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Empirical Research on the Impact of Free Cash Flow on Operating Performance of Listed Companies

机译：关于自由现金流对上市公司经营业绩影响的实证研究

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Free cash flow can not only assess the past now ability, enterprise can also be built into the evaluation system of the future development of ability, relative profits and cash flow indicators, reflect the business performance of the free cash flow is more comprehensive and effective. Therefore, it is of great significance and value for all stakeholders to study the effect of free cash flow on business performance. In 2794 listed companies in China in 2016 financial data as sample, using multivariate regression method for the empirical analysis, finally draw the conclusion: free cash flow and enterprise management performance has significant positive correlation; The expansion of enterprise scale has a positive effect on business performance, but debt will reduce business performance. The increase of the shareholding ratio of the largest shareholder can improve the corporate performance, while the independent directors cannot effectively play their functions. Therefore, operators should appropriately hold free cash flow, appropriately expand the operation scale, and improve and give play to the independent director system can effectively improve the operation performance of enterprises.
机译：自由现金流不仅可以评估过去现在的能力，还可以建立在未来发展能力的评价体系中的能力，相对利润和现金流量指标，反映自由现金流的业务绩效更全面而有效。因此，所有利益攸关方都具有重要意义和价值，以研究自由现金流对业务绩效的影响。在2016年中国上市公司2016年金融数据作为样本，利用多元回归方法进行实证分析，终于得出结论：自由现金流量和企业管理性能具有显着的正相关性;企业规模的扩张对业务绩效产生了积极影响，但债务将减少业务绩效。最大股东的股权比率的增加可以提高公司绩效，而独立董事不能有效地发挥其职能。因此，运营商应适当持有自由现金流，适当扩大运行规模，提高和发挥对独立董事系统，可以有效提高企业的运营表现。

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