本文關鍵詞： 自由現(xiàn)金流穩(wěn)定性 公司價值 貨幣政策 競爭程度　出處：《復旦大學》2013年碩士論文　論文類型：學位論文

【摘要】：本文構建了2003-2011年間的9846例上市公司觀測值,通過相關性檢驗、單變量檢驗、多變量檢驗及穩(wěn)定性檢驗等實證研究方法,驗證了在我國滬深A股市場,自由現(xiàn)金流量的穩(wěn)定性對上市公司價值有顯著的提升作用。而在緊縮的貨幣政策下,自由現(xiàn)金流穩(wěn)定性的提高對公司價值的貢獻越大。公司所處行業(yè)的競爭程度越高,自由現(xiàn)金流穩(wěn)定性與公司價值間的正相關關系越顯著,而壟斷程度越高,自由現(xiàn)金流風險管理對增加公司價值的效果越弱。本文揭示了自由現(xiàn)金流管理可以提升企業(yè)價值的內在原因,探討了影響自由現(xiàn)金流穩(wěn)定性的因素,并提出了自由現(xiàn)金流風險管理方面的建議。 本文有如下的結構安排：第一部分為引言,闡述了本文的選題背景和寫作意義,確定本文研究的所適用的方法,同時揭示本文的創(chuàng)新之處與不足；第二部分在回顧總結公司風險、自由現(xiàn)金流及其穩(wěn)定性與公司價值的國內外文獻基礎上,探求其內在聯(lián)系,為接下來提出的假設提供理論依據；第三部分圍繞自由現(xiàn)金流穩(wěn)定性與企業(yè)價值的關系,建立了本文的三個核心假設,為后文的實證結果做好鋪墊；第四部分闡述了樣本構建方法、樣本組成與變量解釋,主要使用多元回歸的方法,考察了自由現(xiàn)金流量穩(wěn)定性與公司價值的關系,并加入競爭程度因素和貨幣政策因素對兩者關系的檢驗；第五部分給出了全文的結論及未來研究的方向。
[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.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51

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