Analysis of Free Cash Flow Considering the Option

被引：0

作者：

Yu Chunming ^{[1
]}

Zhang Jie ^{[2
]}

机构：

[1] Shandong Jianzhu Univ, Coll Law & Polit, Jinan, Peoples R China

[2] Shandong Jianzhu Univ, Sch Business, Jinan, Shandong, Peoples R China

来源：

EBM 2010: INTERNATIONAL CONFERENCE ON ENGINEERING AND BUSINESS MANAGEMENT, VOLS 1-8 | 2010年

关键词：

analysis of free cash flow; option; risk-free cash flow;

D O I：

暂无

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

With the emergence of the enterprise evaluation model based on discounting free cash flow, the analysis of free cash flow has become an important tool for investment analysis. Based on the review of the existing free cash analysis literature, this paper, by virtue of the analysis of free cash flow which is combined with the portfolio strategy of the covered call option and protective put option, is concluded that the size or the negative or the positive of free cash flow cannot be considered as a direct indicator of evaluating enterprise performance. Meanwhile, the risk factors in free cash flow, integrating with option value, can be adjusted to work out the risk-free cash flow that can be considered as a better indicator.

引用

页码：1422 / +

页数：2