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首页> 外文学位 >Do investors attach higher valuation weights to cash flow-based measures than to accrual-based measures in valuing intangible-intensive, high-technology stocks?
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Do investors attach higher valuation weights to cash flow-based measures than to accrual-based measures in valuing intangible-intensive, high-technology stocks?

机译：在评估无形密集型高科技股票时，与基于权责发生制的衡量方法相比，投资者是否更重视基于现金流量的衡量方法？

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摘要

This study provides empirical evidence on the impact of high-tech firms' unrecognized intangible investments on the market valuation of cash flow and accrual amounts. In particular, this study empirically examines the different valuation weights that capital market participants attach to accrual-based versus cash flow-based measures when valuing intangible-intensive, high-technology stocks, and finds that investors appear to value, on average, a dollar of cash flows higher than a dollar of accruals for intangible-intensive high-technology firms. Based on samples of Compustat high- and low-technology firms between 1992–2001, the empirical results suggest that cash flows have larger multiplier than aggregate accruals, and have incremental value-relevant information beyond that contained in the individual components of accruals for valuing high-technology stocks.; This study further provides evidence that suggests that cash earnings measures of low-technology firms are dominated by those of high-technology firms as a summary indicator of share values. This study contributes to existing literature that reports no substantial difference in the value relevance of cash flow and accrual amounts in high and low tech industries. It provides evidence that suggests that capital market investors do not hold high-tech stocks to the same standards of valuation that they use for low-tech traditional stocks.
机译：这项研究提供了经验证据，证明了高科技公司的未确认无形投资对现金流量和应计金额的市场价值的影响。尤其是，本研究从经验上考察了资本市场参与者在评估无形密集型高科技股票时对应计制和现金流量制所赋予的不同估值权重，并发现投资者似乎平均估值一美元。的现金流量高于无形密集型高科技公司应计费用的一美元。根据1992-2001年间Compustat高技术和低技术公司的样本，经验结果表明，现金流量的乘数大于应计总金额，并且具有与价值相关的增量信息，而这些信息与应计高值的各个组成部分中所包含的信息无关。 -技术股。这项研究进一步提供了证据，表明低技术公司的现金收益指标以高科技公司的现金收益指标作为股票价值的概括指标。这项研究为现有的文献做出了贡献，这些文献报告说，高科技行业和低科技行业现金流量的价值相关性和应计金额没有实质性差异。它提供的证据表明，资本市场投资者持有的高科技股票的估值标准与传统高科技股票的估值标准不同。

著录项

  • 作者

    Al-Harbi, Abdullah D.;

  • 作者单位

    Florida Atlantic University.;

  • 授予单位 Florida Atlantic University.;
  • 学科 Business Administration Accounting.
  • 学位 Ph.D.
  • 年度 2003
  • 页码 99 p.
  • 总页数 99
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;
  • 关键词

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