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.docxVIP

下载本文档

11
0
约6.26万字
约 74页
2018-08-07 发布于上海
举报
版权申诉

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

1、有哪些信誉好的足球投注网站（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

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

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