西方国家资本市场对公司现金流量的关注是从20世纪80年代开始的,自由现金流量(FCF)作为财务命题提出也已有近20年的历史,但在我国对它的系统研究还较少。随着我国价值投资与信息时代的到来,“现金至尊”的理念受到理论界和实务界空前的重视,因此有必要对自由现金流量的内涵及应 Western countries’ capital markets have paid attention to the company’s cash flow from the 1980s, and the free cash flow (FCF) has been proposed as a financial proposition for nearly 20 years. However, there are few systematic studies on it in China. With the advent of China’s value investment and information era, the concept of “cash supreme” has received unprecedented attention from the theoretical and practical circles. Therefore, it is necessary for the connotation and application of free cash flow.