自由现金流、公司治理与财务性投资——基于2011-2013年A股上市公司的实证研究

Free Cash-flow,Corporate Governance and Financial Investment——An Empirical Study Based on A-Share Listing Firms From 2011 to 2013

本文基于预期效用和控股权利益理论,运用数理分析方法,通过构造公司价值的V-N-M效用函数,对影响我国上市公司财务性投资行为的因素及其机理进行分析,并以2008-2011年沪深两市A股上市公司为样本进行实证检验。研究发现:(1)公司自由现金流越多,越有可能进行财务性投资;(2)在自由现金流一定条件下,资产负债率越高,上市公司越不可能进行财务性投资;(3)控股股东持股比例与财务性投资存在倒U型的关系。

This paper bases on the expected utility and control benefit theory,uses mathematical analysis method,and constructs the corporate value through the V-N-M utility function,to analyzes the factors and mechanism of investment behavior of Chinese listing firms,using a sample of listing firms over the period from 2011 to 2013 in the A stock market.We find that higher free cash-flow are positively related to higher possibility of financial investment,and further investigation shows that under certain level of free cash-flow,higher debt to asset ratio are negatively related to lower possibility of financial investment,and finally the relationship between controlling shareholder ownership and financial investment is an inverted-U shape.