1、<p><b>　　中文3700字</b></p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　The pricing of earnings and cash flows and an affirmation of accrual accounting<

2、;/p><p>　　This paper examines a core idea in accounting, drummed into every beginning accounting student: accrual accounting, rather than cash accounting, is appropriate for business reporting. Accounting goes

3、beyond a mere cash book, to report (accrual) earnings rather than cash flow as the measure of valued added. The paper investigates whether common shares are priced in the stock market according to accounting prescription

4、s on how earnings and cash flows affect shareholders’ equity.</p><p>　　To develop an empirical specification that incorporates the prescriptions, the paper first formally lays out how earnings and cash flows

5、 relate to shareholders’ equity in the accounting system. With a focus on the shareholder, it makes the standard distinction in both valuation theory and accounting between the business and the equity claim on the busine

6、ss. Under accrual accounting, earnings from the business add to both the book value of assets and the book value of the equity claim on those as</p><p>　　The empirical analysis shows that the stock market pr

7、ices business firms and equity claims on firms according to this prescription. We find that, on average, annual changes in both the market value of the firm and the market value of equity shares are positively related to

8、 annual earnings. However, given earnings, changes in the market value of the firm are negatively related to cash flows from the firm. Indeed, a dollar of free cash flow is, on average, associated with approximately a do

9、llar le</p><p>　　The result with respect to earnings is, of course, not new; the finding of a positive correlation between earnings changes and stock returns in the Ball and Brown (1968) paper is an affirmat

10、ion of accrual accounting, replicated many times. Dechow (1994) and Dechow et al. (1998), among others, affirm the importance of accruals over cash flows under a variety of conditions. Our analysis explores an additional

11、 feature of accounting: not only does accrual accounting promote earnings as the primary v</p><p>　　The result with respect to cash flows may be surprising, for one typically thinks of cash flow as a ‘‘good’

12、’—more cash flow means higher value—and analysts often recommend stocks of companies that have positive cash flow. However, our results are not surprising when one recognizes that economic theory also affirms the account

13、ing: accrual accounting operates in a way that recognizes Miller and Modigliani (1961) notion of dividend displacement and the complementary notion of dividend irrelevance. </p><p>　　The results in the paper

14、 seemingly conflict with previous research. In Rayburn (1986), Wilson (1987), Dechow (1994), Bowen et al. (1987), Clubb (1995), and Francis et al. (2003), among others, cash flow variables in return regressions load with

15、 a positive coefficient, with and without earnings included. The difference revolves around the issue of specification. This paper develops a regression specification quite methodically (in Sect. 1) so the differences ar

16、e well understood. Indeed, while the</p><p>　　The ability of earnings to explain changes in market values depends, of course, on how the earnings are measured. Indeed, one expects cash flow to be informative

17、 if earnings are poorly measured, and the comparison of cash flow to earnings is a standard diagnostic in earnings quality analysis (see, for example, Sloan 1996; Dechow and Dichev 2002; Dechow et al. 2008). We build spe

18、cifications that explicitly recognize that cash flows (and dividends) can have information content in response to poor </p><p>　　1 Specification of return regressions involving earnings and cash flows</p&

19、gt;<p>　　While documenting the relevant correlations, most prior research that relates stock prices and returns to earnings, cash flows, or both does not use pre-specified models. Some exceptions are Jennings (199

20、0), who addresses some specification issues in earnings and cash flows regressions, and Barth et al. (1999), who refer to valuation models to develop regression equations involving earnings and cash flows. In this paper

21、we develop a specification and then put it to the test. The specification is</p><p>　　Accounting relations that govern accrual accounting</p><p>　　Accrual accounting, at least nominally, tracks

22、the evolution of shareholders’ equity over discrete periods; in each period, accounting calculates a number, earnings, which update shareholders’ equity via the closing entry. We lay out a set of accounting operations th

23、at amount to prescriptions that govern the accounting. We start with cash flows.</p><p>　　1.1.1 Cash flow relations</p><p>　　The firm (the business operations) is distinguished from the claims o

