This paper assesses how discretionary accruals (DAs) affect corporate cash savings policies and the motivation behind this cash saving behavior and, also whether the linkage between DAs and cash saving affect the market-perceived cash value.,We construct the measure of DAs using the previous five-year average information to investigate the association of DAs with the change in cash. Moreover, the Faulkender and Wang (2006) methodology is utilized to examine the market-perceived cash value in DAs.,The key finding is that firms with high DAs save significantly more cash. A one standard deviation increase in DAs saves cash by 12.59%. Furthermore, the value of cash is low for these firms. The effect is stronger in firms with poor governance but not present in financially constrained firms.,The empirical evidence highlights DAs have negative effect on market-perceived cash value, which underscores the insight that managers manage earnings opportunistically using DAs.,Taken together, we provide more evidence on the literature of accruals in earnings manipulation.

中文翻译：

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公司现金储蓄和任意应计费用

本文评估了权责发生制（DA）如何影响公司的现金储蓄政策以及这种现金储蓄行为的动机，以及DA和现金储蓄之间的联系是否会影响市场感知的现金价值。过去五年的平均信息来调查DA与现金变化的关联。此外，Faulkender and Wang（2006）的方法被用于检验DA中市场感知的现金价值。关键发现是，具有较高DA的公司可以节省更多的现金。DA的标准偏差增加了一个，可节省现金12.59％。此外，这些公司的现金价值低。在治理不善的公司中效果更明显，但在财务拮据的公司中却没有。