earticle

영어

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.

한국어

본 연구는 현금흐름규모와 현금흐름변동이 주식수익률에 미치는 영향을 실증분석 함으로써 현금흐름이 기업가치 극대화에 미치는 영향의 정도를 파악하려는 것이 연구목적이다. 연구방 법은 2019년부터 2023년까지 결산자료를 수집하여 현금흐름규모비율은 영업활동현금흐름대 매출액비율, 영업활동현금흐름대순이익비율, 영업활동현금흐름대총자산비율, 투자활동현금대 비유동자산비율 등으로 분석하였으며, 현금흐름변동비율은 영업활동현금흐름증가율, 투자활 동현금흐름증가율 등을 가지고 분석하였다. 연구결과, 영업활동현금흐름대매출액비율, 영업활 동현금흐름대총자산비율, 총현금흐름대매출액비율은 양호한 경우가 좋은 수익률을 실현하여 기업가치 극대화에 영향이 컸으며, 영업활동현금대순이익비율은 양호한 경우에 상승종목 수 비중이 높았다. 투자활동현금흐름대비유동자산비율, 재무활동현금흐름대자기자본비율은 마이 너스 경우에 플러스 경우 보다 주식수익률에 미치는 영향이 컸다. 영업활동현금흐름증가율은 높은 경우에 수익률이 좋아서 기업가치에 미치는 영향이 컸다. 또한 현금흐름비율이 수익성비 율보다 기업가치에 미치는 영향이 컸다. 과거 5년 평균 주가상승률은 20.9%, 5년 전과 대비한 주가상승률은 88.5%를 실현하여 장기주식투자는 안정적인 금융상품에 비해 높은 수익률을 나 타냈다. 향후 연구방향은 업종별 구분, 표본기업의 확대로 주식수익률 영향을 세밀하게 분석 하고자 한다.