회계이익과 현금흐름의 주식수익률 설명력에 관한 연구

Abstract

Abstract

A purpose of this study is to indicate accounting earnings' and cash flows' stock returns explanatory power which is company's business performance and it is measured by accounting earnings and cash flows, and especially discretionary and non-discretionary accruals which are components of accounting earnings are to be analyzed by each stock returns explanatory power. The results of this empirical study are summarized as follows. First, the result of analysis of which one of accounting earnings and cash flows are more descriptive information about stock returns is that accounting earning as independent variable in model which is appeared to bearing higher numerical value of regression coefficient and explanatory power than cash flow from operating activities as independent variable in regression model coefficient's and explanatory power's numerical value. Therefore, cash flows from operating activities is concluded by complementary information source rather than substitutional information source of accounting earnings. Second, the result of analysis on stock returns explanatory power of discretionary accruals and non-discretionary accruals which are components of accruals is shown as non-discretionary accruals is not statistical significant variable, meanwhile discretionary accruals is appeared as significant. But discretionary accruals is described that bearing greater information effect than non-discretionary accruals bearing. Finally, the result of analysis considering all elements composing accounting earnings as independent variables in model and bearing ability to explain stock returns is that cash flow from operating activities yields information effect that describes the stock by the largest amount, followed by discretionary accruals, and but non-discretionary accruals is showed by tiny information effect. In addition, cash flows from operating activities, non-discretionary accruals and discretionary accruals all are bearing positive regression coefficient signs. Therefore, cash flows from operating activities, non-discretionary accruals and discretionary accruals changes together with the non-expected stock returns' changes that are interpreted in the same direction. Taken together the all above results, however accounting earnings and cash flows all affect stock returns, among them, rather than cash flows from operating activities accounting earning's information effect rate that describes of stock return is considered even greater. However discretionary accruals' information effect is very little, discretionary accruals is showed as bearing high rate of explanatory power on the stock price.