24、n the firm, as in the typical balance sheet. Correspondingly, cash flows generated by a business (free cash flow) are distinguished from those paid to claimants. The standard cash conservation equation equates the two:&l

25、t;/p><p>　　Free Cash Flow = d + F……… (1)</p><p>　　As the analysis focuses on the pricing of common shares, the dividend to common shareholders, d, is distinguished from payments to all other claima

26、nts (such as bondholders and preferred stock holders), F. Distributions to debt issuers—by the purchase of financial assets with the cash—are also an application of free cash flow, so F refers to cash payments to net deb

27、t holders (debt holders and debt issuers). Dividends, d, are net cash distributions to shareholders (dividends plus stock repurchases</p><p>　　It is common to distinguish the two components of free cash flow

28、, cash from operations (C) and cash investment (I): Free Cash Flow = C - I. The distinction between C and I is an accrual accounting issue, however, involving an allocation to periodic income statements that does not bea

29、r on net cash generated. To delineate clearly between cash and accrual accounting, our reference will be to the net cash from operations, that is, free cash flow. However, at the end of the paper we will distinguish <

30、/p><p>　　1.1.2 Accrual accounting for the firm</p><p>　　Accrual accounting adjusts free cash flows from operations on the left hand side of Eq. 1 to yield income from operations, as follows:</p&

31、gt;<p>　　OI= (C-I) + I + Operating accruals……… (2)</p><p>　　The adjustments are added to net operating assets on the balance sheet:</p><p>　　△NOA= I + Operating accruals …...... (3)</p

32、><p>　　While Eq. 3 distinguishes between cash investment (like purchases of equipment) and operating accrual components of DNOA (like receivables and payables), cash investment is really an accrual that allocat

33、es current cash flows to income in future periods. Accordingly, DNOA is total accruals, comprised of current cash flows booked to the balance sheet as investments plus other non-cash flows also recorded to the balance sh

34、eet.</p><p>　　1.1.3 Accrual accounting for shareholders’ equity</p><p>　　As well as tracking net operating assets, accrual accounting tracks net financial obligations (NFO) to net debtholders su

35、ch that the balance sheet reports the common shareholders’ equity (B, for book value) as the residual claim on the net operating assets:</p><p>　　B = NOA - NFO …….. (4) </p><p>　　Thus the updati

36、ng of the shareholders’ equity obeys the relation,</p><p>　　△B = △NOA - △NFO …….(5)</p><p>　　The change in NOA can be stated in terms of accrual and cash flow components. As I + operating accrua

37、ls = OI - (C - I), by Eq. 2, the change in net operating assets in Eq. 3 can be restated as</p><p>　　△NOA = OI – (C – I)…….. (6)</p><p>　　Similarly, the change in net financial obligations is th

38、e difference between the net financial expenses (NFE) recorded in the income statement under accrual accounting and cash flow to net debtholders, F: △NFO = NFE - F. But F = (C - I) - d, by the cash conservation Eq. 1, so

39、</p><p>　　△NFO = NFE –(C – I) + d…….(7)</p><p>　　By taking the difference between Eqs. 6 and 7, the change in shareholders’ equity is accounted for:</p><p>　　△B =OI – ( C – I ) - NF

40、E + ( C – I ) -d</p><p>　　=OI - NFE – d……. (8)</p><p>　　=Earnings - d</p><p>　　where earnings are comprehensive earnings. Equation 8 is, of course, the clean surplus equation for up

41、dating shareholders’ equity, forced by the balance sheet Eq. 5 and the accounting for net operating assets and net financial obligations in Eqs. 6 and 7.</p><p>　　1.1.4 The normative prescriptions and the ec

42、onomics of cash flows</p><p>　　As fixed relations, the accounting relations in Eqs. 1–8 are normative prescriptions that direct how one accounts for equity value. In particular, Eqs. 6 and 7 embed presumptio

43、ns about the relevance of earnings and free cash flow for determining equity value. By Eq. 6, operating income increases net operating assets, but free cash flow reduces net operating assets; indeed free cash flow reduce

