公司治理视角下自由现金流持有水平研究

Research on Free Cash Flow Holding under the Perspective of Corporate Governance

自由现金流的持有会受到公司治理相关因素的影响。文章利用自由现金流持有水平在公司治理因素影响下的调整模型,以2003-2012年沪深两市639家上市公司的平衡面板数据为样本,就企业不同的公司治理因素如何影响自由现金流的持有水平进行实证检验。研究结果显示,我国上市公司自由现金流持有水平与最佳持有量存在一定差距;自由现金流持有水平的调整与企业投资水平、第一大股东持股比例呈正相关关系,与融资约束程度呈负相关关系;非国有企业的自由现金流持有水平调整速度快于国有企业。本文的研究可为企业确定最佳自由现金流持有水平并提高其使用效率提供参考。

Free cash flow holding is affected by corporate governance factors .T his paper uses the mod‐el of free cash flow holding under the influence of corporate governance factors ,selects 639 listed com‐panies in Shanghai and Shenzhen stock market in 2003~2012 as balance panel data ,and empirically tests how the different corporate governance factors affect the free cash flow holding .The results show that there is a gap between the free cash flow holding in Chinese listed companies and the best free cash flow holding ,the free cash flow holding adjustment is positively related with corporate in‐vestment level and the ratio of the largest shareholder and is negatively related with financial con‐straint ,and non‐state‐owned enterprise＆#39;s free cash flow holding adjustment speed is faster than that of state‐owned enterprise .The research of this paper provides reference for the enterprise to determine the best free cash flow holding and improve the use efficiency .