英文文献：Accruals, Free Cash Flows, and EBITDA for Agribusiness Firms
英文文献作者：Trejo-Pech, Carlos Omar,Weldon, Richard N.,House, Lisa,Salas-Gutierrez, Tomas
英文文献摘要：
This study explores the relationships between the accrual and cash flow components of earnings for agribusiness. Three accrual models with their respective cash flows, free cash flows, and free cash flows to equity are analyzed. Results for the agribusiness industry are compared with results from previous studies of all firms. Earnings Before Interests, Taxes, Depreciation, and Amortization (EBITDA), a measure frequently recommended as a proxy for cash flow is tested using these models. Empirical results show that both the magnitude and the behavior of EBITDA differ from cash flows and should not be used as a proxy.