上市公司现金流风险管理研究最新进展

Latest Development of Research on Cash Flow Risk Management

20世纪90年代,随着金融工程、公司财务等学科的融合,以及完善上市公司治理结构和加强内部控制的需要,企业风险管理逐渐兴起。在这一视角下,现金流管理理论由传统的流动性管理、盈余管理、平衡管理及创值管理进入了风险管理时代。基于现金流风险对企业价值、公司治理、资本结构、信息披露及市场微观结构等影响的研究逐渐成为热点,而结合公司财务和金融工程技术对现金流风险进行度量和规避则是风险管理的核心。根据这一研究脉络,文章阐述了现金流风险管理理论研究的最新动态,并提出了未来的研究方向。

With the combination of financial engineering and corporate finance, the need of corporate governance structure and strengthen internal control, enterprise risk management （ERM） has emerged since 1990s＇ . Under this perspective, cash flow management theory changed from traditional liquidity, earning, balance and value creation management to risk management. The impact of cash flow risk on firm＇ s value, corporate governance, capital structure, information disclosure and market microstructure has become hot. The measurement and evading of cash flow risk combined with corporate finance and financial engineering technology is the core of risk management. the development of cash flow risk management theory and provides According to the research context, this article describes the research direction in the future.