The Emphatical study on the Relationship among Corporate Cash Flow, its Accruals and its Factors with the Sustainability of Profit and Corporate Value of KOSDAQ-based Manufacturing Companies

코스닥 기반 제조업 중견기업 중심으로 현금흐름과 그 발생액 및 발생액 요소가 기업이익 지속성과 기업가치에 미친 실증적 연구

  • 김종휘 (호서대학교 벤처전문대학원 경영학과) ;
  • 양동우 (호서대학교 벤처전문대학원 경영학과)
  • Received : 2015.12.10
  • Accepted : 2016.01.22
  • Published : 2016.02.28


This paper examined the relationship among corporate cash flow, its accruals, and its factors with its continuity of profit and corporate value by regression analysis of KOSDAQ based midsize manufacturing enterprises for 11 years from 2004 to 2014 year. Through this empirical analyze, corporate operators can have a chance to find opportunities to improve the efficiency of business operations, and to the potential investors, it can give the perspective through providing the basic information for the rational investment decisions. Through this analysis, its cash flow, accruals and its factors showed continually a significant relationship with its corporate operating profits and its market values. Thought out the relation analysis, its cash flow, its accurals and the factors of the accruals, account receivables, inventories affected the positive(+) impact on its business profits. But, its account payables affected negative(-) impact on its business profit. The other hand, the cash flow from operating activities and accruals related to capitalization of assets and liabilities fluctuations affected a positive(+) effect on the company market value.


Accruals;Cash Flow;Corporate Profit;Corporate Value


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