주당이익정보와 주당현금흐름의 가치관련성:주당이익, 희석주당이익, EBITDA 및 주당현금흐름의 비교

We investigate the value relevance differences of accounting measures. In this study, we use Basic EPS, Diluted EPS, EBITDA, CPS as the accounting measures. First, we find that the value relevance of EBITDA is highest when we use EPS, Ordinary EPS and EBITDA. And Ordinary EPS takes in the second place. And also, when we include diluted income information, the value relevance of diluted EPS (or diluted ordinary EPS) is higher than basic EPS (or basic ordinary EPS). Finally, we find that the value relevance of CPS is higher than that of basic EPS (or basic ordinary EPS). But the value relevance of CPS is lower than diluted EPS (or diluted ordinary EPS). This results is consistent with findings using the diluted EPS and basic EPS. In summary, our results suggest that investors focus on diluted EPS (or diluted ordinary EPS) and EBITDA rather than basic EPS (or basic ordinary EPS) and CPS when they analysis the value relevance of company.