自由现金流

此外，如果真实GDP增长，公司还可以利用自由现金流进行再投资，扩大业务规模。

Moreover , if real GDP grows , companies can reinvest their FCF in expanding the business .

本德尔自由现金流醛狩猎技术，以满足消费者在家庭健康全面保护利用对环境的健康需求。

Bender FCF aldehyde hunting technologies to meet consumer demand for environmental health in the use of the comprehensive protection of family health .

但是Ferguson和Taylor（2007）的研究却对自由现金流代理问题与审计费用之间的正相关关系产生质疑。

While , Ferguson and Taylor ( 2007 ) oppugn the positive correlation between free cash flow and audit costs .

“硬件、软件和服务营收以两位数增长，而且我们实现了强劲的利润和自由现金流增长。”IBM首席执行官彭明盛表示。

" Hardware , software and services revenue grew at double digits , and we achieved strong profit and free cash flow growth ," said IBM CEO Samuel Palmisano .

仅第一季度，受iPad、iPhone销售火爆推动，苹果就已经实现了160亿美元的自由现金流。

In the first quarter alone it recorded $ 16 billion in free cash flow on screaming hot sales of iPads and iPhones .

企业也累积起相当于国内生产总值（GDP）逾60%的自由现金流&账本的另一头是外界热议的政府债务存量。

Companies have also generated cumulative free cash flow equivalent to more than 60 per cent of gross domestic product & the other side of the ledger to the much discussed stock of government debt .

自Jensen（1986）提出自由现金流假说以来，企业的过度投资引起了学者的广泛关注。

Since the introduction of Free Cash Flow hypothesis by Jensen ( 1986 ), over-investment has attracted wide attention from scholars .

那么净利润基本上就等价于自由现金流（FCF）。

Thus , net income is a decent proxy for free cash flow ( FCF ) .

为了证明在钢铁企业价值评估中，EVA估价模型与传统估价模型相比较更具优势，本文分别运用EVA与企业净利润、自由现金流等进行比较。

In order to prove that compared with the traditional valuation models EVA has its own advantages in assessing iron and steel enterprises , this paper compares among EVA , business net profit and free cash flow .

同时截取2004年的225个样本公司，采用Logistic回归，检验了非正常关联担保发生概率与股权结构、自由现金流以及上市公司所在地区信贷分配市场化程度的关系。

Meanwhile , it tests the sub-sample with 225 companies in 2004 by Logistic model for the impact of ownership structure , residual cash flow and credit index of the province where the listed company was born on the probability of abnormal connected-party guarantees .

股权自由现金流（FCFE）贴现模型在上市公司价值评估中的应用

The Use of FCFE Discount Model in Evaluation of the Value of the Companies in Stock Market

由此就能预测出它的息税折旧摊销前利润（Ebitda）和未来的自由现金流。

It is then a hop to forecast earnings before interest , tax , depreciation and amortisation and , thus , future free cash flows .

在现金流贴现估价模型中，股权自由现金流（FCFE）是一个更好的预期现金流量。

Free cash flow of equity capital is a better-predicted cash flow in the cash flow discount model .

其次，本文在研究模型中创新性的引入了自由现金流与EVA业绩考核的交叉变量，研究EVA业绩评价体系是否能够通过对自由现金流使用的监管而对央企的盈余管理现象产生治理效应。

Secondly , this paper create a new variable that the cross-variable of free cash flow and EVA performance evaluation , to test if EVA performance evaluation system can governance the earning management phenomena by supervision the abuse of free cash flow .

首先，本文借鉴Richardson（2006）的投资预测模型，估计出企业的最优投资水平，进而得到过度投资与自由现金流的规模。

First , based on the investment prediction model ( Richardson , 2006 ), the thesis estimates the optimal level of companies ' investment , and get the scale of over-investment and free cash flow .

因此，Ohlson模型在我国电力行业应用上确实比传统的股权自由现金流折现模型和剩余收益模型更优越。

Therefore , it is the conclusion that Ohlson Model has advantages over traditional FCFE Model and RIV Model in power industry in our country .

国际通行的企业估值方法有很多，自由现金流、股权现金流量折现法、EVA价值评估方法在国外公司估值实践中的已经很成熟，而在我国的实际应用还在有待提高。

International practices of the firm estimate of value method has a lot of freedom , cash flows turn now , eva value of the assessment method is in a foreign firm estimate of value in practice has been relatively mature , and in the application has been developed .

Gulf和Tsui（19982001）也验证了Jensen所提出的债务控制假说，实证结果也显示债务的存在削弱了自由现金流与审计费用正的相关性。

Gulf ( 1998 ) and Tsui ( 2001 ) has also verified Debt Control Hypothesis proposed by Jensen ; the empirical result also shows that the existence of the debt weakens the positive correlation between free cash flow and audit costs .

它们增长强劲、roce较低、自由现金流为负而市净率较高，这种情况与20世纪70年代初的欧洲非常相似。

While they experience strong growth , low roce , negative free cash flows and high PBR , the situation looks very similar to that in Europe in the early 1970s .

沃达丰即将离任的首席执行官阿伦•萨林（ArunSarin）坚持认为，沃达丰有信心实现修正后的收入预期。他强调，该公司将维持对2008-09财年调整后营运利润及自由现金流的原始预期。

Arun Sarin , Vodafone 's outgoing chief executive , insisted Vodafone was confident of the revised revenue guidance , and highlighted how it was standing by its original forecast on adjusted operating profit and free cash flow for 2008-09 .

公司治理、自由现金流与非效率投资

Corporate Governance , Free Cash Flow and Ineffective Investment in China

高成长行业自由现金流使用的财务策略分析

Financial Strategy Analysis of Free Cash Flow in Rapidly Growing Industry

自由现金流如何与股利支付相关？

How is free cash flow related to dividends paid out ?

如果投资额很大，自由现金流可以为负值。

Free cash flow can be negative if investments are large .

本文的结论支持自由现金流假说。

The paper 's conclusion supports free cash flow hypothesis .

基于自由现金流代理成本假说的投资行为研究

Investment Behavior Based on Free Cash Flow Agency Cost Hypothesis

投资的融资效应、自由现金流与企业价值

Effects of Investment on Financing , Free Cash Flows and Enterprise Value

你能清楚了解何谓自由现金流。

You can clearly identify the terms free cash flow .

自由现金流计算方法研究

Research on the Calculation Method of Free Cash Flow

基于债务约束的自由现金流过度投资问题研究

Research on the Excessive Investment of Free Cash Flow Based on Debt Constraints