基于自由现金流量的公司组合价值实证研究

Positive Research on Company Value on the Base of FCF

本文通过构造FCF组合对公司组合价值进行实证研究表明:基于稳定的自由现金流量及其增长率、低财务杠杆和低自由现金流量乘数的公司组合价值投资策略能获得高于市场平均水平的回报率,这充分说明了基于自由现金流量的公司组合能获得较高的“价格性能比”,即能取得较高的收益,同时规避较大的市场风险,也从侧面论证了自由现金流量在公司组合选择中的科学性与合理性。

Through FCF, the paper proves that it can get payback higher than the market average on the basis of value investment tactics of the steady FCF, rate of increase, low financial lever and low FCF multiplier. It also fully proves that, on the basis of FCF, it can obtain high relatively ' price/performance' . By analysis, the paper holds that the FCF can get the higher income and evade bigger market risk at the same time, which demonstrates the science and rationality of FCF.