한국자본시장에서 현금흐름의 변동성과 발생액의 변동성이 기업 가치에 미치는 영향

Abstract

We studied how volatilities of earnings, operating incomes, and accruals effect on

the firm value in Korean capital market. In Korean capital market, volatilities of

earnings, operating incomes, and accruals effect on the firm value negatively, and this

result plays important roles to explain many corporate risk management activities.

Unlike the existing risk measures―systematic risk and idiosyncratic risk, these

volatilities is more useful since being calculated easily with financial statement.

The result, that investors have no preference of the low earnings volatility through

cash flow over that through accruals (non-cash flow), disagrees with results of

previous studies. These result needs to be verified in further studies.