基于企业价值创造的上市公司现金流量管理研究
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摘要
随着我国社会主义市场经济体制的不断发展和完善,经济的市场化程度也在不断加强,这就要求我国上市公司在财务管理过程中不仅要强化内部管理,更要注重企业与市场的联系,尤其要处理好与企业经营与金融市场的关系。“现金”作为企业经营活动的核心资产,是企业内在管理和外部协调的共同对象,在企业生产运营管理和财务管理中扮演着不可替代的角色。可以毫不夸张地说,现金流量对于企业的重要性就如血液对于人体一样。然而,由于先前企业以追求利润最大化为导向,诸多专家、学者更注重研究现金流量的安全性和流动性;而在追求企业价值最大化的今天,如何通过现金流量管理为企业持续不断地创造价值,是当今学术界亟待解决的问题。
本论文正是基于上述背景从企业价值创造角度对我国上市公司现金流量管理分别就理论和实证两个层面展开深入研究。理论方面,本文主要研究内容为:一是成功构建了现金流量管理的理论架构,使现金流量管理这一课题的理论体系更趋完善;二是从理论方面探讨了现金流量管理与企业价值、企业战略的关系;三是分别从战略性和战术性探讨了现金流量管理的创新方法。实证方面,本文主要研究内容为:一是利用线性回归方法从量化角度探讨了现金流量与企业价值的关系,印证了理论研究得出的结论;二是运用计算机辅助软件,借助概率论相关知识对现金流量管理的重要创新方法进行实证研究。本论文能够对上市公司经营管理人员和财务管理人员所进行的日常管理活动有所裨益。
As the continuous development and improvement of China's socialist market economic system, together with the strengthen of market-oriented economy, it requires the listed companies in China not only strengthen internal management, but also focus on business and markets in the process of financial management, in particular, they must handle the business relationship with the financial markets. Cash as the core operating activities of the enterprise assets, it's the common object of enterprise internal management and external coordination. Therefore, it plays an irreplaceable role in the production and operation management and financial management. It’s no exaggeration to say that cash flow for companies equal to the importance of blood for the human body. However, because previous considered profit maximization as business-oriented pursuit, many experts and scholars paid more attention to study the safety and liquidity of cash flow; yet, nowadays in the pursuit of maximizing enterprise value, how to manage cash flow in order that it can create value for the enterprise continuously is the academic issues requiring solute urgently at the present.
Based on the background above, this paper research in-depth level on both theoretical and empirical, aiming to create business value from the perspective of our cash flow management of companies. In terms of theory, the main content is as follows: Firstly, it build a framework of management of cash flow successfully, making the theoretical system perfect; Secondly, it research the relationship between business strategy for enterprise and cash flow management in theory; Thirdly, discuss the innovative way of cash flow management from strategic and tactical. In terms of Empirical, the main content is as follows: Firstly, discuss about the relationship between cash flow and enterprise value from the perspective of quantitative research by using linear regression, it confirmed the conclusions of the theoretical studies; Secondly, making use of computer-aided software to carry out empirical studies for the important innovative cash flow management approaches. This paper is supposed to give benefit to staff who undertakes day-to-day management activities .
本论文正是基于上述背景从企业价值创造角度对我国上市公司现金流量管理分别就理论和实证两个层面展开深入研究。理论方面,本文主要研究内容为:一是成功构建了现金流量管理的理论架构,使现金流量管理这一课题的理论体系更趋完善;二是从理论方面探讨了现金流量管理与企业价值、企业战略的关系;三是分别从战略性和战术性探讨了现金流量管理的创新方法。实证方面,本文主要研究内容为:一是利用线性回归方法从量化角度探讨了现金流量与企业价值的关系,印证了理论研究得出的结论;二是运用计算机辅助软件,借助概率论相关知识对现金流量管理的重要创新方法进行实证研究。本论文能够对上市公司经营管理人员和财务管理人员所进行的日常管理活动有所裨益。
As the continuous development and improvement of China's socialist market economic system, together with the strengthen of market-oriented economy, it requires the listed companies in China not only strengthen internal management, but also focus on business and markets in the process of financial management, in particular, they must handle the business relationship with the financial markets. Cash as the core operating activities of the enterprise assets, it's the common object of enterprise internal management and external coordination. Therefore, it plays an irreplaceable role in the production and operation management and financial management. It’s no exaggeration to say that cash flow for companies equal to the importance of blood for the human body. However, because previous considered profit maximization as business-oriented pursuit, many experts and scholars paid more attention to study the safety and liquidity of cash flow; yet, nowadays in the pursuit of maximizing enterprise value, how to manage cash flow in order that it can create value for the enterprise continuously is the academic issues requiring solute urgently at the present.
