文档介绍：摘要
中小企业板是构筑多层次资本市场的重要举措,虽然现阶段并没有满足市场的若干预期,但在未来的制度创新中一定会显示出蓬勃的生命力。
本文首先对中小板进行研究,明确其由来、优势以及特点。其次对企业生命周期进行研究,探析划分企业生命周期的意义、方法以及研究现状和趋势。再次对自由现金流量进行了研究,分析自由现金流量的优势、计算方法和应用等问题。然后选取中小板上市公司中家电行业的几家公司作为样本,按照一定的方式划分企业生命周期,计算企业自由现金流量。最后根据不同生命周期阶段企业自由现金流量特点制定企业发展战略,为企业管理提供建议。具体研究结论有:处于上升期的企业,自由现金流量为为负;处于高峰期的企业,自由现金流量为正,应该抓住机会,不失时机地采取领先战略,开展自主创新;处于平稳期的企业,自由现金流量为正;处于低潮期的企业,自由现金流量为正,必须及时转移市场,进行技术升级换代。
关键词:中小板上市公司;自由现金流量;生命周期
Abstract
SME board is to build multi-level capital market, an important measure, although this stage does not meet a number of market expectations, but the system of innovation in the future will show the vigorous vitality. 
This paper studies for small and medium plates, clear its origin, advantages and characteristics. Secondly, to study the life cycle of enterprises, by enterprise life cycle of the significance, methods and research status and trends. Once again conducted a study on the free cash flow to analyze the advantages of free cash flow, calculation methods and application problems. Then select the small board listed panies in the appliance industry as a sample, according to a certain mode of corporate life cycle, the calculation of free cash flow business, according to the results concluded. Finally, according to the different life cycle stages of corporate free cash flow characteristics of the development of enterprise development strategies, provide mendations for enterprise management, the enterprise has a very important practical significance. Specific conclusions are: on the rise of the enterprise, free cash flow is negative; at the peak of the business, free cash flow is positive, should seize the opportunity, seize the opportunity to take leadership strategy, carry out independent innovation; in a stable of business, free cash flow is positive; at a low ebb of the enterprise, free cash flow is positive, the importance of timely transfer market, for technical upgrading.
Key Words:Small board of panies ; Free cash flow ; Life cycle
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