自由现金流动态治理与企业可持续创新

The Dynamic Management of Free Cash Flow and Enterprise' Sustainable Innovation

企业可持续创新投入多、风险高以及创新项目融资困难,导致创新需求不足、创新供给结构失衡、创新转化渠道不畅等问题。自由现金流匹配可持续创新的资金需求,有利于刺激创新需求、优化创新供给。但自由现金流存在过度投资、低效并购、在职消费等代理成本。可以通过构建互联网决策支持平台、优化内部治理机制、完善内部控制等方法,对自由现金流的流入、流出进行动态财务治理,将自由现金流有序、高效配置至可持续创新。

Enterprises have more investment and higher risk in sustainable innovation,so it is difficult in financing innovative projects,which results in,and lack of innovation demand,imbalance of innovation supply structure,lack of opening innovation channel and so on. Free cash flow matches the capital requirement of sustainable innovation,which is conducive to innovation demand and optimizing innovation supply. But free cash flow exists over-investment,inefficient mergers and acquisitions,in-service consumption and other agency costs. It can construct the Internet decision-making support platform,optimize the internal governance mechanism and improve the internal control and so on,so as to carry on the dynamically financial management to the free cash inflow and outflow,and to effectively allocate the free cash flow to the sustainable innovation.