44、s net operating assets dollar for dollar. By Eq. 7, free cash flow also reduces net financial obligation</p><p>　　These prescriptions are at the heart of accrual accounting; they articulate the exception tha

45、t accrual accounting takes to cash accounting. They are, therefore, worthy of validation against the actual equity pricing in the stock market, and our empirical analysis does so. Specifically, it asks whether, given ope

46、rating income, the stock market prices free cash flow as a one-to-one reduction of the value of the firm, as in Eq. 6 and, given earnings, the market prices free cash flow as having no ef</p><p>　　Source: St

47、ephen H. Penman. Nir Yehuda,2009 “The pricing of earnings and cash flows and an affirmation of accrual accounting” .Springer Science,13 August, pp.453-458.</p><p><b>　　譯文： </b></p><p&g

48、t;　　收入和現(xiàn)金流量的定價(jià)和權(quán)責(zé)發(fā)生制的確認(rèn)</p><p>　　本文探討了會(huì)計(jì)的核心理念，告訴每個(gè)會(huì)計(jì)初學(xué)者：權(quán)責(zé)發(fā)生制會(huì)計(jì)比現(xiàn)金會(huì)計(jì)，在制定企業(yè)報(bào)告時(shí)更為適當(dāng)。會(huì)計(jì)不只是單純的通過(guò)現(xiàn)金賬簿來(lái)報(bào)告（增值）收入，還要把現(xiàn)金流量作為價(jià)值增加的計(jì)量方法。本文調(diào)查研究普通股在股票市場(chǎng)上的定價(jià)是否會(huì)根據(jù)會(huì)計(jì)預(yù)計(jì)收入和現(xiàn)金流量來(lái)影響股東權(quán)益。</p><p>　　要制定一個(gè)包含計(jì)劃的規(guī)范的實(shí)證，第

49、一次正式的文件規(guī)定了如何盈利和現(xiàn)金流量怎么與在會(huì)計(jì)系統(tǒng)的股東權(quán)益相關(guān)聯(lián)。隨著對(duì)股東的焦點(diǎn)轉(zhuǎn)移，它產(chǎn)生了在兩個(gè)估價(jià)理論與企業(yè)之間和企業(yè)權(quán)益的會(huì)計(jì)之間的標(biāo)準(zhǔn)區(qū)別。根據(jù)權(quán)責(zé)發(fā)生制，企業(yè)收入使資產(chǎn)的賬面價(jià)值以及這些資產(chǎn)的股權(quán)債權(quán)的賬面價(jià)值都得到了增加。這當(dāng)然是十分值得贊賞的。然而，被贊賞較少的，是在權(quán)責(zé)發(fā)生制下被嵌入關(guān)于現(xiàn)金流量的計(jì)劃：企業(yè)的凈現(xiàn)金流量，就是我們通常所說(shuō)的自由現(xiàn)金流量，并不對(duì)股權(quán)（我們展示出來(lái)的）賬面價(jià)值產(chǎn)生影響，但降低了企業(yè)資

50、產(chǎn)的賬面價(jià)值。以“一美元換一美元”的等額方式補(bǔ)償不再收回的償還債務(wù)。權(quán)責(zé)發(fā)生制的處理不可作為增值業(yè)務(wù)，但可作為一個(gè)從業(yè)務(wù)支出的現(xiàn)金流量。那項(xiàng)支出減少的商業(yè)價(jià)值，無(wú)需影響產(chǎn)權(quán)的附帶股息價(jià)值。</p><p>　　實(shí)證分析表明，股票的市場(chǎng)價(jià)格和商業(yè)公司根據(jù)本公司股權(quán)計(jì)劃進(jìn)行索賠。我們發(fā)現(xiàn)，平均而言，無(wú)論是在公司的市場(chǎng)價(jià)值和市場(chǎng)價(jià)值年股權(quán)變動(dòng)都被計(jì)入呈正相關(guān)的年度收益。然而，考慮到贏利能力，該公司市場(chǎng)價(jià)值的變化與從公司

