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The Research About Chinese Listed Companies' Cash Flow Risk Management Behavior And Theory

Posted on:2010-07-21Degree:DoctorType:Dissertation
Country:ChinaCandidate:M ZhouFull Text:PDF
GTID:1119360302995210Subject:Management Science and Engineering
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Cash flow risk management has direct affect and important meaning to listed companies financial conditions, thereby influences the healthy development of the whole capital market. Enterprise risk management is becoming more and more popular among foreign managers, and cash flow risk management has become the core of corporate financial risk management. This thesis combines the theory of corporate finance, information economics, and market micro-structure to research Chinese listed companies cash flow management behavior under the enterprise risk management theory, and analysis the effects, measurement and management of cash flow theoretically and empirically. It contains five parts.1. Empirical research about the effects of cash flow to firms'value. First, it uses correlation tests, and univariate tests to analysis the effects; then, multivariate tests and robust test to see the whole condition and three different stages of the sample period, points out that cash flow is a signal which passes firms'value to investors.2.The effect of informativeness of cash flow and earning to informed trading. First, it puts forward four hypotheses about the effect of informativeness of cash flow and earning to informed trading; then, empirically tests the explanation of the hypotheses to Chinese market using the agent variables of informed trading calculated by high frequency data and the accrual component of earning volatility calculated by financial data.3. Theoretically and empirically analysis the effect of cash flow volatility to listed companies'cash holdings under the liquidity preference. First, it theoretically analysis the effect of cash flow volatility to listed companies'cash holdings based on two stage investment model and explains its economic meanings; then, test the theory empirically.4. Empirically test the effect of cash flow distribution characteristics to listed companies'financing decisions and capital structure. First, it analysis the effect of cash flow volatility to firms'financing decisions theoretically; then, empirically tests the factors and mode of Chinese listed companies'capital structure adjustment by using signal post theory, and discusses the relationship between cash flow distribution characteristics and the best financing way.5. Empirically research of the measurement and management of cash flow risk combined with financial engineering technologies. First, it reviews the traditional methods of cash flow risk measurement, introduces cash flow at risk(CFaR)based on value at risk(VaR), and develops cash flow risk exposure model; then, analysis the hedging management of cash flow combined with financial risk management technology, and provides new ideas for risk managers.
Keywords/Search Tags:Cash flow volatility, Firm value, Informed trading, Cash holding, Capital structure, Risk management
PDF Full Text Request
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