大兴保安公司,2013安徽春晚,煤矿安全保证书
| 这里所指的是指预付款被记录的时间,详细指往返现金流的类型以及是否应用权责发生制。权责发生制在时间t反映了实际的现金流的这将发生在时间t + 1预期。因为一个错误的估计,当前收益等于实际的现金流实现在t + 1加上一个误差项,反映了收益预期和实现之间的区别。最后收益现金集合和支付在时间t抵消了权责发生制之前的时期,和实际现金流等于相应的收集或支付t加上一个误差项等于最后一期的期望之间的差异和这一时期的现金流，因此也可以说明每个时期有两个独立的错误条件。 Here the subscript refers to the period the accrual is recorded and the superscript refers to the type of the corresponding cash flow and whether it is an opening or a closing accrual. Here the opening accrual at time t reflects the expectation of the actual cash flow that will occur at time t+1. Since there is an error of estimation, the current accrual is equal to the actual cash flow realized at t+1 plus an error term that reflects the difference between the accrual expectation and realization. The closing accrual for cash collections and payments at time t offsets the opening accrual from the previous period, and is equal to the corresponding actual cash flow collected or paid in t plus an error term equal to the difference between last period’s expectation and this period’s cash flow realization. Thus, each period there are two independent error terms. There is an estimation error for accruals made this period whose actual value will be determined next period (εt+1POST), and there is the realized error that is determined from knowing actual cash flow realization today (εtPOST). Note that the model and the discussions so far present the notion of estimation error as only referring to situations where the cash flows occur after the opening accrual. However, the notion of estimation error is more general in nature, and applies with similar logic for many cases where the relevant cash flows occur at the same time as the opening accrual. For example, consider a different inventory example where inventory is bought for $1,000, written down to $700 in the same period, and sold next period. The net result is a cash outflow of $1,000 and a net positive accrual of $700 in the first period, and a negative accrual of $700 in the second period. The difference of $300 is very much like an estimation error, only here it is the cash outflow that is the poor predictor of the accrual benefit of inventory. For the sake of parsimony, we do not explicitly include in. http://www.szdhsjt.com/jndzydx/ 我们的模型的估计错误情况下,现金流发生的同时可以有权责发生制。然而我们感兴趣的读者参考附录1,它提供了一个更全面的讨论和可能的收益估计错误的例子。对于我们的目的,底线是估计错误存在,即使相关的现金流发生的同时打开权责发生制,这些估计错误输入模型一样应收及应付款项的错误,并导致相同的结论。这里所指的继续模型我们可以得到一个表达式为收益等于现金流和收益。 Our model the estimation errors for cases where the cash flows occur at the same time as the opening accrual. However, we refer the interested reader to Appendix 1, which provides a more comprehensive discussion and examples of possible accrual estimation errors. For our purposes, the bottom line is that estimation errors exist even when the relevant cash flows occur at the same time as the opening accrual, these estimation errors would enter the model the same way as the errors for receivables and payables, and lead to the same conclusions. Continuing with the model, we derive an expression for earnings as equal to cash flows plus accruals. Cash flows for period t is equal to expression (1), and total accruals is equal to the sum of opening and closing accruals for both cash advances and cash collections. This allows us to express earnings as: Et = CFt + Accrualst Et = (CFtPRE + CFtCUR + CFtPOST) + (AtPRE-O + AtPRE-C +AtPOST-O + AtPOST-C) Et = (CFtPRE + CFtCUR + CFtPOST) + (- CFtPRE + CFt-1PRE + CFt+1POST + εt+1POST - CFtPOST - εtPOST) Canceling out terms yields: Et = CFt-1PRE + CFtCUR + CFt+1POST + εt+1POST - εtPOST (3) (2). determination of accrual quality. In other words, the regression approach to determining accrual quality is based on ex post identification. However, many applications require ex ante identification of accrual quality (e.g., abnormal return strategies based on quality of earnings), and economic fundamentals are the natural bridge between ex post and ex ante specifications. Based on existing theory, results, and economic intuition, we expect that: • Accrual quality is decreasing in the magnitude of total accruals. Everything else equal, more accruals indicate more estimation and errors of estimation, and therefore lower quality of accruals. Note that this conjecture could potentially provide an explanation for why Sloan (1996) finds that high level of accruals signals low persistence of earnings. • Accrual quality is decreasing in the length of the operating cycle. Longer operating cycles indicate more uncertainty, more estimation and errors of estimation, and therefore lower quality of accruals. • Accrual quality is decreasing in the standard deviation of sales and the standard deviation of cash flow from operations. High standard deviation in sales indicates high uncertainty in the operating environment, and therefore large use of approximations and estimation, with corresponding large errors of estimation and low accrual quality. The standard deviation of cash flow from operations captures a similar idea, only this is a more specific measure of pre-accrual volatility. For example, a firm can have low volatility of sales but large volatility of cash flows from operations because of high fixed costs or because of poor cash management practices. |
