摘要
分析师是否进行现金流预测以及对盈余预测准确度的影响越来越受到学术界和实务界的关注。本文在以前研究的基础上,进一步考察了在哪些情况下分析师现金流预测对盈余预测准确度的影响更加明显。研究发现:在盈余波动性大、现金流波动性大、公司治理水平低的公司,分析师进行现金流预测对提高其盈余预测准确度的作用会更加明显。这一研究结果意味着分析师在进行现金流预测时存在复杂的决策过程,因此导致现金流预测与盈余预测准确度的关系在各个公司间表现不同。本研究有助于我们更深层次地理解分析师现金流预测的经济后果及其作用机理,有助于投资者更有效地使用分析师预测信息并做出有效决策。
Analysts＇ cash flow forecasts and its influence to earnings forecasts accuracy get more and more attention. Different from prior literature, this paper investigates the conditions on which the influence of analysts＇ cash flow forecasts to earnings forecast accuracy is more obvious. And this paper focuses on corporate characteristics. Empirical results show that the effects of analysts＇ cash flow forecast on earnings forecast accuracy are more significantly in company with larger earnings volatility, larger cash flow volatility and lower corporate governance. The results imply that the relationship between analysts＇ cash flow forecasts and earnings forecast accuracy differs in corporate characteristics. These findings would help investors understand the effects of analysts＇ cash flow and its influential process better, and finally help them use analysts＇ reports to make ra- tional decision effectively.
作者
王菊仙
王玉涛
鲁桂华
WANG Ju-xian WANG Yu-tao LU Gui-hua
出处
《中央财经大学学报》
CSSCI
北大核心
2017年第10期65-77,共13页
Journal of Central University of Finance & Economics
关键词
现金流预测
盈余预测准确度
公司特征
Analysts＇ cash flow forecast Earnings forecast accuracy Corporate characteristics
