현금흐름재무비율을 이용한 영업이익의 질?

목차

Ⅰ. 서 논

Ⅱ. 선행연구

Ⅲ. 실증연구설계

Ⅳ. 실증분석결과

Ⅴ. 결 논

본문내용

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Hwee Y. Jang and Byung T. Ro, "Firm's Financial Conditions and Earnings Response Coefficients", Working Paper (October 1992), pp.1-29.
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William H. Beaver, Roger Clark, and William F. Wright, "The Association Between Unsystematic Security Return and the Magnitude of Earnings Forecast Errors", Journal of Accounting Research(Autumn 1979), p.328.
Abstract
This study is to investigate the ERC(Earnings Response Coefficients) of three groups divided by the index of quality of operating income that uses cash flow financial ratio. The cash flow financial ratio called as the index of quality of operating income is as follows;
rm {CFFO + I nterest~ Cost - I nterest~ Revenue - D ividend~ I ncome + Corporation~ Tax} over
{operating ~i ncome + depreciation ~ex p ense + retirement ~allowance }
* CFFO : cash flow from operations
We expected that the ERC of the group of which index is measured around 1(Group Ⅱ) will be most high. In this study, total of 1,563 samples manufacturing year-firms, listed in Korean Stock Exchange, over the period of 1994 to 1998, were selected. As the independent variable, We used unexpected earnings that were measured using random walk model and as the dependent variable, We calculated cumulative abnormal return using market risk adjusted abnormal return. The empirical results can be summarized as follows. First, in order to compare the two variables directly, We used the simple regression analysis. As a result, only the group of index measured around 1(Group Ⅱ) has the significant positive ERC. Second, adding 6 independent variables influencing on ERC , We did multiple regression analysis. From this, We could find the same conclusion as the simple regression analysis's. The result shows that only one group of good quality of Income has statistically significant positive ERC. This means that the index of quality of operating income has some effect on the explanatory power between accounting income and stock price. In summary, the results of the research show that cash flow financial ratio is useful in explaining stock price.

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