本文關(guān)鍵詞：電力行業(yè)上市公司自由現(xiàn)金流量與公司績(jī)效關(guān)系的實(shí)證分析　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：作為一個(gè)財(cái)務(wù)指標(biāo),自由現(xiàn)金流量的應(yīng)用已有近30年的歷史。其財(cái)務(wù)功能也已被越來(lái)越多的學(xué)者所認(rèn)同。站在公司的角度,自由現(xiàn)金流量是在不對(duì)公司的可持續(xù)發(fā)展造成影響的條件下,由經(jīng)營(yíng)現(xiàn)金流量扣除公司為持續(xù)生產(chǎn)所必須的資本性支出后的那部分現(xiàn)金流量,它是能夠分配給股東和債權(quán)人的最大金額。自由現(xiàn)金流量在綜合考慮了公司的經(jīng)營(yíng)、投資及股利分配等經(jīng)營(yíng)決策問(wèn)題的基礎(chǔ)之上,有效地避免了傳統(tǒng)指標(biāo)如利潤(rùn)指標(biāo)、經(jīng)營(yíng)活動(dòng)現(xiàn)金流量指標(biāo)在對(duì)上市公司績(jī)效進(jìn)行評(píng)價(jià)時(shí)的不足,是一個(gè)內(nèi)涵深厚、實(shí)用性很強(qiáng)的評(píng)價(jià)指標(biāo)。 電力行業(yè)作為發(fā)展國(guó)民經(jīng)濟(jì)最重要的能源行業(yè),其經(jīng)營(yíng)狀況關(guān)系到國(guó)計(jì)民生�！笆濉币�(guī)劃指出,要繼續(xù)優(yōu)化電力行業(yè)的結(jié)構(gòu),不斷促進(jìn)電力行業(yè)的可持續(xù)發(fā)展,積極建設(shè)經(jīng)濟(jì)、和諧的現(xiàn)代化電力行業(yè)體系。經(jīng)研究發(fā)現(xiàn),與其他行業(yè)相比,電力行業(yè)存在著充足的自由現(xiàn)金流量,且對(duì)這部分現(xiàn)金流量的利用有較大的隨意性。因此,要優(yōu)化電力行業(yè)的績(jī)效水平,必須及時(shí)關(guān)注其自由現(xiàn)金流量的狀況。 鑒于此,本文通過(guò)規(guī)范分析結(jié)合實(shí)證研究的有效方法,在對(duì)電力行業(yè)上市公司的自由現(xiàn)金流量和其績(jī)效之間的關(guān)系進(jìn)行整理和分析的基礎(chǔ)上,以2008年-2012年的年報(bào)數(shù)據(jù)為依據(jù),對(duì)該行業(yè)公司的自由現(xiàn)金流量與其績(jī)效間的相關(guān)關(guān)系做了回歸檢驗(yàn)。通過(guò)實(shí)證檢驗(yàn)發(fā)現(xiàn),電力行業(yè)上市公司自由現(xiàn)金流量和其績(jī)效間的關(guān)系大致呈一條拋物線狀,即績(jī)效水平會(huì)伴隨著公司自由現(xiàn)金流量的增加而上升,但當(dāng)績(jī)效水平上升到一定程度時(shí),隨公司自由現(xiàn)金流量的繼續(xù)增加,其又會(huì)呈下降趨勢(shì)。因此,本文得出相對(duì)于公司自由現(xiàn)金流量不足和過(guò)度情況而言,適當(dāng)水平的自由現(xiàn)金流量對(duì)公司績(jī)效最有利的結(jié)論。 在對(duì)電力行業(yè)上市公司的自由現(xiàn)金流量與其績(jī)效間關(guān)系進(jìn)行研究后,本文認(rèn)為在公司財(cái)務(wù)管理中要增強(qiáng)現(xiàn)金流量意識(shí)。密切的關(guān)注自由現(xiàn)金流量的變動(dòng)是否穩(wěn)定,流入流出比是否正常,以提高公司的償債能力。同時(shí)要利用法律法規(guī)來(lái)規(guī)范經(jīng)營(yíng)者的行為,以保證股東的權(quán)益,并使公司得以持續(xù)發(fā)展,最終實(shí)現(xiàn)股東財(cái)富或公司價(jià)值最大化的經(jīng)營(yíng)目標(biāo)。
[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.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F426.61

【引證文獻(xiàn)】

相關(guān)期刊論文 前1條

1 田謐;張瀟方;馬磊;;自由現(xiàn)金流量與公司經(jīng)營(yíng)績(jī)效相關(guān)性實(shí)證[J];西安工業(yè)大學(xué)學(xué)報(bào);2016年05期

相關(guān)碩士學(xué)位論文 前1條

1 陳冠寧;自由現(xiàn)金流量估值模型在海螺水泥企業(yè)價(jià)值評(píng)估的應(yīng)用研究[D];暨南大學(xué);2015年

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本文編號(hào)：1418963