自由现金流量理论发展和应用的三大难题

Three Problems in Application and Study on Free Cash Flow Theory

1986年,美国财务学家Jensen在《自由现金流量的代理成本、公司财务与收购》一文中正式提出了自由现金流量(FCF)理论。此后,学者们从不同角度对FCF理论进行了验证。然而,基于对国内外文献的掌握和我们对FCF问题的研究,发现FCF理论的研究与应用存在三大难题:FCF定量难;FCF代理成本分解难;FCF控制难。正是这三大难题严重制约着FCF理论的进一步发展和应用推广,由此提出解决这三大难题的初步思路。

In 1986,Jensen,an American financial theorist,put forward Free Cash Flow（abbr.FCF）Theory in his paper：Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers.Since then,academicians have verified FCF Theory from different perspectives.However,based on the relative documents home and abroad and our studies on FCF,we find that there are three problems：（1）how to measure FCF;（2）how to disassemble agency costs of FCF;and（3）how to control FCF,that impede application and development of FCF Theory.In this paper,we give our basic thoughts to solve the problems for providing future researches as a reference.