本研究旨在探討市場是否可以充分瞭解分析師現金流量預測所提供的資訊內涵、進而改善投資人對於應計項目的反應效率。本文結果發現:(1)市場對於應計項目會產生過度反應;然而,(2)分析師現金流量預測可以有效地減少應計項目錯誤訂價的現象。實證結果建議:分析師現金流量預測之資訊,應可協助投資人將非預期盈餘正確地歸屬來自於現金流量或是應計項目,同時,亦可增加公司財務資訊的可靠性,更進一步緩和投資人對於應計項目錯誤訂價的現象。This study examines whether analysts’ provision of cash flow forecasts improves the efficiency of investor reaction to valuation implications of accruals. We find that investors tend to overestimate the information in accruals. However, there is a significant reduction in investor mispricing of accruals for the firms having analysts’ cash flow forecasts, which suggests that the provision of cash flow forecasts helps investors readily decompose earnings surprise into the portion attributable to cash flow and the portion attributable to accruals, which increases the reliability of accruals and mitigates the mispricing typically associated with accruals.