLOAN2001FINDTHATANALYSTEARNINGSFORECASTSDONOTREFLECTTHEPREDICTABLENEGATIVEASSOCIATIONBETWEENHIGHACCRUALSANDFUTUREEARNINGS,ANDKANGANDYOO2007ALSOFINDTHATANALYSTSOVERREACTTOCURRENTACCRUALSTOAGREATERDEGREETHANINVESTORSFINALLY,RECENTRESEARCHINVESTIGATESTHE

33、PRESENCEOFTHEACCRUALANOMALYININTERNATIONALMARKETSLAFOND2005PINCUS,RAJGOPAL,ANDVENKATACHALAM2007ANDPROVIDESEVIDENCETHATTHEACCRUALANOMALYISNOTAPHENOMENONPARTICULARTOTHEUSCAPITALMARKETSSEVERALRECENTSTUDIESTESTALTERNATIVEEXPLANATIONSFORTHEACCRUALANOMALYFOREXAMPLE,COLLINSANDHRIBAR2000DOCUMENTTHATACCRUALM

34、ISPRICINGISDISTINCTFROMPOSTEARNINGSANNOUNCEMENTDRIFT,4ANDHIRSHLEIFER,HOU,ANDTEOH2007INVESTIGATEWHETHERRISKORMISPRICINGEXPLAINSTHEACCRUALANOMALYTHEIRRESULTSCONTRADICTTHEIDEATHATARATIONALPRICINGMODELCANEXPLAINTHEACCRUALANOMALYANDTHUSPROVIDEEVIDENCEINFAVOROFMISPRICINGRECENTRESEARCHINVESTIGATESTHEPERSIS

35、TENCEOFTHEACCRUALANOMALYLEVANDNISSIM2006FINDTHATTHEMAGNITUDEOFTHENEGATIVERELATIONBETWEENACCRUALSANDFUTUREABNORMALRETURNSHASNOTDECLINEDOVERTIMETHISFINDINGISESPECIALLYINTERESTINGGIVENTHEFACTTHATTHEACCRUALANOMALYHASBEENWELLDOCUMENTEDFORADECADELEVANDNISSIM2006PROVIDEEVIDENCESUGGESTINGTHATALTHOUGHINSTITU

36、TIONALINVESTORSRECOGNIZETHEANOMALY,THEYCHOOSENOTTOEXPLOITITBECAUSEOFTHEUNDESIRABLECHARACTERISTICSOFTHEEXTREMEACCRUALSFIRMSEG,SMALLSIZE,LOWBOOKTOMARKETRATIOSMOREOVER,THEYSHOWTHATINDIVIDUALINVESTORSDONOTEXPLOITTHEANOMALYBECAUSEOFTHEHIGHINFORMATIONPROCESSINGANDTRANSACTIONCOSTS,PARTICULARLYRELATEDTOSHOR

37、TSELLS,ASSOCIATEDWITHTHETRADINGSTRATEGYMASHRUWALA,RAJGOPAL,ANDSHEVLIN2006ALSOINVESTIGATEWHYTHEACCRUALANOMALYISNOTARBITRAGEDAWAYANDFINDTHATANARBITRAGEURSABILITYTOEXPLOITTHEACCRUALANOMALYISCONSTRAINEDBYTHERISKYANDCOSTLYNATUREOFTHEASSOCIATEDTRADES22THEACCRUALANOMALYANDCASHFLOWMORERECENTRESEARCHHASINVES

38、TIGATEDTHEROLEOFCASHFLOWINEXPLAININGTHEABILITYOFACCRUALSTOPREDICTFUTURERETURNSDESAI,RAJGOPAL,ANDVENKATACHALAM2004TESTBEAVERS2002CONJECTURETHATTHEACCRUALANOMALYMAYBETHEGLAMOURANOMALYINDISGUISETHEYFINDTHATOPERATINGCASHFLOWCAPTURESTHEMISPRICINGASSOCIATEDWITHACCRUALSASWELLASTHOSEASSOCIATEDWITHTRADITIONA

