电力行业上市公司自由现金流量与公司绩效关系的实证分析

发布时间：2018-01-13 13:07

本文关键词：电力行业上市公司自由现金流量与公司绩效关系的实证分析　出处：《首都经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：作为一个财务指标,自由现金流量的应用已有近30年的历史。其财务功能也已被越来越多的学者所认同。站在公司的角度,自由现金流量是在不对公司的可持续发展造成影响的条件下,由经营现金流量扣除公司为持续生产所必须的资本性支出后的那部分现金流量,它是能够分配给股东和债权人的最大金额。自由现金流量在综合考虑了公司的经营、投资及股利分配等经营决策问题的基础之上,有效地避免了传统指标如利润指标、经营活动现金流量指标在对上市公司绩效进行评价时的不足,是一个内涵深厚、实用性很强的评价指标。电力行业作为发展国民经济最重要的能源行业,其经营状况关系到国计民生。“十二五”规划指出,要继续优化电力行业的结构,不断促进电力行业的可持续发展,积极建设经济、和谐的现代化电力行业体系。经研究发现,与其他行业相比,电力行业存在着充足的自由现金流量,且对这部分现金流量的利用有较大的随意性。因此,要优化电力行业的绩效水平,必须及时关注其自由现金流量的状况。鉴于此,本文通过规范分析结合实证研究的有效方法,在对电力行业上市公司的自由现金流量和其绩效之间的关系进行整理和分析的基础上,以2008年-2012年的年报数据为依据,对该行业公司的自由现金流量与其绩效间的相关关系做了回归检验。通过实证检验发现,电力行业上市公司自由现金流量和其绩效间的关系大致呈一条抛物线状,即绩效水平会伴随着公司自由现金流量的增加而上升,但当绩效水平上升到一定程度时,随公司自由现金流量的继续增加,其又会呈下降趋势。因此,本文得出相对于公司自由现金流量不足和过度情况而言,适当水平的自由现金流量对公司绩效最有利的结论。在对电力行业上市公司的自由现金流量与其绩效间关系进行研究后,本文认为在公司财务管理中要增强现金流量意识。密切的关注自由现金流量的变动是否稳定,流入流出比是否正常,以提高公司的偿债能力。同时要利用法律法规来规范经营者的行为,以保证股东的权益,并使公司得以持续发展,最终实现股东财富或公司价值最大化的经营目标。
[Abstract]:As a financial indicator, the free cash flow has been used for nearly 30 years, and its financial function has been recognized by more and more scholars. Free cash flow is the part of cash flow after deducting the capital expenditure required by the company for continuous production without affecting the sustainable development of the company. It is the maximum amount that can be allocated to shareholders and creditors. Free cash flow is based on a comprehensive consideration of the business decisions of the company, such as management, investment and dividend distribution. It effectively avoids the shortcomings of traditional indicators such as profit index and cash flow index of business activities in evaluating the performance of listed companies. It is a profound and practical evaluation index. As the most important energy industry to develop the national economy, the electric power industry has a bearing on the national economy and the people's livelihood. The 12th Five-Year Plan points out that the structure of the electric power industry should continue to be optimized. Continuously promote the sustainable development of the electric power industry, actively build the economy, harmonious modern power industry system. Through the research, compared with other industries, there is sufficient free cash flow in the electric power industry. Therefore, in order to optimize the performance level of power industry, it is necessary to pay attention to the free cash flow in time. In view of this, this paper through normative analysis combined with the effective method of empirical research, in the electricity industry listed companies on the basis of the relationship between free cash flow and their performance are collated and analyzed. Based on the annual report data from 2008 to 2012, this paper makes a regression test on the correlation between the free cash flow of the industry company and its performance. The relationship between the free cash flow and its performance of listed companies in power industry is parabola, that is, the performance level will rise with the increase of the free cash flow. However, when the performance level rises to a certain extent, with the company free cash flow continues to increase, it will show a downward trend. The conclusion that an appropriate level of free cash flow is most beneficial to the company's performance. After the research on the relationship between the free cash flow and its performance of listed companies in power industry. This paper argues that in the financial management of the company should enhance the awareness of cash flow. Pay close attention to whether the change of free cash flow is stable and whether the inflow / outflow ratio is normal. In order to improve the solvency of the company. At the same time, we should use laws and regulations to regulate the behavior of the operators, to ensure the rights and interests of shareholders, and to enable the company to continue to develop. Finally realize the management goal of shareholder wealth or company value maximization.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F426.61

【引证文献】