Based on the background above, this paper research in-depth level on both theoretical and empirical, aiming to create business value from the perspective of our cash flow management of companies. In terms of theory, the main content is as follows: Firstly, it build a framework of management of cash flow successfully, making the theoretical system perfect; Secondly, it research the relationship between business strategy for enterprise and cash flow management in theory; Thirdly, discuss the innovative way of cash flow management from strategic and tactical. In terms of Empirical, the main content is as follows: Firstly, discuss about the relationship between cash flow and enterprise value from the perspective of quantitative research by using linear regression, it confirmed the conclusions of the theoretical studies; Secondly, making use of computer-aided software to carry out empirical studies for the important innovative cash flow management approaches. This paper is supposed to give benefit to staff who undertakes day-to-day management activities .
引文
[1] Denison.“Rends in American Economic Growth”.WashingtonD.C. The Brookings Institution, 1976
[2] Bowen Michael C.“Corporate financing and investment decisions when firms have information”. Journal of financial economics, 1998(8): 31-32
[3] Beaver W, Griffin P·and Landsman W.“The incremental information content of replacement cost earnings Journal of Accounting and Economics”, 1982(7)
[4] BeaverW·,DukesP. Interperiod tax allocation earings expectations and the behavior of security prices.TheA ccountingR eview, 1972(4)
[5] Ball R·, Brown P.“An empirical evaluation of accounting income numbers Journal of Accounting Research, 1968(10): 159-178
[6] Sloan R.G. Do Stock Price Fully Reflect Information in Accrual and Cash Flow about Future Earnings?. The Accounting Review, 1996(7): 110-113
[7] Jensen, Michael C. Agency Cost of Free Finance and Takeovers, American Cash Flow, Corporate Economic Review, 1986
[8] Jaggi B·, Gulf. An analysis of joint effects of investment opportunity set, free cash flows and size on corporate debt policy. Review of Quantitative Finance and Accounting, 1999(12)
[9] Walter, James.“liquidity corporate spending”,Journal of Finance.1953,vol.8,Issue 4
[10] Edward I·, Altman, Robert A·, Eisenbeis. Financial Applications of Discriminant Analysis: A Clarification, Journal of Financial and Quantitative Analysis,1978 (1) :185-195
[11] James A·Ohlson. Financial Ratios and the Probabilistic Prediction of bankruptcy. Journal of Accounting Research, 1980(3):31-53
[12] Foster William T.,“The circuit Flow of Money”,American Economic Review, 1922, Vol.12, Issue 3
[13] Bailey Jr·,“Cash flow gives the answers”.banking,Vol.61,1968,Issue5
