【作者】 张文忠；

【导师】 陈志斌；

【作者基本信息】 南京大学 ， 会计学， 2011， 硕士

【摘要】 现金流是企业价值创造的关键驱动力,企业现金流管理的目标是为企业创造价值(陈志斌,2002)。然而,矛盾的两面性原理告诉我们：现金流在运行中不会只有价值创造这一点,其还有相反的一面——风险显现。实践中,企业在利用现金流创造价值的同时也承担着潜在的现金流运行风险,现金流运行中的价值创造和风险显现就像一对孪生兄弟密不可分。不仅如此,现金流这两种效应的地位在一定情境下,或者在某些因素的作用下,经常出现转变。美国金融危机爆发后,许多曾经利用现金流创造价值的企业跌入现金流断流困境,向世人昭示出现金流运行中价值创造和风险显现相互转变的这一事实。本研究就旨在探讨企业现金流运行中价值创造和风险显现相互转变的影响因素。为了达到研究目的,本文在充分回顾相关研究资料的基础上,先从理论层面进行现金流运行中价值创造和风险显现的相互转变,并进行本研究的分析框架设计。接着,本文采用多案例研究方法,搜集实践中经历过现金流运行中价值创造和风险显现相互转变的我国企业案例,然后对这些案例资料进行详细地整理、分析、总结和归纳,将实践中制约这一转变的影响因素发掘出来。最后将这些影响因素分门别类,分别阐述。通过对影响因素的分类处理,本研究发现,它们是企业内部因素和企业外部因素的集合体。企业内部因素集中在企业经营管理层面,而企业外部因素集中在市场层面以及政府层面。本文就从这三个层面来阐述这一转变的影响因素。其中,企业经营管理层面是内因,居于主导地位；市场层面以及政府层面是外因。通过对各个层面影响因素的逐个分析和辨别,本文发现企业经营管理层面因素主要涉及企业经营的融资模式,营销模式,经营模式,技术缺陷与创新,产品质量,成本、费用管理,内部控制,资产重组,产业转型和产业升级,企业投资,并购：专业化还是多元化等十一个方面；市场层面因素涉及生产成本波动,合作伙伴的聚与散,市场传言,资本市场信号和市场监管等五大类别；政府层面因素涉及国家宏观调控,政府资金支持、国家政策等三大类别。更多还原

【Abstract】 Enterprise cash flow management services in enterprise value creation, cash flow is a key driver of enterprise value creation(Chen zhibin,2002). However, the principle of two contradictory tells us:cash flow not only the value created a character, it also appeared on the reverse side of the-risk. In practice, one can use cash flow to create value for enterprises, but also bears the risk of cash flow. Cash flow value creation for sexual and risks like a pair of twin brothers are inseparable. Furthermore, the two characteristics’ status of cash flow, in certain situations or under the influence of some factors, often appears to change. In the financial crisis, the fact that many once use cash flow to create value fell into cash flow risk whirlpool, symbolise both out of cash flow value creation and risk change. This study aims to explore factors affecting the change of cash flow value creation and the risk in our country enterprise.In order to achieve those objectives, based on the full review related research material, on the basis of the first to enterprise cash flow value creation and risk, appeared on theoretical analytic transformation and lay a theoretical foundation for the full text. Then, this paper adopts case study method, first collect enterprise practices of our country experienced the change of cash flow value creation and risk, then conduct detailed information of arrangement, analysis and summary, finding factors behind. Finally, dug up these influence factors classify.This study forms the factors from three aspects:the enterprise management level, market level, government level. Among them, the enterprise management level is internal, predominate, basically include 11 categories like financing mode, marketing mode, management pattern, the defects and the innovation, technology:product quality, cost, cost management, internal control, asset reorganization, industrial transformation and upgrade of industry, enterprise investment, merger:specialized or diversity. Market level and national and government level are external. The market level include five categories like production cost fluctuations, partners with scattered, market rumours together, the capital market signals and market supervision; Government level include three categories like the national macro-control, government financial support, national policy.更多还原