Prior researches focus mainly on the relationship between governance structure and earnings quality. Unlike the previous researches, this study attempts to empirically examine the role of surplus free cash flow （SFCF...Prior researches focus mainly on the relationship between governance structure and earnings quality. Unlike the previous researches, this study attempts to empirically examine the role of surplus free cash flow （SFCF） as a moderator in the relationship with the new requirements of Malaysian code on corporate governance （MCCG）. By using the estimated generalized least square （EGLS） upon a sample of Malaysian firms, the results show that firms with an independent chairman experience persistent earnings numbers. The results also demonstrate that the current earnings of finns with small boards and independent audit committee members are more likely to persist in the future, when SFCF is high. However, in contradiction to the authors＇ expectation is the significant, but negative and interactive effect of current earnings and audit committee competence on earnings persistence. The findings, though disappointing, suggest investors to consider both the governance structure and free cash flow （FCF） agency problem when evaluating the sustainability of firms＇ earnings. They also call for more independent directors, effective meetings, and more competent audit committee members.展开更多
This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger...This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs.Similar performance exists among commercial class I and II SOEs and public-benefit SOEs.Further analyses suggest that firm size,age,sales growth,ownership concentration,government subsidies,and industry monopoly factors cannot explain this phenomenon.The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.展开更多
Michael Jensen自由现金流量假说的提出,为综合解决企业投资、融资和股利分配问题提供了新的思路。我们依据Jensen的假说和Gup的实证研究方法,以我国沪市上市公司为样本,通过对不同产业的投资、融资、财务杠杆等进行分析,验证了自由现...Michael Jensen自由现金流量假说的提出,为综合解决企业投资、融资和股利分配问题提供了新的思路。我们依据Jensen的假说和Gup的实证研究方法,以我国沪市上市公司为样本,通过对不同产业的投资、融资、财务杠杆等进行分析,验证了自由现金流量假说在我国上市公司中的符合性,并针对发现的管理问题提出相应的管理建议,旨在降低由自由现金流量引起的代理成本。展开更多
文摘Prior researches focus mainly on the relationship between governance structure and earnings quality. Unlike the previous researches, this study attempts to empirically examine the role of surplus free cash flow （SFCF） as a moderator in the relationship with the new requirements of Malaysian code on corporate governance （MCCG）. By using the estimated generalized least square （EGLS） upon a sample of Malaysian firms, the results show that firms with an independent chairman experience persistent earnings numbers. The results also demonstrate that the current earnings of finns with small boards and independent audit committee members are more likely to persist in the future, when SFCF is high. However, in contradiction to the authors＇ expectation is the significant, but negative and interactive effect of current earnings and audit committee competence on earnings persistence. The findings, though disappointing, suggest investors to consider both the governance structure and free cash flow （FCF） agency problem when evaluating the sustainability of firms＇ earnings. They also call for more independent directors, effective meetings, and more competent audit committee members.
基金support from the National Natural Science Foundation of China(Project No.71672098)Accounting Master Program of the Ministry of Finance of China(2015)and the Tsinghua University School of Economics and Management Research Grant(Project No.2020051009).
文摘This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs.Similar performance exists among commercial class I and II SOEs and public-benefit SOEs.Further analyses suggest that firm size,age,sales growth,ownership concentration,government subsidies,and industry monopoly factors cannot explain this phenomenon.The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.