39、LVALUEGLAMOURANOMALYPROXIESEG,BOOKTOMARKETANDEARNINGSTOPRICERATIOSMOREPRECISELY,THEEXPLANATORYPOWEROFACCRUALSTOPREDICTFUTURERETURNSISCOMPLETELYSUBSUMEDBYTHEEXPLANATORYPOWEROFTHECASHFLOWVARIABLETOPREDICTFUTURERETURNSYU2007PROVIDESSIMILAREVIDENCE,DOCUMENTINGTHATCASHFLOWCOMPLETELYSUBSUMESTHEABILITYOFAC

40、CRUALSTOPREDICTFUTUREANNUALRETURNSFINALLY,BARONEANDMAGILKE2008ALSOINVESTIGATETHEACCRUALANOMALYAFTERCONTROLLINGFORCASHFLOWANDFINDTHATINVESTORSPRICEFIRMSWITHLOWLEVELSOFINSTITUTIONALOWNERSHIPASIFTHEYACCURATELYVALUEACCRUALS,BUTUNDERVALUECASHFLOWTHEYALSOFINDTHATINVESTORSPRICEFIRMSWITHHIGHLEVELSOFINSTITUT

41、IONALOWNERSHIPASIFTHEYACCURATELYVALUECASHFLOWANDOVERVALUEACCRUALSSOURCEMICHAELSDRAKEJAMESNMYERSLINDAAMYERSDISCLOSUREQUALITYANDTHEMISPRICINGOFACCRUALSANDCASHFLOWJJOURNALOFACCOUNTING,AUDITINGANDFINANCE20088,P2529二、翻译文章译文现金流量表中信息披露质量的优点和不足之处本文主要研究信息披露质量在准确评估净利润和现金流量中的作用。我们预测,高质量公司的股票价格更准确地反映出持续的利润和现金流量

42、。我们用1982年至1996年年度协会发表在进行投资管理及研究AIMR公司信息委员会披露研究比例资料上检测了我们的分析结果。该结果强有力的表明了子公司低质量披露和高质量披露在缺失价格上有很强的影响。用回归分析的方法分析投资者的复杂性和公司生命周期等方面更加确定了我们用MISHKIN方法得到的结果。从总体上说，我们的结果证明了高质量披露在信息缺失方面有一些缓解作用。关键词信息披露质量、利息、现金流量、信息缺失引言史隆1996提供了证据,投资者会高估稳定的净利润但低估净现金流量。在缺失信息的结果上，尤其是异常收益率，投资者对营业策划中稳定收入组成部分的认识对异常收益率有较大的影响。在文献方面史隆1

43、996首先关注高估利息汇率例如,谢2001托马斯和张2002柯林斯,红,HRIBAR2003。然而,最近的研究表明,只关注利息汇率信息缺失而不考虑现金流量信息缺失的研究室不全面的RAJGOPALVENKATACHALAM2004,2007,MAGILKE2008年。因此,在本文中,我们主要研究信息披露在准确评估利润和现金流量方面的作用。具体地说,我们检测了高披露信息公司和低披露信息公司的投资者对证券的定价是否收到他们对在得到公司未来收益对利润和现金流量信息理解的影响。调查信息披露质量关系和缺失利润和现金流量信息之间的关系是很重要的，调查信息披露质量的关系,这个问题就其优点和不足之处时的现金流是

44、很重要因为它突显了对于信息披露质量的角色,帮助投资者有效扣押会计信息和价格,从而构建信息披露质量和市场效率之间存在的某种联系。因此,该测试研究验证了托马斯2000就盈利信息可能由于低质量的披露观点。我们的研究结果有助于提高依据至少一些市场异常可以降低高质量的披露的结论。此外,我们的研究为决策者和他们的成本与收益提高必修课程的披露提供了证据。最近的研究表明，临时性的会计信息失真误差在收益中起着重要的作用,在较低的收入相对于对应计利润持续的现金流量提供有力的证据。RICHARDSON,SLOAN,SOLIMAN,ANDTUNA2006。这些收益估计错误可能是无意预测未来的经济效益和故意之管理操纵所

