我国上市公司自由现金流量定价作用分析-analysis of free cash flow pricing of listed companies in china.docx

万方数据 万方数据 者也开始逐渐关注上市公司的自由现金流量信息，但投资者更关注现金 流量表中公布的经营活动、投资活动和筹资活动的现金流量信息。不同 行业股价与自由现金流量的相关性不尽相同。（3）在笔者选取的时间窗 口内，自由现金流量不具备显著信息含量，我国证券市场存在功能锁定 现象。 关键词：自由现金流量、股票定价、相关性、信息含量 ST UDY O F T HE IM PAC T O F FR E E C AS H FLO W ON SH AR E PR IC IN G O F L IS T E D C OM PAN IE S IN C H IN A ABSTRACT Net profit plays an important role on stock pricing based on the PE valuation method. Scholars have found that net profit has information content and there is significantly positive correlation between net profit and stock price to confirm the pricing function. Since the late 1980s, the West put forward the concept of free cash flow, the theory study developed rapidly in China. However, the use of FCF in valuation is limited due to the complex valuation model and no direct FCF information in the financial reports. Until recent years, especially after the financial crisis in 2008, the concept of Cash is king gradually attracted peoples attention. More and more people are concerned about the listed company’s FCF information. And the FCF valuation model is used more .Whether the role of FCF in the stock pricing is significantly upgraded? The article uses the data sample from 2008 to 2012 of companies listed on Shanghai and Shenzhen, to study the relationship between free cash flow and net profit, the correlation between free cash flow and stock price, and the information content of free cash flow. The empirical study found that: (1) the net profit of listed companies is generally greater than zero, but free cash flow is significantly less than net profit, or even negative. The reasons that net profit and free cash flow deviate are different by different industries( 2 )in some years, the correlation of share price and FCF is statistically significant, indicating that investors are also beginning to care about listed companys FCF, especially the cash flow of operating activities, investing activities and financing activities. Correlation between share prices of different industries and