51、的現(xiàn)金流量比較，呈負(fù)相關(guān)。事實(shí)上，就平均而言，美元的自由現(xiàn)金流量是與大約一美元以下的上市公司價(jià)值，而股票市值變動(dòng)與經(jīng)營(yíng)活動(dòng)產(chǎn)生現(xiàn)金流量不相關(guān)。此外，分離出來(lái)的流動(dòng)的自由現(xiàn)金流量的投資部分，我們發(fā)現(xiàn)，其余的“經(jīng)營(yíng)業(yè)務(wù)產(chǎn)生的現(xiàn)金流量” 與降低公司市場(chǎng)價(jià)值相聯(lián)系，“一美元換一美元”，并與權(quán)益價(jià)值的變化無(wú)關(guān)。</p><p>　　相對(duì)于盈利的結(jié)果，當(dāng)然，不是新產(chǎn)生的；一個(gè)在收益的變化、鮑爾股票報(bào)酬和布朗（1968）研究報(bào)

52、告之間的正相關(guān)的關(guān)系調(diào)查，是權(quán)責(zé)發(fā)生制的確認(rèn)，并且重復(fù)多次。德周（1994年）和德周（1998年）等等，確認(rèn)各種條件下的應(yīng)計(jì)項(xiàng)目對(duì)現(xiàn)金流量的重要性。我們的分析，探討了會(huì)計(jì)附加功能：不僅促進(jìn)權(quán)責(zé)發(fā)生制屬性作為主要估值收益（而不是現(xiàn)金流量），但實(shí)際上是把現(xiàn)金流量作為無(wú)關(guān)的股權(quán)估值來(lái)看待。我們的實(shí)證分析證實(shí)了這一觀點(diǎn)。</p><p>　　相對(duì)于現(xiàn)金流量的結(jié)論可能會(huì)令人吃驚，一個(gè)典型的被認(rèn)為是“良好的”現(xiàn)金流——更多的

53、現(xiàn)金流意味著更高的價(jià)值，并且分析師經(jīng)常推薦的公司的股票都是有正現(xiàn)金流量的。然而，我們的結(jié)果并不令人驚訝，當(dāng)人認(rèn)識(shí)到經(jīng)濟(jì)理論也肯定了會(huì)計(jì)：權(quán)責(zé)發(fā)生制會(huì)計(jì)確認(rèn)的方式，并且承認(rèn)了米勒和馬德奇洛尼（1961年）的概念位移和股息紅利無(wú)關(guān)的互補(bǔ)性概念。股息、現(xiàn)金的發(fā)行對(duì)股東而言，減少了產(chǎn)權(quán)，但不影響股息的價(jià)值?，F(xiàn)金流量，從該公司相應(yīng)的分配（包括所有股東），影響了減少企業(yè)價(jià)值的企業(yè)的股息，但是它不影響企業(yè)的附帶股息價(jià)值。由于雙方的權(quán)益要求基于該公司的

54、企業(yè)價(jià)值和現(xiàn)金流量，它是未受影響的由現(xiàn)金流量，但是相反地由企業(yè)的附帶股息價(jià)值體現(xiàn)?？傊?，權(quán)責(zé)發(fā)生制服從于現(xiàn)代金融的基本原則，并且公司股票的市場(chǎng)價(jià)格以及債權(quán)和股權(quán)也是根據(jù)這些原則制定的。</p><p>　　論文中的結(jié)論似乎與先前的研究相沖突。在雷伯恩（1986年），威爾遜（1987年），德周（1994年），博文（1987年），克拉布（1995年）和弗朗西斯（2003年）等人的文獻(xiàn)中，作為回歸的回報(bào)的現(xiàn)金流量變量伴

