省级电信实业公司自由现金流与资金管控研究

Study on the free cash flow and Capital control of provincial telecommunication company

自由现金流是公司的生命之源,资金管控更是公司财务管理的重要内容。近年来国内学者对公司资金管控与自由现金流管理进行了大量研究,但对于综合运营集团公司如何采用合理的方法以平衡、管控自由现金流,提升资金效益尚未取得令人满意的研究成果。在对自由现金流定义公式讨论的基础上,基于3项假设提出了自由现金流的推导公式,得出影响自由现金流的关键变量即为货币资金,并指出,只要对货币资金实行平衡管控,即可实现对省公司自由现金流的平衡管控。进一步运用实际数据验证非营运资金与自由现金流之间的关系及对资金管控的影响。讨论了省级公司的资金管控的主要工作。

Free cash flow management is the source of company＇s life. Financial management and control is an important part of the company＇s financial management. In recent years, domestic scholars have done many studies on financial management and control and free cash flow man- agement. However, the study on how to calculate free cash flow still failed. Firstly, it discusses the definition formula on free cash flow based on the three assumptions, put forward the putative formula, then concluded that the key factor which infected the free flow is monetary. Secondly, examples are used to verify the non-working capital and free cash flow and relationship between the effects of capital controls. Finally, it pointed out that the main works of company financial management and control.