The objective of this research paper is to study the relationship of cash flows, future
earnings and financial costs of companies listed on the Stock Exchange of Thailand from 2007
to 2012 using multiple regression analysis to test the hypothesis.
Analysis of results from all analyzed units reveal that cash flow ratios from operations
to total liabilities, cash flow ratios from operations to total fixed assets, cash flow ratios from
operations to sales, cash flow ratios from operations to operations earnings, cash flow ratios
from operations to owner’s equity, and cash flow ratios from operations to net earnings are
related to future earnings and financial costs. Cash flow ratios from operations to fixed assets
are related to future earnings but are not related to financial costs.