55、隨一個(gè)積極系數(shù)，有、無(wú)收入都包括在內(nèi)。有所不同的是圍繞著規(guī)范的問(wèn)題。本文建立一個(gè)有條理的回歸說(shuō)明（在第二節(jié)第1小標(biāo)題），這樣，差異就容易被理解了。事實(shí)上，盡管收入和現(xiàn)金流量的價(jià)格是我們的實(shí)質(zhì)性關(guān)注的，但是在資本市場(chǎng)中規(guī)范問(wèn)題的研究是潛在的。在這方面，本文根據(jù)霍爾索森和瓦特'(2001) 批評(píng)的，關(guān)于資本市場(chǎng)的會(huì)計(jì)研究已經(jīng)對(duì)標(biāo)準(zhǔn)制定者所面臨的規(guī)范問(wèn)題沒(méi)有什么貢獻(xiàn)了。其中霍爾索森和瓦特認(rèn)為有必要的是同時(shí)注意規(guī)范，我們對(duì)現(xiàn)金會(huì)計(jì)與權(quán)責(zé)

56、發(fā)生制會(huì)計(jì)的業(yè)務(wù)報(bào)告使用問(wèn)題，可以得出一個(gè)基本的規(guī)范性的結(jié)論。結(jié)果，我們沒(méi)有辦法完全反對(duì)其他文件的結(jié)論。事實(shí)上，以先前的結(jié)論看，我們可以調(diào)和一下看起來(lái)完全不同的結(jié)論。</p><p>　　以盈利能力來(lái)解釋市場(chǎng)價(jià)值的變化取決于如何計(jì)量收入。事實(shí)上，如果收益不容易測(cè)量，預(yù)測(cè)的現(xiàn)金流量所提供的信息，與現(xiàn)金流的收益相比，是一個(gè)盈利質(zhì)量分析的判斷標(biāo)準(zhǔn)。（比如：1996年的斯隆; 德周和2002年多的德查夫；2008年中其他

57、的人等）。我們建立了詳細(xì)的計(jì)劃書，來(lái)明確地認(rèn)識(shí)到現(xiàn)金流量（和股息）可以對(duì)測(cè)量不良收益的信息做出反應(yīng)。不過(guò)，根據(jù)美國(guó)一般公認(rèn)會(huì)計(jì)原則對(duì)收益進(jìn)行測(cè)量，我們發(fā)現(xiàn)，就平均而言，現(xiàn)金流量并不能解釋股票價(jià)格的變化。需要強(qiáng)調(diào)的是調(diào)查結(jié)果的平均適用非常重要，因?yàn)闀?huì)計(jì)準(zhǔn)則是為（大概）大眾普遍方面的廣泛應(yīng)用而設(shè)計(jì)的。無(wú)法拋開(kāi)的平均調(diào)查結(jié)果是權(quán)責(zé)發(fā)生制會(huì)計(jì)可能處理不足，以及與在特定情況下的現(xiàn)金流量有關(guān)。</p><p>　　1 說(shuō)明收

58、益和現(xiàn)金流量的回歸方程</p><p>　　當(dāng)證明相關(guān)關(guān)系時(shí)，多數(shù)早先的研究把股票價(jià)格與收益、現(xiàn)金流量聯(lián)系起來(lái)，或二者都不使用預(yù)先指定的模型。有些例外的是詹寧斯（1990年），他解決了盈利和現(xiàn)金流量回歸的一些規(guī)范的問(wèn)題。還有巴特等人（1999年），他們提出估值模型來(lái)建立盈利和現(xiàn)金流量的回歸方程。在本文中，我們建立一個(gè)假設(shè)，然后測(cè)試它。該規(guī)范是出于產(chǎn)生收入和現(xiàn)金流量的數(shù)據(jù)的核算結(jié)構(gòu)。我們首先制定出這一結(jié)構(gòu)（1.1節(jié)

