【摘要】：越來越多的學者和實務界的人士認識到現(xiàn)金流及其波動性對企業(yè)價值的影響,現(xiàn)金流劇烈波動提高了企業(yè)未來發(fā)展、收益的不確定性,增加了企業(yè)運營的風險,影響企業(yè)的投資活動和融資活動,進而對企業(yè)的盈利和價值產(chǎn)生影響。理論界和實務界開始把現(xiàn)金流波動性納入企業(yè)價值評估的范疇。本文通過理論探討和實證分析,對現(xiàn)金流波動對企業(yè)價值的影響進行分析,并對影響的具體路徑進行研究。本文的研究有助于完善和豐富企業(yè)價值評估體系,并為企業(yè)經(jīng)營者、投資界、債權人和評估機構提供一定的參考。本文首先對研究背景、研究意義和目的進行闡述,其次介紹了研究的相關理論及有關現(xiàn)金流波動、企業(yè)價值及二者聯(lián)系的研究,并對有關文獻進行總結;再次介紹了本文的研究假設,數(shù)據(jù)和變量的選取及有關模型的設定,在此基礎上對現(xiàn)金流波動的時間和行業(yè)特征進行了分析;最后利用面板模型分析經(jīng)營凈現(xiàn)金流波動性、凈現(xiàn)金流波動性、企業(yè)自由現(xiàn)金流波動性對企業(yè)價值的影響,并對現(xiàn)金流波動對企業(yè)價值影響的具體路徑進行分析和研究。研究結果顯示,經(jīng)營凈現(xiàn)金流波動性、凈現(xiàn)金流波動性、企業(yè)自由現(xiàn)金流波動性均對企業(yè)價值有顯著的負向影響,現(xiàn)金流波動通過權益資本成本、資產(chǎn)負債率、資產(chǎn)收益率對企業(yè)價值產(chǎn)生影響。在實證研究的結論上,本文提出了針對企業(yè)經(jīng)營者、投資人、債權人和資產(chǎn)評估機構的建議和意見,這些建議和意見有助于更好地識別企業(yè)風險、更加合理的評估企業(yè)價值。
[Abstract]:More and more scholars and practitioners realize the influence of cash flow and its volatility on the enterprise value. The sharp fluctuation of cash flow increases the future development of enterprise, the uncertainty of income and the risk of enterprise operation. The investment and financing activities of enterprises are affected, and then the profit and value of enterprises are affected. The theory and practice circles begin to bring the cash flow volatility into the category of enterprise value evaluation. Through theoretical discussion and empirical analysis, this paper analyzes the influence of cash flow fluctuation on enterprise value, and studies the specific path of influence. The research in this paper is helpful to improve and enrich the evaluation system of enterprise value, and to provide some references for enterprise managers, investors, creditors and evaluation institutions. In this paper, the background, significance and purpose of the research are described, and then the related theories and the research on the fluctuation of cash flow, the enterprise value and the relationship between the two are introduced, and the relevant literature is summarized. Then it introduces the research hypotheses, the selection of data and variables and the setting of relevant models. On this basis, the paper analyzes the time and industry characteristics of cash flow fluctuation, and finally uses panel model to analyze the volatility of net operating cash flow. The influence of net cash flow volatility and enterprise free cash flow volatility on firm value is analyzed and studied. The results show that the volatility of net operating cash flow and the volatility of free cash flow have a significant negative impact on the value of the enterprise. The fluctuation of cash flow is through the cost of equity capital, the ratio of assets and liabilities. The rate of return on assets has an impact on the value of the enterprise. In the conclusion of the empirical study, this paper puts forward the suggestions and opinions for the enterprise managers, investors, creditors and asset appraisal institutions. These suggestions and opinions are helpful to better identify the enterprise risk and evaluate the enterprise value more reasonably.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275

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本文編號：2136940