摘 要
现金流管理作为企业财务管理的核心内容，对企业的持续经营能力具有重要影响。在经济环境日益复杂和市场竞争加剧的背景下，企业面临更大的财务风险与不确定性，如何通过有效的现金流管理提升持续经营能力成为理论界与实务界共同关注的课题。本研究旨在探讨现金流管理对企业持续经营能力的影响机制，并通过实证分析验证其作用效果。研究选取了2015年至2022年间中国A股上市公司为样本，采用面板数据模型进行分析，同时引入现金持有水平、现金流量结构及现金流波动性等多维度指标衡量现金流管理水平。结果表明，合理的现金持有水平能够显著增强企业的抗风险能力，优化现金流量结构有助于提高资源配置效率，而降低现金流波动性则有利于维持企业经营活动的稳定性。此外，研究发现现金流管理对企业持续经营能力的影响存在行业异质性，资本密集型行业的效应更为显著。本研究的创新点在于从多维度视角全面剖析现金流管理的作用机理，并结合实际数据揭示其对不同行业企业的差异化影响。这一成果不仅丰富了现金流管理领域的理论研究，还为企业管理者提供了科学决策依据，对于提升企业财务韧性及实现可持续发展具有重要的实践指导意义。
关键词：现金流管理；企业持续经营能力；现金持有水平；现金流量结构；现金流波动性
Research on the Impact of Cash Flow Management on Corporate Sustainability
Abstract: Cash flow management, as a core component of corporate financial management, plays a critical role in shaping a firm's ability to sustain continuous operations. Against the backdrop of an increasingly complex economic environment and intensified market competition, firms are exposed to greater financial risks and uncertainties, making it imperative for both academia and practice to explore how effective cash flow management can enhance a firm's capacity for continuous operation. This study investigates the underlying mechanisms through which cash flow management influences a firm's sustainability and empirically evaluates its effectiveness. Using Chinese A-share listed companies as samples from 2015 to 2022, the study employs a panel data model for analysis while incorporating multidimensional indicators such as cash holding levels, cash flow structure, and cash flow volatility to measure the quality of cash flow management. The findings reveal that an appropriate level of cash holding significantly strengthens a firm's risk-resistance capability, optimizing the cash flow structure contributes to improving resource allocation efficiency, and reducing cash flow volatility helps maintain operational stability. Furthermore, the research highlights industry heterogeneity in the impact of cash flow management on continuous operating ability, with more pronounced effects observed in capital-intensive industries. The novelty of this study lies in its comprehensive dissection of the mechanisms of cash flow management from a multidimensional perspective and its empirical demonstration of differentiated impacts across industries using real-world data. These insights not only enrich theoretical research in the field of cash flow management but also provide managerial implications for decision-making, offering practical guidance for enhancing financial resilience and achieving sustainable development.
Keywords: Cash Flow Management; Enterprise Continuity Operating Capability; Cash Holding Level; Cash Flow Structure; Cash Flow Volatility
目 录
一、绪论 1
（一）研究背景与意义 1
（二）国内外研究现状分析 1
（三）研究方法与技术路线 2
二、现金流管理的理论基础 2
（一）现金流管理的基本概念 2
（二）现金流管理的核心要素 3
（三）企业持续经营能力的内涵 3
（四）现金流管理与持续经营的关系 4
三、现金流管理对企业持续经营能力的影响机制 4
（一）现金流入对持续经营的支持作用 4
（二）现金流出对持续经营的风险影响 5
（三）现金流量结构优化的重要性 5
（四）现金流稳定性与企业抗风险能力 6
四、现金流管理实践与企业持续经营能力提升策略 6
（一）企业现金流管理现状分析 6
（二）现金流管理存在的主要问题 7
（三）提升现金流管理水平的关键措施 7
（四）持续经营能力提升的具体路径 8
结论 9
参考文献 10
致 谢 11
