我国上市公司现金流风险管理行为及理论研究

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1、天津大学博士学位论文我国上市公司现金流风险管理行为及理论研究姓名：周敏申请学位级别：博士专业：管理科学与工程指导教师：王春峰20081201ABSTRACTCashflowriskmanagementhasdirectaffectandimportantmeaningtolistedcompaniesfinancialconditions，therebyinfluencesthehealthydevelopmentofthewholecapitalmarket．Enterpriseriskmanagementisbecomingmoreandmorepopularamongf

2、oreignmanagers，andcashflowriskmanagementhasbecomethecoreofcorporatefinancialriskmanagement．Thisthesiscombinesthetheoryofcorporatefinance，informationeconomics，andmarketmicro—structuretoresearchChineselistedcompaniescashflowmanagementbehaviorundertheenterpriseriskmanagementtheory,andanalysist

3、heeffects，measurementandmanagementofcashflowtheoreticallyandempirically．Itcontainsfiveparts．1．Empiricalresearchabouttheeffectsofcashflowtofirms’value．First，itusescorrelationtests，andunivariateteststoanalysistheeffects；then，multivariatetestsandrobusttesttoseethewholeconditionandthreedifferen

4、tstagesofthesampleperiod，pointsoutthatcashflowisasignalwhichpassesfirms’valuetoinvestors．2．Theeffectofinformativenessofcashflowandearningtoinformedtrading．First，itputsforwardfourhypothesesabouttheeffectofinformativenessofcashflowandearningtoinformedtrading；then，empiricallyteststheexplanatio

5、nofthehypothesestoChinesemarketusingtheagentvariablesofinformedtradingcalculatedbyhighfrequencydataandtheaccrualcomponentofearningvolatilitycalculatedbyfinancialdata．3．Theoreticallyandempiricallyanalysistheeffectofcashflowvolatilitytolistedcompanies’cashholdingsundertheliquiditypreference．F

6、irst，ittheoreticallyanalysistheeffectofcashflowvolatilitytolistedcompanies’cashholdingsbasedontwostageinvestmentmodelandexplainsitseconomicmeanings；then，testthetheoryempirically．4．Empiricallytesttheeffectofcashflowdistributioncharacteristicstolistedcompanies’financingdecisionsandcapitalstru

7、cture．First，itanalysistheeffectofcashflowvolatilitytofirms’financingdecisionstheoretically；then，empiricallyteststhefactorsandmodeofChineselistedcompanies’capitalstructureadjustmentbyusingsignalposttheory,anddiscussestherelationshipbetweencashflowdistribu