59、），然后指定定價(jià)方程，根據(jù)采取的數(shù)據(jù)（2節(jié)）整合結(jié)構(gòu)（1.2節(jié)）。含有的會(huì)計(jì)數(shù)據(jù)的回報(bào)回歸規(guī)范的一般性討論是在“附錄”中。</p><p>　　1.1會(huì)計(jì)權(quán)責(zé)發(fā)生制會(huì)計(jì)關(guān)系的支配</p><p>　　權(quán)責(zé)發(fā)生制會(huì)計(jì)，至少在名義上，跟蹤股東權(quán)益超過(guò)分立周期的演變；在每個(gè)時(shí)期，會(huì)計(jì)計(jì)算一個(gè)數(shù)字、收入、更新股東權(quán)益項(xiàng)并在發(fā)生時(shí)登記。我們制定出了一套會(huì)計(jì)業(yè)務(wù)量的處理方法來(lái)管理記賬。我們開(kāi)始使用現(xiàn)金

60、流量。</p><p>　　1.1.1現(xiàn)金流量的關(guān)系</p><p>　　該公司（公司業(yè)務(wù)），是在典型的資產(chǎn)負(fù)債表中區(qū)別于對(duì)公司的所有權(quán)。相應(yīng)地，由企業(yè)（現(xiàn)金流）產(chǎn)生的現(xiàn)金流量與公司股權(quán)的現(xiàn)金流區(qū)別開(kāi)來(lái)的。標(biāo)準(zhǔn)現(xiàn)金守恒方程等于兩者之和：</p><p>　　自由現(xiàn)金流量= d + F…… (1)</p><p>　　作為分析的重點(diǎn)是普通股定價(jià)

61、，向普通股股東支付股利D，是從區(qū)分支付給所有其他償付者（如債券，優(yōu)先股持有人），F(xiàn)。債務(wù)發(fā)行人的分配也是一個(gè)自由的現(xiàn)金流的應(yīng)用，因此F是指現(xiàn)金支付給持有人的凈債務(wù)（債務(wù)持有人和債券發(fā)行人）。股息，D，是凈現(xiàn)金分配給股東（股息加股票回購(gòu)扣除股本的問(wèn)題）。</p><p>　　這是常見(jiàn)的區(qū)分自由現(xiàn)金流的兩個(gè)組成部分，從經(jīng)營(yíng)業(yè)務(wù)現(xiàn)金（C）和現(xiàn)金投資（I）：自由現(xiàn)金流= C – I。C和I之間的區(qū)別是權(quán)責(zé)發(fā)生制會(huì)計(jì)問(wèn)題，

62、但是，涉及分配定期收入報(bào)表，不承擔(dān)產(chǎn)生的凈現(xiàn)金。要清楚界定權(quán)責(zé)發(fā)生制會(huì)計(jì)與現(xiàn)金，我們將參考經(jīng)營(yíng)凈現(xiàn)金，也就是自由現(xiàn)金流量。然而，在文章最后，我們將區(qū)分C和I，來(lái)審查相關(guān)的以前文件的經(jīng)營(yíng)（C）現(xiàn)金價(jià)格。因此，我們將自由現(xiàn)金流量記為C – I，來(lái)提醒我們這是指營(yíng)業(yè)的凈現(xiàn)金流量。</p><p>　　1.1.2公司權(quán)責(zé)發(fā)生制</p><p>　　權(quán)責(zé)發(fā)生制根據(jù)1式左邊的經(jīng)營(yíng)現(xiàn)金流量，把自由現(xiàn)金流

63、量調(diào)整為業(yè)務(wù)收入收益率，具體如下：</p><p>　　OI= (C-I) + I + 經(jīng)營(yíng)獲利…… (2)</p><p>　　在資產(chǎn)負(fù)債表調(diào)整增加的凈經(jīng)營(yíng)資產(chǎn)：</p><p>　　△NOA= I +經(jīng)營(yíng)獲利…...... (3)</p><p>　　3式現(xiàn)金投資（如設(shè)備采購(gòu)）和經(jīng)營(yíng)獲利組成部分△NOA（如應(yīng)收款和應(yīng)付款）的區(qū)別，現(xiàn)金投資

