Using a sample from European markets this study documents that changes in external financing, both in the form of equity and debt, can predict future operating performance (profitability and cash flows). In terms of future profitability, increases in equity (debt) financing particularly benefit large-size growth firms (large-size value firms). It is notable that a firm environment of low information quality, indicated by the presence of accounting restatements, intensifies the association between external financing and operating performance, due to the heightened scrutiny investors/lenders apply to firms that have recently restated their financials. In addition, strategic ownership in the firm has no significant effect on the financing – operating profitability association but may amplify the positive effects of equity financing on future operating cash flows. Moreover, financial analysts' forecasts of operating profitability and operating cash flows reflect the impact of external financing changes on future operating performance but exhibit a financing-related systematic inefficiency particularly for firms that have recently announced a material restatement of their prior financial results. Finally, controlling for information contained in analyst forecast surprises, the market is efficient overall and incorporates the effects of equity and debt financing changes into stock prices.

该研究使用来自欧洲市场的样本证明，以股权和债务形式出现的外部融资变化可以预测未来的经营业绩（盈利能力和现金流量）。就未来盈利能力而言，股权（债务）融资的增加特别有利于大型增长型公司（大型价值型公司）。值得注意的是，由于投资者/放款人对最近重述财务的公司的审查越来越严格，以会计重述的存在为标志的低信息质量的公司环境加剧了外部融资与经营业绩之间的联系。此外，公司的战略所有权不会对融资产生重大影响-营业利润率协会，但可能会放大股权融资对未来营业现金流的积极影响。此外，财务分析师对营业利润率和营业现金流量的预测反映了外部融资变化对未来营业绩效的影响，但表现出与融资相关的系统效率低下，特别是对于最近宣布对其前一财务业绩进行重大重述的公司而言。最后，通过控制分析师预测的意外中包含的信息，市场总体上高效，并将股票和债务融资变更的影响合并到股票价格中。经营利润率和经营现金流量的预测反映了外部融资变化对未来经营业绩的影响，但表现出与融资相关的系统效率低下，特别是对于最近宣布对其先前财务业绩进行了重述的公司而言。最后，通过控制分析师的预测惊喜中包含的信息，市场总体上高效，并将股票和债务融资变更的影响纳入股票价格。经营利润率和经营现金流量的预测反映了外部融资变化对未来经营业绩的影响，但表现出与融资相关的系统效率低下，特别是对于最近宣布对其先前财务业绩进行了重述的公司而言。最后，通过控制分析师预测的意外中包含的信息，市场总体上高效，并将股票和债务融资变更的影响合并到股票价格中。