The Research On The Effect Of Cash Flow Volatility On Enterprise Value

In the process of taking corporate value as the main research,many scholars have found that cash flow management plays an important role in the operation of the company.The fluctuation and stability of cash flow become the further research direction in the company value.it has the influence on the dividend policy and the investment and financing behavior in the operation of the company,and finally affects the market value evaluation of the company.This paper probes into the research of cash flow fluctuation on the company value,and further analyzes the specific influence path of the cash flow fluctuation,which has certain value and significance for the development and improvement of the company value evaluation system,as well as for the company manager.Investors,creditors and rating agencies provide a value reference.Starting from the stock market in China,this paper uses the A-share non-financial companies listed on the Shanghai and Shenzhen main Board to combine theory with practice,and uses normative empirical and analytical methods.This paper analyzes the influence of cash flow fluctuation on company value.Firstly,the background and significance of the research are briefly expounded,and the related theories of cash flow fluctuation,enterprise value and the relationship between them are summarized and summarized.At the same time,this paper introduces the research methods,framework,innovation points and the shortcomings;secondly,introduced the cash flow fluctuations on the corporate value of the theory,to pave the way for the next empirical research;again introduced the research and design of this paper.That is,research hypothesis,sample selection,data source,variable selection and model construction.Finally,in the empirical study,we analyze the impact of the volatility of operating net cash flow,investment net cash flow and financing net cash flow on the value of the company.Furthermore,the paper makes further research and analysis on the influence of cash flow fluctuation on company value.The results show that the fluctuation of operating net cash flow,investment net cash flow and financing net cash flow are negatively related to the company value,and the equity capital cost in the fluctuation of cash flow.The capital debt ratio and the rate of return on assets affect the value of the company as intermediate variables.Therefore,under the above empirical results,this paper puts forward the corresponding opinions and suggestions for the managers,investors,creditors and rating agencies.This will help reasonably assess the value of the company,accurate identification of corporate risks...