64、的確是一個(gè)獲利，為未來(lái)期間的收入分配目前的現(xiàn)金流量。因此，△NOA是總應(yīng)計(jì)項(xiàng)目，包括目前的現(xiàn)金流作為投資記入資產(chǎn)負(fù)債表，并且其他非現(xiàn)金流量也記錄在資產(chǎn)負(fù)債表內(nèi)。</p><p>　　1.1.3股東權(quán)益權(quán)責(zé)發(fā)生制</p><p>　　以及跟蹤凈經(jīng)營(yíng)性資產(chǎn)，權(quán)責(zé)發(fā)生制跟蹤凈債權(quán)人的凈資金債務(wù)（NFO），資產(chǎn)負(fù)債表報(bào)告的普通股股東權(quán)益（B，為賬面價(jià)值）為凈經(jīng)營(yíng)性資產(chǎn)的剩余索取權(quán)：</p&g

65、t;<p>　　B = NOA - NFO …….. (4) </p><p>　　因此，更新的股東權(quán)益也服從這種關(guān)系，</p><p>　　△B = △NOA - △NFO …….(5)</p><p>　　NOA的變化可以說(shuō)依據(jù)權(quán)責(zé)發(fā)生制和現(xiàn)金流構(gòu)成。I +經(jīng)營(yíng)獲利= OI - (C - I)，通過(guò)2式，3使中的凈經(jīng)營(yíng)資產(chǎn)的變化可以重列為：<

66、/p><p>　　△NOA = OI – (C – I)…….. (6)</p><p>　　同樣，凈財(cái)政義務(wù)的變化是權(quán)責(zé)發(fā)生制下計(jì)入損益表的凈財(cái)務(wù)支出（NFF）與凈債權(quán)人現(xiàn)金流量的差異，F(xiàn): △NFO = NFE – F。但是 F = (C - I) – d，通過(guò)現(xiàn)金平衡式1式，因此：</p><p>　　△NFO = NFE –(C – I) + d…….(7)&l

67、t;/p><p>　　通過(guò)采取方程6和方程7之間的差異，股東權(quán)益變動(dòng)入賬：</p><p>　　△B =OI – ( C – I ) - NFE + ( C – I ) -d</p><p>　　=OI - NFE – d……. (8)</p><p><b>　　=收入 – d</b></p><p&g

68、t;　　若雇員的收入是全面盈利。公式8是更新股東權(quán)益的凈盈余方程，資產(chǎn)負(fù)債表方程式5和凈經(jīng)營(yíng)性資產(chǎn)要求計(jì)入6式和7式中的凈財(cái)政義務(wù)。</p><p>　　1.1.4規(guī)范處理方法和現(xiàn)金流量的經(jīng)濟(jì)學(xué)</p><p>　　作為固定關(guān)系，方程1-8的會(huì)計(jì)關(guān)系是直接計(jì)入股權(quán)價(jià)值賬戶的規(guī)范處理方法。特別是，6式與7式有關(guān)的收入和股票價(jià)值確定相關(guān)的現(xiàn)金流嵌入假設(shè)。由式6，營(yíng)業(yè)收入增加凈經(jīng)營(yíng)資產(chǎn)，但凈現(xiàn)金

69、流量減少經(jīng)營(yíng)性資產(chǎn)；確實(shí)自由現(xiàn)金流量減少了以美元對(duì)美元的凈營(yíng)業(yè)資產(chǎn)。由式7，自由現(xiàn)金流量也減少了財(cái)政義務(wù)；自由現(xiàn)金流量，股息，減少以美元對(duì)美元的凈負(fù)債。但是，如式8顯示，當(dāng)自由現(xiàn)金流量是無(wú)關(guān)的股權(quán)價(jià)值時(shí)，權(quán)責(zé)發(fā)生制會(huì)計(jì)處理自由現(xiàn)金流不把股東權(quán)益計(jì)入。</p><p>　　這些處理方法是權(quán)責(zé)發(fā)生制會(huì)計(jì)的中心，他們表現(xiàn)了權(quán)責(zé)發(fā)生制會(huì)計(jì)所需的現(xiàn)金核算。他們，因此，是股市中實(shí)際股票價(jià)格的驗(yàn)證價(jià)值，我們的實(shí)證分析也這樣做。