期刊文献+

自由现金流、内部人控制与融资决策——来自我国上市公司的经验证据 被引量:2

下载PDF
导出
摘要 公司股东和管理层之间的代理问题一直是学术界关注的重点。文章以我国A股2007—2010年的数据为样本,对公司自由现金流对负债水平的影响进行了验证。研究发现,随着自由现金流的增加,为了约束管理者的道德风险,公司负债水平便会越高,并且,内部人控制对这一影响效应产生了负面影响。文章用股权集中度和董事长、总经理两职合一来衡量内部人控制的程度,即股权集中度下降会削弱负债水平随自由现金流上升而上升的效应;两职合一后,管理人员的控制能力上升,使得这种效应也进一步削弱,从而在理论上为加强公司治理、减少内部人控制以及进一步更好地解决公司股东和管理层之间的代理问题提供了参考。
作者 程浩
出处 《会计之友》 北大核心 2012年第30期60-63,共4页 Friends of Accounting
  • 引文网络
  • 相关文献

二级参考文献239

共引文献942

同被引文献25

  • 1Joseph P.H. Fan,T.J. Wong,Tianyu Zhang.Politically connected CEOs, corporate governance, and Post-IPO performance of China’s newly partially privatized firms[J]Journal of Financial Economics,2007(2).
  • 2James S.Ang,Rebel A.Cole,James WuhLin.Agency Costs and Ownership Structure[J]The Journal of Finance,2007(1).
  • 3Jean J.Chen,XuguangLiu,WeianLi.The Effect of Insider Control and Global Benchmarks on Chinese Executive Compensation[J].Corporate Governance: An International Review.2010(2)
  • 4Andrew K.Prevost,Ramesh P.Rao,Melissa A.Williams.Labor Unions as Shareholder Activists: Champions or Detractors?[J].Financial Review.2012(2)
  • 5RADHAKRISHNANGOPALAN,SUDARSHANJAYARAMAN.Private Control Benefits and Earnings Management: Evidence from Insider Controlled Firms[J].Journal of Accounting Research.2012(1)
  • 6Chen Lin,Yue Ma,Yuhai Xuan.Ownership structure and financial constraints: Evidence from a structural estimation[J].Journal of Financial Economics.2011(2)
  • 7Amir Barnea,Amir Rubin.Corporate Social Responsibility as a Conflict Between Shareholders[J].Journal of Business Ethics.2010(1)
  • 8Shujun Ding,Zhenyu Wu,Yuanshun Li,Chunxin Jia.Executive compensation, supervisory board, and China’s governance reform: a legal approach perspective[J].Review of Quantitative Finance and Accounting.2010(4)
  • 9Nikos Vafeas,James F. Waegelein.The association between audit committees, compensation incentives, and corporate audit fees[J].Review of Quantitative Finance and Accounting.2007(3)
  • 10IRENEKARAMANOU,NIKOSVAFEAS.The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis[J].Journal of Accounting Research.2005(3)

引证文献2

二级引证文献108

;
使用帮助 返回顶部