论文部分内容阅读
本文基于股东利益的角度研究企业流动性、自由现金流量和盈利性之间的关系。结果发现,将营运资金划分为必要营运资金和冗余营运资金,可以揭示流动性质量和自由现金流量正相关;由于自由现金流量会带来的随意性支出、过度投资等企业管理者违背股东利益最大化的行为,使自由现金流量与盈利性呈现负相关关系;流动资金和长期资金筹资成本的差异及自由现金流量,导致流动性和盈利性明显呈负相关关系。
This article studies the relationship between corporate liquidity, free cash flow and profitability from the perspective of shareholders’ interests. As a result, it was found that dividing working capital into necessary working capital and redundant working capital can reveal that the liquidity quality is positively correlated with free cash flow; free cash flow will bring random expenses, excessive investment and other corporate managers to violate the interests of shareholders. The maximizing behavior has negative correlations between free cash flow and profitability. The differences in liquidity and long-term fund raising costs and free cash flow result in a significant negative correlation between liquidity and profitability.