自由现金流假说:公司绩效与销售增长

Free Cash Flow Hypothesis: Corporation Performance and Sales Growth

以中国上市公司为研究对象,依据自由现金流假说考察"拥有大量自由现金流公司的销售增长的获利能力比没有自由现金流公司的销售增长的获利能力差"这一观点,分析了第一大股东持股比例能否影响拥有自由现金流公司的销售增长的获利能力,以及是如何影响的?研究结果发现:(1)对于拥有自由现金流的公司,其自由现金流量越多,公司绩效一销售增长敏感度越低。(2)对于拥有自由现金流的公司,随着第一大股东持股比例的增加,公司绩效-销售增长敏感度上升。

This paper studies China＇s listed companies to test the argument that ＂the listed companies with much free cash flow is inferior to those with little free cash flow in their profitability of sales growth＂ based on the Free Cash Flow Hypothesis. Meanwhile, this paper also makes an analysis on whether and how the shareholding percentage owned by the largest shareholder can influence the profitability of sales growth in the listed companies with much free cash flow. The findings in this paper show that： （1） as to the listed companies with free cash flow, the sensitivity of performance to the sales growth is decreasing with the increase of free cash flow; （2） as to the listed companies with free cash flow, the sensitivity of performance to the sales growth is increasing with the increase of the shareholding percentage owned by the largest shareholder.