摘要

随着国内外对现金流研究的不断深入，越能够发现现金流量管理在公司治理过程中的必要性与重要性。是否有效的现金流量管理，决定着一个企业的筹资、投资规模以及经营状况，也就关系着企业的存亡与发展。现金流量管理系统是企业的“呼吸系统”，假如企业的现金流量管理出现问题，导致企业没有及时足够的现金流量，企业则会立即陷入危机。对于任何一个企业，建立并完善现金流量管理机制，是企业价值最大化的基础，同时也是实现价值最大化的手段。

宝山钢铁股份有限公司是我国钢铁行业的佼佼者，其拥有最先进的生产设备与技术，无论在国内还是国际钢铁市场上都有非常重要的地位。本文将选取其作为主要研究对象，基于现金流量的角度对其经营能力、偿债能力以及盈利能力进行分析，指出其现金流量管理出现的问题以及优点，希望对其及其它钢铁企业都有借鉴作用。

本文以现金流相关概念界定与理论基础；选取多家上市钢铁公司作为研究对象，结合2011-2015年财务报表数据，分别对上市钢铁公司进行现金流结构总体分析、负债情况总体分析、营运能力分析以及盈利质量分析；结合宝钢股份的具体案例进行现金流量分析并对其现金流量管理进行研究；将在前文的基础上阐述现金流管理的重要性，提出如何建立钢铁企业最佳现金流管理来完善钢铁企业现金流量系统。

关键词：现金流量；管理机制；盈利质量

ABSTRACT

With the domestic and foreign cash flow to the deepening of research, more can find the necessity and importance of cash flow management in the corporate governance process. The effectiveness of cash flow management, determines an enterprise financing, investment and operating status is related with the survival and development of enterprises. Cash flow management system is the enterprise “respiratory system”, if the cash flow management problems, causes the enterprise not timely enough cash flow, it will immediately fall into the crisis of enterprise. For any enterprise, establish and perfect the mechanism of cash flow management, is the basis of the maximum value of the enterprise, but also to achieve maximum value method.

Baoshan Iron Steel Co is the leader of China’s iron and steel industry, which has the most advanced production equipment and technology, both in the domestic and international steel market has a very important position. In this paper, the author selects the as the main object of study, based on the angle of the cash flow the management ability, solvency and profitability analysis. It is pointed out that its cash flow management problems and advantages, and other iron and steel enterprises have reference to.

The cash flow related concept definition and theoretical basis； selected number of listed iron and steel company as the research object, combined with the financial statement data of the 2011-2015, respectively the listed steel and iron company cash flow structure analysis, liabilities total analysis, operational capability analysis and earnings quality analysis. Combined with the specific case of Baosteel cash flow analysis and Research on the cash flow management； in earlier based on cash flow management of the importance, put forward how to establish the best iron and steel enterprises cash flow management to improve the iron and steel enterprises cash flow system.

KEY WORDS：Cash flow； Management mechanism； Earnings quality

摘要…………………………………………………….. II

ABSTRACT………………………………………………… III

1绪论……………………………………………………. 1

1.1研究背景和意义………………………………………. 1

1.1.1研究背景……………………………………….. 1

1.1.2研究意义……………………………………….. 2

1.2国内外研究综述………………………………………. 2

1.2.1国外研究状况……………………………………. 2

1.2.2国内研究状况……………………………………. 3

1.3研究思路与研究方法…………………………………… 4

1.3.1研究思路……………………………………….. 4