This study investigates whether firms using accounts receivable factoring display different characteristics in the value relevance of their net assets, net income, accruals, and cash flows. Factoring of accounts receivables can increase cash flow and liquidity, but lead to decreased net income. After examining the value relevance of net assets and net income, this study investigates the value relevance of net assets, accruals, and cash flows. Empirical results are as follows. First, the value relevance of the net assets of factoring firms is higher than non-factoring firms, but the value relevance of the net income of factoring firms is not significantly different from non-factoring firms. Second, when dividing net income into accruals and cash flows, the value relevance for cash flows of factoring firms is higher than that of non-factoring firms; however, accrual has no more explanation power on the value relevance of firms that use accounts receivable factoring. This indicates that for factoring firms, the cash flow income through the factoring of accounts receivable and net assets are more relevant to the firm value than losses reflected on accruals. Given the lack of related studies about the factoring of account receivables, this study contributes to the knowledge about the value relevance of accounting information of factoring firms.