[14] W.Beaver.“Financial Ration as Predictors of failture”,Journal of Accounting Resaerch (Supplement),1966
[15] Modigliani, Franco, Merton H·Miller,“The cost of capital,Corporate Finace,andthe Theory of Investment”, American Economic Review,1958(48):261-297
[16] Modigliani,Franco,Merton H·Miller.“Corprate Income taxes and the cost of capital:A correction”. American Economic Rewiew,1963(53):433
[17] A·Rappaport ,“CFOs and Strategists: Forging a Common Framework”,.Harvard Business Review,1986: 84-91
[18] Jensen,Michael C.“Theory of the firm:Managerial Behavior,Agency costs and ownership Structure”.Journal of financial Economics,1986(3)
[19] Tom·Copeland,“Evaluating natural resource investment”.Journal of Finance, 1993(38):114
[20] Modigliani,Franco,Merton H. Miller.“Corprate Income taxes and the cost of capital:A correction”. American Economic Rewiew,1963(53)433
[21]蔡昌.价值管理-增进现金流与提升企业价值[M].深圳:海天版社,2003
[22]杜彪.学习组织与企业再造. htp://www.vcmc.net/expert/DuBiao/110.php
[23] Kaplinsky R. Globalization and unequalization.What Can be Leanre from Value Chain Analysis? Journal of Development Studies,2000,37(2): 117-146
[24]梅尔达德·巴格海,斯帝芬·科利,戴维·怀特.增长炼金术—持续增长之秘诀[M].北京:经济科学出版社,1999
[25]詹姆斯·麦格拉斯,弗里茨·克勒格尔,迈克尔·特雷姆,乔尔格·罗肯霍伊斯.金色的轨迹-企业增值捷径[M].北京:机械工业出版社,1987:20-28
[26]陈志斌等.基于价值创造的现金流管理[J].会计研究,2002(12)
[27]李延喜.基于动态现金流量的折现率定量模型[J].科研管理,2004(3)
[28]房刚.浅谈加强现金流量管理在企业经营中的重要作用[J].煤炭经济研究,2008(2)
[29]林义.现金流管理在企业财务风险管理中的作用[J].科技创新导报,2008(8)
[30]杨建美.我国企业发展中现金流量方面存在的问题及对策[J].经济师,2008(6)
[31]王利红.企业现金流量管理中存在的问题及对策研究[J].集团经济研究,2007(11)上旬刊
[32]刘改新.浅谈销售与收款的现金流量管理控制[J].财会研究,2008(10)
[33]杜古军等.如何进行现金流管理[M].北京大学出版社,2004(1)
[34]张施.企业现金流量分析和动态管理[J].中国农业会计,2008(6)
[35]鲍新中.基于现金流量的财务危机预警研究[J].统计与决策(理论版),2007
[36]张为.基于现金流量的制造业财务危机预警指标[J].合作经济与科,2008(3)
[37]保罗·安东尼·萨缪尔森,威廉·诺德豪斯.微观经济学.[M]北京:人民邮电出版社,2004.
[38] William J?Baumol.经济学原理与政策(第九版)[M].北京:北京大学出版社,2006
[39]马克思.资本论.第1卷第1篇,第2卷第1篇.人民出版社[M],1964
[40]伊查克?麦迪思.赵睿译.企业生命周期(爱迪思管理思想系列)[M].北京:华夏出版社,2004
[41]陈良猷.系统管理与企业战略[M].北京:北京航空航天大学出版社,1993
[42]王斌.现金流转说:财务经理的财务观点[J].会计研究,1997(5):30
[43]班瓦利?米拖,贾格迪胥?谢兹.再造企业价值空间.华经等译.北京:电子工业出版社,2003
[44]海尔非特.财务分析技术——价值创造指南.张建军译.北京:中国财政经济出版社,2001
[45] Tom Copeland.“Evaluating natural resource investment”. Journal of Finance,1993(38):114
[46]罗伯特?希金斯.财务管理分析[M].沈艺峰译.北京:北京大学出版社出版(第6版),2006
[47]荆新.现金,现金流,现金流量:演绎公司财务的进化[J].《会计师》,2004(5)
[48]陈志斌.基于价值创造的企业现金流管理研究[M].大连:东北财经大学出版社,2007
[49]余绪缨.战略现金流动会计[J].会计研究,1991(2)
[50]赵英杰.论现金流量管理假设[J].会计研究,2001(5):38-39
[51]王世定.论会计假设[J].会计研究,1994(2)
[52] Fisher I.The Nature of Capital and Income[M].New York:The MacMillan Co,1927(15)
[53]赵英杰.论现金流量管理[博士学位论文].北京:中国人民大学,2001
[54]陈艳莹.企业价值的战略涵义[J].大连理工大学学报,2000(3)
[55]刘志远.企业财务战略[M].大连:东北财经大学出版社,1997
[56]朱武祥,宋勇.股权结构与企业价值——对家电行业上市公司实证分析.经济研究[M],2001(12)
[57]陈晓,单鑫.债务融资是否会增加上市企业的融资成本[J].经济研究,1999(10):46-50.
