현금흐름정보의 유용성에 관한 연구

Accounting income reported by accural-basis serves as the numbers representing management performances, being used in decision making of accounting information users most significantly, while cash flow serves as thee numbers of such performances and is calculated according to cash-basis. These two items are difference each other in properties and substances and may have differences with each other in enterprise value. Because accounting income has considerably vulnerable to satisfy all the desires of information users, cash flow, calculated by cash base, has attracted more attention in financial reports of firms. With the results of researches showing information by cash flow has unique information that are not presented by accrual-basis, cash-basis and accrual-basis are being studies. The purpose of this study is to examine the basic discussion on the usefulness of accounting income and cash flow and to demonstrate whether information of cash flow has information on CAR by regression analysis based on financial materials of firms reported between the year of 2000 and 2008. According to the results of this study, UCFO had positive effects on CAR, However, the results of the regression analysis were statistically insignificant maybe because the period was long and the amount of samples was much. UCFI had negative number effects and UCFF had positive number effects on CAR, and the results of the analysis were significant. This result shows information of cash flow is useful is useful as accounting information value.