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自由现金流量与企业股利政策的关系 被引量：3

On the Relationship between Idle Cash Flow and Enterprise Dividend Policy
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摘要 本文探讨了企业股利政策与自由现金流量之间的关系,认为适当的股利政策可以提高企业价值,以达到股东财富最大化的目标。同时本文分析了企业的发展会经历创业期、成长期、成熟期和衰退期,在每一发展阶段企业获取的自由现金流量不同,因此应制订不同的股利政策。 This paper explores the relationship between dividend policy in business and cash flow,Approval dividend policy could improve business' value and reach the maximum of shareholders' fortune,Besides,as pointed in this paper,business experiences starting period,growing-up period,maturity period and recession period.In each period,the cash flow is different,and the dividend policy should be formulated accordingly.
作者 李晓燕 金卫东
机构地区 中国科学技术大学管理科学系 中国科学技术大学科技实业总公司
出处 《乡镇经济》 北大核心 2007年第3期77-80,共4页 Rural Economy
关键词 自由现金流量 股利政策 产品生命周期 企业价值 Cash Flow Dividend Policy Product Life Cirele Business Value
分类号 F12 [经济管理—世界经济]
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参考文献4

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  • 1Tom Copeland, Tim Koller & Jack Murrin, Valuation: Measuring and Managing the Value of Companies, Third Edition. John Wiley & Sons, Inc. , 2000.
  • 2Aswath Damodaran : Investment Valuation : Tools and techniques for determining the value of any asset, p237 - 265. John Wiley & Sons, Inc. , 1997.
  • 3Aswath Damodaran, Investment Valuation: Tool and techniques for determining the value of any asset. John Wiley & Sons,Inc., 1997.
  • 4Anne Ameels, Wemer Bruggeman & Geert Schipers, Value Based Management Control Processes to Create Value through Integration a Literature Review, Vlerick Leuven Gent Management School, 2002.
  • 5Eugene F. Brigham, Louis C. Gapenski & Michael C. Ehrhardt, Financial Management: Theory and Practice, ninth edition.The Dryden Press, 1999.
  • 6Richard A. Brealey, Stewart C. Myers & Alan J. Marcus, Fundamentals of Corporate Finance, Third Edition. McGraw-Hill,2001.
  • 7Richard E. S. Bouhon, Barry D. Libert & Steve M. Samek, Cracking the Value Code: How successful businesses are creating wealth in the New Economy. Arthur Anderson, 2000.
  • 8Roger A. Morin & Sherry L. Jarrell, Driving Shareholder Value: Value-Building Techniques for Creating Shareholder Wealth.McGraw-Hill, 2001.
  • 9S. David Young & Stephen F. O'Byrne, EVA and Value-Baced Management: A Practical Guide to Implementation. McGraw-Hill, 2001.
  • 10Thomas L. West & Jeffrey D. Jones, Handbook of Business Valuation, Second Edition. John Wiley & Sons, Inc. , 1999.

共引文献42

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二级引证文献1

乡镇经济
2007年 第3期

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