A股上市公司自由现金流量创造力99强分析(2016-2020)

Analysis of Free Cash Flow Productivity Top 99 of A-Share Listed Companies(2016-2020)

2021年10月30日,《A股上市公司自由现金流量创造力99强报告》发布后,引起了较大的社会反响。本文围绕入榜公司的自由现金流量创造进行多维度分析,结果发现:(1)从连续五年(2016-2020年)变化趋势来看,入榜公司的自由现金流量创造力水平整体呈现先降后升趋势,但入榜门槛在持续上升,且共有38家上市公司连续五年入榜。(2)从行业、地区、产权、上市板块等特征来看,医药、酒、饮料和精制茶业入榜公司数量最多,广东、上海、浙江、江苏、山东和北京等东部地区入榜公司数量最多,不同产权性质和上市板块的入榜公司数量分布总体较为均衡。(3)对比未入榜但自由现金流量创造相对较优秀的公司,入榜公司在净资产自由现金流量回报率、投入资本自由现金流量回报率、未来一年股票收益率方面都表现更强。(4)入榜公司之所以自由现金流量创造力更强,在一定程度上得益于其良好的产品与服务盈利能力、营运资本管理能力和投资规划能力。

"Free Cash Flow Productivity Top 99 Report of A-Share Listed Companies"aroused a strong social response after its release on October 30,2021.This paper conducts a multi-dimensional analysis of FCF Top 99 companies.We found that:(1)Free cash flow productivity of FCF Top 99 companies shows a downtrend between 2016 and 2018 and reverses to an uptrend from 2019.A total of 38 companies have been on the list for five consecutive years,although the threshold continues to rise;(2)FCF Top 99 companies are primarily concentrated in the eastern region(e.g.Guangdong,Shanghai,Zhejiang,Jiangsu,Shandong and Beijing)and industries such as pharmaceuticals,liquor,beverages and refined tea,while almost evenly split between stateowned and state-owned enterprises,as well as Shanghai and Shenzhen stock exchanges.(3)Companies ranking above 99th(between 1st and 99th)have outperformed those ranking below 99th(between 100th and 198th)in terms of FCFOE,FCFOIC and next year's stock return.(4)Better product and service profitability,working capital management ability,and investment planning ability could explain why FCF Top 99 companies have stronger free cash flow productivity.