基于自由现金流量的证券投资组合分析

通过比较中美两国在处理和计算自由现金流量方面的不同,提出自由现金流量的计算方法,并论述了在我国会计准则下如何通过会计调整计算自由现金流量。在获得公司自由现金流量的基础上,通过引入自由现金流量乘数和自由现金流量负债比,结合经营现金流量、市盈率和低财务杠杆指标,构造了基于自由现金流量的证券投资组合,对我国证券市场做出实证分析。同时,对比其他投资策略的实际效果,证明基于自由现金流量的投资策略所具有的优越性。

The Securities Porfolio Investment Based on Free Cash Flow

On the basis of the obtained free cash flow of companies,the multiplier of free cash flow and the debt of free cash flow ratio were introduced.After integrating operating cash flow,market surplus ratio,market net ratio,low financial lever,the securities portfolio investment of correlation index were con structured.It was validated that the stock market would effect the ration of low market surplus,the ratio of low market net and the multiplier of low free cash flows.The yield ratio of portfolio investment could be improved evidently by introducing the multiplier of free cash flows.