| 流动性、自由现金流量及盈利性关系实证研究 |
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| 引用本文： | 陈霞.流动性、自由现金流量及盈利性关系实证研究[J].财会通讯,2008(8):30-32. |
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| 作者姓名： | 陈霞 |
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| 作者单位： | 四川大学工商管理学院,四川成都610065 |
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| 基金项目： | 国家自然科学基金“基于自由现金流量的我国上市公司业绩变化研究”(项目编号:70672013) |
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| 摘 要： | 本文基于股东利益的角度研究企业流动性、自由现金流量和盈利性之间的关系。结果发现，将营运资金划分为必要营运资金和冗余营运资金，可以揭示流动性质量和自由现金流量正相关；由于自由现金流量会带来的随意性支出、过度投资等企业管理者违背股东利益最大化的行为，使自由现金流量与盈利性呈现负相关关系；流动资金和长期资金筹资成本的差异及自由现金流量，导致流动性和盈利性明显呈负相关关系。
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| 关 键 词： | 流动性 自由现金流量 盈利性 关系 |
Empirical Research on the Relationship of Liquidity, FCF and Profitability |
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| Chen Xia.Empirical Research on the Relationship of Liquidity, FCF and Profitability[J].Communication of Finance and Accounting,2008(8):30-32. |
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| Authors: | Chen Xia |
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| Institution: | Chen Xia (Industry , Commercial Management School,Sichuan University,Chengdu,Sichuan 610065) |
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| Abstract: | This paper studies the relationship of liquidity and FCF and profitability form the visual angle of the interests of shareholder. Dividing the working capital as the necessary working capital and the redundancy working capital, we can reveal that the quality of liquidity correlated positively with FCF. Because the FCF will bring contrary behavior to interests of the shareholder, FCF correlate negatively with profitability .This negative correlation was also fond between Liquidity and Profitability. |
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| Keywords: | Liquidity FCF Profitability Relationship |
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