Research On Correlation Between Cash Flow Structure And Enterprise Value Of Our Country Quoted Company

Enterprise value maximization has become a widely accepted financial management goal, and is also the basic guidance throughout the enterprise management activities. All of the enterprise management activities closely center around the creation of enterprise value, so cash flow management also begins from value creation and ends with realizing value, both the starting point and the foothold of cash flow management are to create enterprise value. In addition, people all know that cash flow management includes the forecast and plan, implement and control, informing and reports, and analysis and evaluation on the current or future cash flow in the viewpoint of number and timing. As for cash flow management, we can simply summarize it as two aspects, that is, cash flow quantity management and cash flow management. Concerning the study of cash flow quantity management, there exist the content of the relevance between cash flow management and enterprise value, but there is less study about the relevance between cash flow management and enterprise value, and the content is limited to the influence on the stage of enterprise life cycle. This article is on the basis of the above content, and select the wholesale and retail industry that have rich cash flow as samples, and through the empirical study quantitatively analyze the influence of the cash flow structure on the corporate value, and put forward the following measures: improve the efficiency of investment activity cash flow etc, which is aimed to enhance enterprise value and realize the goal of enterprise value maximization.This article mainly explore the correlation between cash flow structure and enterprise value from theory aspect and practice aspect. First of all, in theory, the paper mainly introduces the basic concept of cash flow, cash flow management theoretical framework, the intension of cash flow structure, and the basic content of enterprise value, etc. in addition to this, the article scientifically analyses whether cash flow structure impact the enterprise value and how cash flow structure impact the enterprise value, and put forward the proper correlation assumption about the structure of cash flow and enterprise value; Secondly, in terms of empirical, the paper describes in detail the selection of cash flow structure variables and the enterprise value, and the establishment of multiple linear regression model, and the article also introduces the sample selection and data collection. Based on this, the paper uses Eviews7 and SPSS 16.0 statistical software to determine the composition of the multiple linear regression model, and we know that the ratio of investment activity cash inflows and outflows and the ration of financing activity cash inflows and outflows have no linear influence on the enterprise value, and that the proportion of operating activity cash inflow and the proportion of operating activity cash outflows have no stable linear influence on the enterprise value, and that the proportion of investment activity cash inflows and the ration of operating activity cash inflows and outflows has positive linear impact, and that the investment activity cash flow ratio, the inflow proportion of goods and labor sales and the outflow proportion of goods and labor buying have negative correlation on the enterprise value. In the end, judging by the final conclusions from the perspective of theoretical and empirical, the paper puts forward constructive suggestions as to the cash flow structure management in the process of seeking to maximize the enterprise value, which is in order to provide certain guiding significance to the enterprise daily operation and management activities.