自由现金流量与公司经营绩效相关性实证

Empirical Research on the Correlation between Free Cash Flow and Operating Performance

应用自由现金流量全面综合地反映上市公司的经营绩效,以23家高科技上市公司2011—2014年的财务年报数据为依据,从财务视角对该类公司的自由现金流量与其经营绩效间的相关性做回归检验分析,分析结果表明:在一定范围内,公司的经营绩效随着其自由现金流量增多而提升;当自由现金流量增长到某一程度时,随着自由现金流量持续增多,企业经营绩效会趋于下滑;自由现金流量对公司经营绩效的影响不是一成不变的,适当的自由现金流量对公司经营绩效是最有利的.

Free cash flow is applied to reflect the operating performance of listing corporations.In this paper.Based on the financial statements data of 23 high-tech listed companies from 2011 to 2014,a regression analysis is made of the correlations between their free cash flow and their operating performance.The empirical test shows that,with the increase of free cash flow,the operating performance will go up accordingly.However,when the free cash flow increase a certain point the operating performance will go down with the free cash flow continually increasing;The impact of free’ cash flow on the operating performance is not static,and the appropriate free cash flow is the most beneficial to the operating performance.