【作者】 万林葳；

【导师】 程明娥；

【作者基本信息】 河南理工大学 ， 会计学， 2009， 硕士

【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。更多还原

【Abstract】 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 .更多还原