摘要
在上市公司中,由于公司治理机制不完善,特别是负债对公司治理的正面效用没有得到充分发挥,仍然导致了自由现金流的大量存在,并导致了严重的代理成本。
Companies with too much cash flow tend to bear highagency cost. Debt therefore is an effective way toreduce free cash flow, and eventually cut agency cost.However, it must be based on sound debt system and,especially sound bankruptcy system. In present dayChina when debt system needs lots of improvementand companies with great free cash flow, debts canhardly cut agency cost. An empirical analysis isconducted on this issue.
出处
《证券市场导报》
北大核心
2004年第8期50-55,共6页
Securities Market Herald