45、导致的结果。谢2001,里查德森孙俐。2006。史隆1996认为投资者未能充分了解微分持续不断的盈余,因为他们不懂参与更大的主体性估计与现金流量。最近的研究也表明投资者低估了持续不断的现金流，从而造成未能完全了解未来的经济效益。依据RAJGOPAL现金量,VENKATACHALAM2004,2007，MAGILKE2008年的看法。该理论表明,继续增加披露在股票市场中扮演的重要的角色,以减少信息的不对称,提高现金流动性,减少资金成本DIAMONDANDVERRECCHIA1991KIMANDVERRECCHIA1994。但是很少有论文探讨有效定价在信息披露中起到的作用。我们专注于披露是基于这样

46、一种理念更多的信息披露允许投资者更全面了解信息对未来现金流量的收入所表现出的优点和不足之处。我们推测,所有的一切都是平等的,投资者可以更好地了解管理假设用来记录应计利润,因此,可以更好地预测未来的经济效益和评价信息披露质量较高时对利润的影响。我们也猜测,所有的一切都平等,当信息披露质量较高时，投资者可以更好地为未来收益现金流量去更好地了解信息,从而更准确地评估现金流。更确切地说,我们预测,更高质量披露公司的股票价格更为精确地反映收入低较高坚持应计利润的现金流相对于增长只能带来低品质公司披露。我们用发表早在一年一度的AIMR分析师信息披露在1982年到1996年度公司信息委员会报告质量评分证实了

47、我们的预测。我们跟踪一系列的会计文献报告，从1993年的LANGLUNDHOLM用AIMR整体披露分数作为标准衡量质量开始。我们在第二部分对AIMR分数进行了详细的讨论分析。在SLOAN证明之后，我们用MISKIN理性预期框架来检测预期盈利是否准确地反映微小的组成部分（如收入现金流）其优点和不足之处。我们首先确认了SLOAN中发生的错误定价现象在我们所有的样本信息中。也就是说，我们发现投资者行为比如过高的估计持续的利益或过低的预计现金流量。我们重复MISHKIN测试二次抽样样本公司高质量的公司和低质量的公司。对二次抽样的结果分析表示市场价格盈余和现金流量在不同的抽样样本中不一样。特别地，我们发

48、现低质量公司有较为严重的过高估计收益和过低估计现金流量的现象。然而，没有明显的现象表明高质量公司错误估计收益和现金流量。这些结果表明高质量公司投资者从信息中获得收益和现金流量的较好估计。从之前的文献中，比如COLLINS,GONG,ANDHRIBAR2003DESAI,RAJGOPAL,ANDVENKATACHALAM2004MASHRUWALA,RAJGOPAL,ANDSHEVLIN2006BARONEANDMAGILKE2008，我们用横截面分析法得出调查发现收益和现金流量和未来返还可以在分析可控制变量的方法下分析预期返还量，比如说大小和市面值比率。根据最近的研究，在我们的充分样本中，现金

49、流和控制变量都在我们的模型中我们还没有找到证据与有关未来回报有关。DESAI,RAJGOPAL,ANDVENKATACHALAM2004YU2007。然而，我们发现与之一致的现金流量大涨。DESAI,RAJGOPAL,ANDVENKATACHALAM2004YU2007BARONEANDMAGILKE2008然后执行的分析,采用高增长只能带来低品质披露的二次抽查样品。我们发现现金流量有显著正相关,与未来的回报,低质量的DISCLOSERS,我们发现有轮状病毒显著意义减少的高质量DISCLOSERS大涨，此外,在共同的测试中,我们发现没有任何证据之间有重大关连现金流和未来收益的高质量DISCLOSERS。也符合充分样本进行分析,我们发现没有证据证明其优点和不足之处之间存在关联未来现金流量和回归一次包括控制变量的模型中披露中的任何一个二次抽查样品。最后,我们使用在控制分析变量,它被认为是两AIMR与分数并返回。我们控制了高学术拥有权因为先前的文献AIMR排名更高的公司,有更大的机构投资者所有权BUSHEE和一个2000和公司,拥有高水平的机构投资者的价格都有存货利息比较准确地反映坚持柯林斯,巩俐,和HRIBAR2003。我们也控制分析师证明因为先前的研究发现,公司以更高的披露分数紧随其后的是更多的分析师朗和LUNDHOLM1996。此外,控制分析师证明排除另