Do investing cash flows help in explaining future corporate performance?

• Autores: Fernando Ruiz Lamas
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Nº 154, 2012, págs. 185-208
• Idioma: inglés
• DOI: 10.1080/02102412.2012.10779722
• Texto completo no disponible (Saber más ...)
• Resumen

  • La investigación previa en el área de fi nanzas proporciona evidencia del impacto de las inversiones sobre el desempeño de las empresas. Partiendo de esta evidencia, este trabajo investiga si los estados fi nancieros, en particular el estado de fl ujos de efectivo, proporciona a los usuarios información relevante sobre las inversiones. Utilizando una muestra de empresas británicas documentamos dos hechos importantes. Primero, los estados de fl ujos de efectivo proporcionan información valiosa sobre las inversiones realizadas por las empresas (fl ujos de efectivo por operaciones de inversión) que ayuda a los usuarios a estimar los futuros fl ujos de efectivo. Segundo, la información sobre inversiones no fi nanciadas con efectivo también es relevante para estimar las perspectivas futuras de la empresa, si bien esta información no se refl eja expresamente en los estados fi nancieros. Nuestros resultados sugieren que, incluso en el Reino Unido, donde la mayor parte de las inversiones se fi nancian con tesorería, los estados de fl ujos de efectivo omiten información importante sobre las inversiones

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