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中文摘要：
选取2007年1月至2012年6月具有连续季度数据的信息技术类企业为研究对象，基于CFaR模型，采用反映现金流风险绝对水平的现金流风险值和反映现金流风险相对水平的现金流风险程度两个指标度量企业现金流风险，探讨现金流风险对企业价值的影响。实证结果表明，现金流风险值对企业价值有显著的负向影响，而现金流风险程度对企业价值的负向影响并不显著。同时，非国有企业现金流风险值对企业价值的负向影响要大于国有企业。此外，大股东持股能显著降低现金流风险值对企业价值的负向影响。
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