中文摘要：

本文分析1999-2008年沪深上市公司年样本数据。发现现金流波动率与公司价值显著负相关，而盈利波动率对公司价值的影响并不显著。通过分解盈利波动率，结果表明投资者能够辨识盈利中各组成部分的信息内涵．对于现金流波动和盈余操纵程度较低的公司给予更高的估值。进一步的研究发现现金流波动率主要通过提高投资者的权益资本成本影响公司价值。此外，只有受市场环境影响的系统性现金流波动率才会对公司价值产生显著效应。上市公司管理层应当通过风险管理手段降低系统性现金流波动率。从而提高公司价值。

英文摘要：

This paper presents evidence that cash flow volatility is negatively related to the firm values by analy- zing data from listed firms on Chinese stock markets between 1999 and 2008. Earnings volatility has an insignifi- cant effect on firm values. By decomposing earning volatility, we find that investors can identify information con- tents from earnings and assign higher values to firms with lower cash flow volatility and earning manipulations. Further analysis reveals the main channel between cash flow volatility and firm values is implied cost of capital, and only systematic component of cash flow volatility generates an impact on the firm value. Our results indicate that manage~ should focus on risk management tO maintain a stable cash flow and enhance the finn values.