自由现金流量与公司治理的关联性分析

摘要公司治理质量是各种治理途径相互影响和相互作用的综合表现。公司治理是为了降低代理成本，提升公司价值或股东财富。所以，公司治理的好坏直接影响着公司的自由现金流量水平。

自由现金流量是“公司现金中满足，以资本成本进行折现后净现值大于O的所有项目所需现金后的那部分剩余现金流量”(Jensen，1986)。在自由现金流量的处置上，股东和管理者之间是存在冲突的，当自由现金流量越高时，这种冲突就越严重。从而代理成本就越高。64856

本文通过分析公司治理下股权结构、董事会特征、资本市场、产品市场等几个方面与自由现金流量的关系，结合实际情况提出研究假设，利用沪市上市公司数据，选取合理变量建立回归模型并进行面板数据分析，对公司治理中董事会特征与自由现金流量的关系进行了实证研究分析。

关键词公司治理机制董事会特征自由现金流量

毕业论文中文摘要

毕业论文外文摘要

Title: Free cash flow and corporate governance

Abstract

Corporate governance is the quality of all kinds of management ways of mutual influence and interaction integrated performance. The order of corporate governance is to reduce agency cost, raise the value of the company or shareholder wealth. So, the quality of corporate governance directly affects the level of the company's free cash flow.

Free cash flow is the "meet the company's cash, after the discount in the cost of capital is greater than the net present value O all the items required for that part of the remaining cash flow after cash" (Jensen, 1986). On disposal of free cash flow, there is a conflict between shareholders and managers, when free cash flow is higher, the conflict is more serious. Thus the higher agency cost.

In this article, through analyzing corporate governance under the ownership structure, board characteristics, capital market, product market such aspects as its relationship with free cash flow, combined with the actual situation proposed research hypotheses, using data of listed companies in the Shanghai market, selecting reasonable variables regression model and panel data analysis, the characteristics of board of directors in corporate governance and the relationship between the free cash flow empirical research analysis.

Keywords ：Corporate Governance board characteristics Cash Holdings

1 引言 1

2 公司治理与自由现金流量的理论分析 2

2.1 理论概述 2

2.2 公司治理与自由现金流量的关系 5

3 公司治理和自由现金流量问题在我国上市公司中的体现 10

3.1 公司治理的问题分析 10

3.2 自由现金流量的现状分析 10

4 自由现金流量与公司治理的实证模型 12

4.1 理论假设 12

4.2 样本选取和数据来源 12

4.3 研究设计 14

5 自由现金流量与公司治理实证检验 14

5.1 描述性统计 14

5.2 相关性分析 15

5.3 回归分析 17 自由现金流量与公司治理的关联性分析:http://www.751com.cn/kuaiji/lunwen_72231.html