[58]阿尔弗雷德?拉巴波特.创造股东价值[M].丁世艳等译.昆明:云南人民出版社,2002
[59]汤姆?科普兰,蒂姆?科勒等.价值评估——公司价值的衡量与管理[M].郝邵仑等译.北京:电子工业出版社,2002
[60]杜比.蒙特卡洛方法在系统工程中的应用[M].西安:西安交通大学出版社,2007
[61]希利尔.数据、模型与决策:运用电子表格建模与案例研究(第2版)[M].任建标译.北京:中国财经出版社,2005
[2] Bowen Michael C.“Corporate financing and investment decisions when firms have information”. Journal of financial economics, 1998(8): 31-32
[3] Beaver W, Griffin P·and Landsman W.“The incremental information content of replacement cost earnings Journal of Accounting and Economics”, 1982(7)
[4] BeaverW·,DukesP. Interperiod tax allocation earings expectations and the behavior of security prices.TheA ccountingR eview, 1972(4)
[5] Ball R·, Brown P.“An empirical evaluation of accounting income numbers Journal of Accounting Research, 1968(10): 159-178
[6] Sloan R.G. Do Stock Price Fully Reflect Information in Accrual and Cash Flow about Future Earnings?. The Accounting Review, 1996(7): 110-113
[7] Jensen, Michael C. Agency Cost of Free Finance and Takeovers, American Cash Flow, Corporate Economic Review, 1986
[8] Jaggi B·, Gulf. An analysis of joint effects of investment opportunity set, free cash flows and size on corporate debt policy. Review of Quantitative Finance and Accounting, 1999(12)
[9] Walter, James.“liquidity corporate spending”,Journal of Finance.1953,vol.8,Issue 4
[10] Edward I·, Altman, Robert A·, Eisenbeis. Financial Applications of Discriminant Analysis: A Clarification, Journal of Financial and Quantitative Analysis,1978 (1) :185-195
[11] James A·Ohlson. Financial Ratios and the Probabilistic Prediction of bankruptcy. Journal of Accounting Research, 1980(3):31-53
[12] Foster William T.,“The circuit Flow of Money”,American Economic Review, 1922, Vol.12, Issue 3
[13] Bailey Jr·,“Cash flow gives the answers”.banking,Vol.61,1968,Issue5
[14] W.Beaver.“Financial Ration as Predictors of failture”,Journal of Accounting Resaerch (Supplement),1966
[15] Modigliani, Franco, Merton H·Miller,“The cost of capital,Corporate Finace,andthe Theory of Investment”, American Economic Review,1958(48):261-297
[16] Modigliani,Franco,Merton H·Miller.“Corprate Income taxes and the cost of capital:A correction”. American Economic Rewiew,1963(53):433
[17] A·Rappaport ,“CFOs and Strategists: Forging a Common Framework”,.Harvard Business Review,1986: 84-91
[18] Jensen,Michael C.“Theory of the firm:Managerial Behavior,Agency costs and ownership Structure”.Journal of financial Economics,1986(3)
