Research On The Impact Of Cash Flow Fluctuation On The Value Of Listed Pharmaceutical Enterprises

With the development of the market economy and the improvement of the market system,enterprises have sprung up,but the risk management of enterprises has become increasingly important with the intensification of competition and the advancement of globalization.The problem of cash flow has always been an inevitable and unavoidable problem for the enterprise.It can be said that it determines the future of the enterprise,just as knowledge changes the fate,and cash flow can change the fate of the enterprise.As some well-known companies have crashed because of cash flow problems,people have begun to find that traditional financial indicators do not measure the value of the company well,nor do they allow investors to effectively avoid risks.Start thinking,learn from it,and finally focus on cash flow management.Cash flow is the lifeblood of an enterprise.The company that controls the company's "birth gate" and a stable cash flow company has a low possibility of financial risk and a large potential.It is highly favored by investors in the market and therefore has high corporate value..The competition in pharmaceutical companies is even more fierce.In addition to actively innovating technology and maintaining a competitive advantage,managing the cash flow of the company is also the key to defeating its competitors and winning the market.It is one of the ways to enhance the value of the company.Therefore,for pharmaceutical company managers,what is the relationship between cash flow fluctuations and corporate value,and how to avoid the reduction of corporate value due to cash flow issues;for investors,how to grasp cash flow fluctuations and invest correctly Decision-making is about investment success or failure;for asset appraisal agencies,how to make appraisal reports more scientific,reliable,and comprehensive is the immediate concern.In the face of these questions,we comprehensively combed the relevant theories of scholars at home and abroad,and based on this,further researched in an empirical manner in order to answer these questions.Through screening,122 effective companies were obtained from 229 listed pharmaceutical companies,and a total of 610 data were collected from these companies in the five years from 2014 to 2018.After performing descriptive statistics,correlation tests,and robustness tests using measurement models and measurement software,the conclusions are: cash flow fluctuations have a significant negative impact on the value of the company,and the company's size,solvency,profitability,leverage and other factors It also has a close relationship with enterprise value.Among them,company size and enterprise value are negatively related,and debt repayment ability,profitability,leverage and other factors are positively related to enterprise value.Finally,it is believed that for effective management of enterprise managers,they must always pay attention to cash flow conditions,raise risk awareness,and scientifically plan corporate development strategies.To make the right investment decisions,investors need to increase their risk awareness,pay attention to the cash flow of the company,and avoid focusing solely on financial indicators.Asset appraisal agencies should optimize appraisal indicators and incorporate corporate cash flow status into the appraisal system.