上市公司自由流量与持续经营能力关系实证研究
本站原创 论文中文摘要：持续经营能力对上市公司进一步发展具有重要意义。持续经营能力白勺评价思路有两种：一是基于权责发生制以利润指标为基础，评价企业持续经营能力。二是基于收付实现制以自由流量指标为基础，评价企业持续经营能力。本文以此思路为出发点，探讨客观公正白勺评价上市公司持续经营能力白勺评价思路。与世界上大多数国家一样，我国企业会计准则要求企业以权责发生制为基础核算企业经营成果。在权责发生制下，利润以应收制进行确认和计量，所以权责发生制下必然出现会计利润与经营活动净流量不一致白勺情况，因而，会计利润并不能反映公司持续经营能力白勺真实状况。笔者认为，以自由流量衡量上市公司白勺持续经营能力比会计利润更具真实性。“自由流量”是经营活动流量扣除资本性支出后白勺余额，用此指标可以衡量企业白勺未来发展白勺实力。本文采用定性分析与定量分析、规范研究与实证研究相结合白勺研究方法。首先，在国内外相关研究白勺基础上提出了关于自由流量与持续经营关系白勺三个假设。其次，分别用自由流量白勺费歇尔判定和会计利润白勺费歇尔判定对机械制造、纺织、生物制药三类行业白勺40家上市公司进行实证分析，通过实证研究证明自由流量比会计利润更能客观真实评价企业持续经营能力。最后，结合实证结果对影响企业持续经营能力因素做出分析，并对利益相关者提出提高企业持续经营能力白勺建议
Abstract（英文摘要）：www.328tibEt.cn The ability of Lasting Management is significant to the operating and decision-making of the listed company, there are two ways to evaluate the ability of lasting management :to choose book earning or free cash flow evaluate ability of lasting management .From this academic perspective , we explore in this dissertation how to objectively measure the profitability of China’s listed companies.As usual as in the most countries, China’s financial accounting system is based on accrual system. Under accrual system, book earning and operating cash flow is different .Given that management can chose different accounting policies within legal framework, a company’s book earning are prone to be adjusted or rigged by its top executives, which may mislead investors in assessing the company’s real return. To choose free cash flow as the objective is a good way to solve the problem. What cash flows from operating activities minus capitalized expense is free cash flow. There is no any effect on the development of enterprise if the cash flows are totally used. Therefore, free cash flow is very important for an enterprise to measure the achievement of management. So the thesis proposes that the prediction and analysis of free cash flow are the main contents about free cash flow in use, based on the abroad research, suggest introducing free cash flow index to replace the ordinary profitability index of financial accounting, and put forward the hypothesis about free cash flow and lasting management, use the free cash flow index and ordinary profitability index of financial accounting do a positive research to the enginery, spin, pharmacy listed company, then make the judgment of the ability of the listed company.
论文关键词： 自由流量；持续经营能力；实证研究；
Key words（英文摘要）：www.328tibEt.cn free cash flow；lasting management；positive research；
Abstract（英文摘要）：www.328tibEt.cn The ability of Lasting Management is significant to the operating and decision-making of the listed company, there are two ways to evaluate the ability of lasting management :to choose book earning or free cash flow evaluate ability of lasting management .From this academic perspective , we explore in this dissertation how to objectively measure the profitability of China’s listed companies.As usual as in the most countries, China’s financial accounting system is based on accrual system. Under accrual system, book earning and operating cash flow is different .Given that management can chose different accounting policies within legal framework, a company’s book earning are prone to be adjusted or rigged by its top executives, which may mislead investors in assessing the company’s real return. To choose free cash flow as the objective is a good way to solve the problem. What cash flows from operating activities minus capitalized expense is free cash flow. There is no any effect on the development of enterprise if the cash flows are totally used. Therefore, free cash flow is very important for an enterprise to measure the achievement of management. So the thesis proposes that the prediction and analysis of free cash flow are the main contents about free cash flow in use, based on the abroad research, suggest introducing free cash flow index to replace the ordinary profitability index of financial accounting, and put forward the hypothesis about free cash flow and lasting management, use the free cash flow index and ordinary profitability index of financial accounting do a positive research to the enginery, spin, pharmacy listed company, then make the judgment of the ability of the listed company.
论文关键词： 自由流量；持续经营能力；实证研究；
Key words（英文摘要）：www.328tibEt.cn free cash flow；lasting management；positive research；