【摘要】 企业营运过程中的波动性风险会影响其投融资决策和股利政策,从而改变企业价值。实证检验发现我国上市公司的现金流波动性与企业价值负相关,而盈余波动性与企业价值无固定关系。因此认为管理层应通过加强现金流管理而非应计项目的盈余管理来控制风险从而增加企业价值,并提出对现金流进行战略管理和套期保值等对策。更多还原

【Abstract】 Volatility risk in the operation process will affect firm’s investment,financial decisions and dividend policy,and change its value.The empirical study finds that the cash flow volatility is significantly negatively related to firm value but earning volatility has no fixed relationship with it.So managers should control the risk to increase firm value by cash flow management rather than earning manage-ment.Finally,some suggestions to manage risks are provided.更多还原