[19] Tom·Copeland,“Evaluating natural resource investment”.Journal of Finance, 1993(38):114
[20] Modigliani,Franco,Merton H. Miller.“Corprate Income taxes and the cost of capital:A correction”. American Economic Rewiew,1963(53)433
[21]蔡昌.价值管理-增进现金流与提升企业价值[M].深圳:海天版社,2003
[22]杜彪.学习组织与企业再造. htp://www.vcmc.net/expert/DuBiao/110.php
[23] Kaplinsky R. Globalization and unequalization.What Can be Leanre from Value Chain Analysis? Journal of Development Studies,2000,37(2): 117-146
[24]梅尔达德·巴格海,斯帝芬·科利,戴维·怀特.增长炼金术—持续增长之秘诀[M].北京:经济科学出版社,1999
[25]詹姆斯·麦格拉斯,弗里茨·克勒格尔,迈克尔·特雷姆,乔尔格·罗肯霍伊斯.金色的轨迹-企业增值捷径[M].北京:机械工业出版社,1987:20-28
[26]陈志斌等.基于价值创造的现金流管理[J].会计研究,2002(12)
[27]李延喜.基于动态现金流量的折现率定量模型[J].科研管理,2004(3)
[28]房刚.浅谈加强现金流量管理在企业经营中的重要作用[J].煤炭经济研究,2008(2)
[29]林义.现金流管理在企业财务风险管理中的作用[J].科技创新导报,2008(8)
[30]杨建美.我国企业发展中现金流量方面存在的问题及对策[J].经济师,2008(6)
[31]王利红.企业现金流量管理中存在的问题及对策研究[J].集团经济研究,2007(11)上旬刊
[32]刘改新.浅谈销售与收款的现金流量管理控制[J].财会研究,2008(10)
[33]杜古军等.如何进行现金流管理[M].北京大学出版社,2004(1)
[34]张施.企业现金流量分析和动态管理[J].中国农业会计,2008(6)
[35]鲍新中.基于现金流量的财务危机预警研究[J].统计与决策(理论版),2007
[36]张为.基于现金流量的制造业财务危机预警指标[J].合作经济与科,2008(3)
[37]保罗·安东尼·萨缪尔森,威廉·诺德豪斯.微观经济学.[M]北京:人民邮电出版社,2004.
[38] William J?Baumol.经济学原理与政策(第九版)[M].北京:北京大学出版社,2006
[39]马克思.资本论.第1卷第1篇,第2卷第1篇.人民出版社[M],1964
[40]伊查克?麦迪思.赵睿译.企业生命周期(爱迪思管理思想系列)[M].北京:华夏出版社,2004
[41]陈良猷.系统管理与企业战略[M].北京:北京航空航天大学出版社,1993
[42]王斌.现金流转说:财务经理的财务观点[J].会计研究,1997(5):30
[43]班瓦利?米拖,贾格迪胥?谢兹.再造企业价值空间.华经等译.北京:电子工业出版社,2003
[44]海尔非特.财务分析技术——价值创造指南.张建军译.北京:中国财政经济出版社,2001
[45] Tom Copeland.“Evaluating natural resource investment”. Journal of Finance,1993(38):114
[46]罗伯特?希金斯.财务管理分析[M].沈艺峰译.北京:北京大学出版社出版(第6版),2006
[47]荆新.现金,现金流,现金流量:演绎公司财务的进化[J].《会计师》,2004(5)
[48]陈志斌.基于价值创造的企业现金流管理研究[M].大连:东北财经大学出版社,2007
[49]余绪缨.战略现金流动会计[J].会计研究,1991(2)
[50]赵英杰.论现金流量管理假设[J].会计研究,2001(5):38-39
[51]王世定.论会计假设[J].会计研究,1994(2)
[52] Fisher I.The Nature of Capital and Income[M].New York:The MacMillan Co,1927(15)
[53]赵英杰.论现金流量管理[博士学位论文].北京:中国人民大学,2001
[54]陈艳莹.企业价值的战略涵义[J].大连理工大学学报,2000(3)
[55]刘志远.企业财务战略[M].大连:东北财经大学出版社,1997
[56]朱武祥,宋勇.股权结构与企业价值——对家电行业上市公司实证分析.经济研究[M],2001(12)
[57]陈晓,单鑫.债务融资是否会增加上市企业的融资成本[J].经济研究,1999(10):46-50.
[58]阿尔弗雷德?拉巴波特.创造股东价值[M].丁世艳等译.昆明:云南人民出版社,2002
[59]汤姆?科普兰,蒂姆?科勒等.价值评估——公司价值的衡量与管理[M].郝邵仑等译.北京:电子工业出版社,2002
[60]杜比.蒙特卡洛方法在系统工程中的应用[M].西安:西安交通大学出版社,2007
[61]希利尔.数据、模型与决策:运用电子表格建模与案例研究(第2版)[M].任建标译.北京:中国财经出版社,2005