财务管理专业毕业论文--自由现金流量管理在浙江服装企业的应用研究.docVIP

摘 要 自由现金流量作为一个财务命题提出和运用已有20多年的历史，从企业整体的角度来看，自由现金流量是其经营性现金流量减去维持企业现有生产能力所需的资本性支出后产生的额外现金流量，是在不影响公司持续发展的前提下可供分配给资本供应者的最大现金额。因此，自由现金流量以收付实现制为核算基础并综合考虑企业经营投资、筹资及股利分配等财务决策问题，可以避免传统方法在企业价值评估、业绩评价等方面的不足。 本文首先对自由现金流量的概念、计量、优点进行描述，并结合浙江服装企业的生产经营特征及其自由现金流量的特点，从价值评估、风险控制、业绩评价等方面分析自由现金流量在浙江服装企业中的应用。基于这些理论的分析，选取宁波杉杉股份作为案例，进行自由现金流量在杉杉集团中的应用分析。本文着重用自由现金流量贴现法对杉杉集团进行价值评估，同时也在公司的风险控制、业绩评价中运用自由现金流量，从而体现自由现金流量在企业管理中的优势。 关键词：自由现金流量；服装企业；贴现法 Abstract As a financial concept，the free cash flow has been put forward and used for more than twenty years．From the whole company’ aspect，free cash flow is its operating cash flow minus maintenance of companys existing production capacity, after capital expenditures required to generate additional cash flow；it is the largest cash for the capital providers that will not influence the lasting development of company. Therefore，free cash flow uses the cash basis and puts the important financial problems such as operating investing, financing and dividend distribution into consideration，which makes it effectively avoid the defect of traditional’s performance, enterprise’s value assessment, and so on. Firstly, the concept of free cash flow, measurement, describe the advantages and clothing enterprises in Zhejiang and its free cash flow characteristics of production and management features, from the value assessment, risk control, performance evaluation and other aspects of free cash flow in Zhejiang clothing enterprise applications. Based on these theoretical analyses，Ningbo Shanshangufen selected as a case, the free cash flow in the Shanshan Group, Application and Analysis. This article focuses on the use of discounted free cash flow valuation Shanshan groups, but also in the company’s risks control, performance evaluation of the use of free cash flow, free cash flow to reflect the advantage in the enterprise management. Key Words：ree Cash Flow；Clothing enterprises；Discounted 目 录 一、引言 1 二、自由现金流量的定义及计算 1 （一）自由现金流量的定义 1 （二）自由现金流量的计量 2 （三）自由现金流量的优点 2 三、浙江