????

1
????

• 93353013 ???

2
????

• ????P.294
• Earnings
• Accrual Component
• AccrualCA-CL-Depreciation
• CF Component
• ??Table1

3
H1???

• Earningst1a0 a1Earningst?t1(4)
• Earningst1OI/TA
• a?????????
• ??Table2???
• ???CF,a/a??????

4
Test of H1

• H1
• ?E? AA???E????
• ?E? CF???E????
• ????(5)
• ??table3??1lt ?2?CF?????
• ??Figure1

5
Test of H2(i)

• H2(i)
• ???????H1?????
• ????
• (6)?(7)
• (7)(8)(9)
• (7)(10)(11)
• If investors do not distinguish between these two
  componnets of earnings(?????)?r1r2
• ??Table5

6
Test of H2(iii)

• H2(iii)
• H(ii)??????????????????????
• ??Figure3
• ??Table8

7
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