摘要
自由现金流量的内涵和构成都经历了一个不断充实和修正的过程。从财务角度分析来看,中美两国在处理和计算自由现金流量存在着差异。以自由现金流对五粮液集团的公司价值实证分析得出,基于自由现金流的公司价值分析方法具有比收益和经营现金流量的分析方法更为优越和直观的特点,但是自由现金流的选择方法和指标还有待于进一步完善。
The concept of free cash flow has been put forward and brought to bear in practice for decade, but it has not been paid enough attention for financial theory and finance practice. Based on adjusting financial statement analysis and basic financial ratio, the author designs the corporation value evaluation based on re-computing free cash flow and makes the further step to maximize the corporation value.
出处
《广东金融学院学报》
2005年第3期61-67,共7页
Journal of Guangdong University of Finance
