현금흐름이 기업가치 극대화에 미치는 영향

Abstract

Purpose : The purpose is to understand the degree of influence of cash flow on maximizing corporate value by studying the impact on stock returns by empirically analyzing cash flow size and cash flow fluctuations. Research design, data, methodology : The research method was to collect financial statements from 2019 to 2023 and the cash flow volume ratio was analyzed by the ratio of cash flow from operating activities to sales, the ratio of cash flow from operating activities to net profit, the ratio of cash flow from operating activities to total assets, and the ratio of cash from investing activities to non-current assets etc. The cash flow fluctuation ratio was analyzed using the growth rate of cash flow from operating activities and the growth rate of cash flow from investing activities etc. Results : When the operating cash flow to sales ratio, operating activity cash flow to total assets ratio, and total cash flow to sales ratio are good, a good rate of return is realized and has a great impact on maximizing corporate value. When the operating cash flow to net profit ratio is good, the proportion of rising stocks was high. The ratio of current assets to cash flow from investing activities and the ratio of cash flow from financing activities to equity capital had a greater impact on stock returns in the negative case than in the positive case. When the growth rate of cash flow from operating activities was high, the rate of return was good and had a large impact on corporate value. Conclusions : Cash flow ratio had a greater impact on corporate value than profitability ratio. The average stock price growth rate over the past five years was 20.9% per year, and the stock price growth rate compared to five years ago was 88.5%, showing that long-term stock investment has a higher rate of return than stable financial products.