From the Angle of valuation, free cash flow to firm is analyzed and defined, and two kinds of its calculating methods are discussed.
从企业价值评估的角度对自由现金流量进行分析与定义，可以给出自由现金流量的两种计算方法。
Increases in financial flexibility that give managers control over free cash flow may actually cause the value of the firm to decline.
若增加财务灵活性，则会给与管理层更多支配自由现金流的权利，从而可能导致公司价值下降。
Such free cash flow must be paid out to shareholders if the firm is to be efficient and to maximize value for shareholders.
在以效率为股东创造价值的情形下，此类自由现金流必须支付给股东。
Such free cash flow must be paid out to shareholders if the firm is to be efficient and to maximize value for shareholders.
在以效率为股东创造价值的情形下，此类自由现金流必须支付给股东。
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