自由现金流稳定性与公司价值的检验

发布时间：2018-01-26 02:13

本文关键词： 自由现金流稳定性公司价值货币政策竞争程度　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文构建了2003-2011年间的9846例上市公司观测值,通过相关性检验、单变量检验、多变量检验及稳定性检验等实证研究方法,验证了在我国沪深A股市场,自由现金流量的稳定性对上市公司价值有显著的提升作用。而在紧缩的货币政策下,自由现金流稳定性的提高对公司价值的贡献越大。公司所处行业的竞争程度越高,自由现金流稳定性与公司价值间的正相关关系越显著,而垄断程度越高,自由现金流风险管理对增加公司价值的效果越弱。本文揭示了自由现金流管理可以提升企业价值的内在原因,探讨了影响自由现金流稳定性的因素,并提出了自由现金流风险管理方面的建议。本文有如下的结构安排：第一部分为引言,阐述了本文的选题背景和写作意义,确定本文研究的所适用的方法,同时揭示本文的创新之处与不足；第二部分在回顾总结公司风险、自由现金流及其稳定性与公司价值的国内外文献基础上,探求其内在联系,为接下来提出的假设提供理论依据；第三部分围绕自由现金流稳定性与企业价值的关系,建立了本文的三个核心假设,为后文的实证结果做好铺垫；第四部分阐述了样本构建方法、样本组成与变量解释,主要使用多元回归的方法,考察了自由现金流量稳定性与公司价值的关系,并加入竞争程度因素和货币政策因素对两者关系的检验；第五部分给出了全文的结论及未来研究的方向。
[Abstract]:In this paper, 9846 listed company observations from 2003 to 2011 are constructed, and empirical research methods such as correlation test, univariate test, multivariate test and stability test are used. It is verified that the stability of free cash flow has a significant effect on the value of listed companies in the Shanghai and Shenzhen A-share market. But under the tight monetary policy. The greater the contribution of the stability of free cash flow to the value of the company, and the higher the degree of competition in the industry, the more significant the positive correlation between the stability of free cash flow and the value of the company, and the higher the degree of monopoly. The effect of free cash flow risk management on the increase of corporate value is weaker. This paper reveals the internal reasons that free cash flow management can enhance the enterprise value, and discusses the factors that affect the stability of free cash flow. And put forward free cash flow risk management suggestions. This article has the following structure arrangement: the first part is the introduction, elaborated this article the topic background and the writing significance, determined the suitable method which this article studies, at the same time revealed this article innovation place and the insufficiency; In the second part, based on reviewing and summarizing the domestic and foreign literature on corporate risk, free cash flow, its stability and company value, the author explores its internal relationship and provides the theoretical basis for the hypotheses put forward next. The third part focuses on the relationship between the stability of free cash flow and the value of the enterprise, and establishes three core assumptions of this paper, which will pave the way for the empirical results later; Part 4th describes the method of sample construction, sample composition and variable interpretation, mainly using the method of multiple regression to investigate the relationship between the stability of free cash flow and the value of the company. And added the competition degree factor and the monetary policy factor to the two relations test; Part 5th gives the conclusion of the paper and the direction of future research.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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