自由现金流量概念研究

现代财务理论的一个重要特征即是其概念体系比以往更加丰富、更加科学化。自1950年MM资本结构理论提出以来,“现金流量”与“企业价值”便成为现代财务理论的基本的、核心的概念。从一定意义上讲,不了解现金流量的内涵,不了解现金流量与企业价值之间的关系,不了解企业价值估价的基本方法,很难全面、深入地领会现代财务理论的精髓。自由现金流量是一个比现金流量概念更加严谨、更加深厚的财务概念,对此的了解甚至会影响到对某些财务学说的认识。

Study on the Concept of Free Cash Discharge

The concept system of modern financing theory is more profound and scientific . Cash discharge and enterprise cost have become basic and core concepts since MM capital structure theory was presented in the 1950s. Modern financing theory cannot be understood thoroughly without understanding meaning of cash discharge and its relation with enterprise cost. Free cash discharge is a more precise and profound concept than cash discharge, it can even affect understanding some theories of financing.