本文档来自高校大学生毕业论文答辩过程材料，版权归原作者所有，供下载者论文创作参考借鉴之用，请勿作商用！本科毕业论文(设计)外文翻译原文:ounting,ountingstudent:ounting,ounting,,toreport(accrual)’,thepaperfirstformallylaysouthowearningsandcashflowsrelatetoshareholders’,,,ofcourse,,however,monlyreferredtoasfreecashflow—hasnoeffectofthebookvalueoftheequity(weshow)butreducesthebookvalueofbusinessassets,dollar-for--,onaverage,,givenearnings,,adollaroffreecashflowis,onaverage,associatedwithapproximatelyadollarlessinmarketvalueofthefirm,,separatingouttheinvestmentportionofflowfreecashflow,wefindthattheremaining‘‘cashflowfromoperations’’isalsoassociatedwithlowermarketvalueforthefirm,dollar-for-dollar,,ofcourse,notnew;thefindingofapositivecorrelationbetweenearningschangesandstockreturnsintheBallandBrown(1968)ounting,(1994)andDechowetal.(1998),amongothers,:ountingpromoteearningsastheprimaryvaluationattribute(ratherthancashflows),butactuallytreatscashflowsasirrelevanttoequityvalua
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