公司財務報表資訊的攸關性、可靠性已日益受到投資人的重視,但在進行分析時,要解決隱藏的資訊有其困難,因此,Ohlson and Aier(2009)提出修正式現金會計模型,在對企業價值進行評估時,現金流量表無法提供有底線數字的結果可與損益表之淨利比較、分析差異並加以評估會計盈餘品質與經營績效。因此,修正式現金會計模型的運用,主要特色是將現金定義放寬,消除傳統現金流量表下之應計項目,把可隨時轉換成定額現金且將到期,放寬符合現金資格,算出綜合現金盈餘,本研究探討綜合現金盈餘對企業價值之資訊內涵。 本文採Ohlson and Aier (2009)提出MCA模型,探討綜合現金盈餘是否對企業價值具有資訊內涵。實證結果顯示(1)利用Ohlson and Aier(2009)提出MCA模型計算出之綜合現金盈餘及其與損益表本期淨利之差額(企業盈餘管理部分)對企業價值具有資訊內涵;(2)總體經濟對於企業價值有顯著影響,當國家經濟整體越為活絡,企業價值越高;(3)當總資產成長率愈大,投資者對於該企業之價值評價越高;(4)投資人對於屬於電子產業之企業會有較高的價值評價。
Because that statement of cash flows lacks a clear. “bottom-line” directly comparable to net income to assessment accounting earnings quality and firm’s performance, Ohlson and Aier (2009) proposed a framework of Modified Cash Accounting (MCA). MCA works just like a regular income statement except that it eschews all accruals and its structural underpinnings rest on a “regular” financial reporting framework. Especially to deserve to be mentioned, the concept of “cash” in MCA is broader than that of GAAP, and MCA earnings(Comprehensive cash earnings, CCE) and GAAP earnings should be the same under the ideal condition when the firm is in a steady state. This paper examines the information content of CCE. Overall, the results indicate that CCE and corporate value have positive significance; the difference between net income and CCE and corporate value have positive significance as well. This paper also provide evidence that it exists significant positive relationship between Consumer Price Index(CPI), corporate size and corporate value. Further, electronic industry have higher corporate value than others.
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