摘要
目前,自由现金流已成为考察上市公司治理质量的重要指标,为此,本文选取A股和香港上市公司的数据对治理结构与自由现金流的关系作了比较研究。实证结果表明,控制股东持股与自由现金流存在正相关关系,A股公司控制股东比H股和香港非中资公司控制股东更倾向于将自由现金流留在公司内部;除香港非中资公司外,其他类型的公司中机构投资者没有发挥对自由现金流代理问题的抑制作用;独立董事在减少自由现金流方面发挥了积极作用,香港非中资公司独立董事在抑制自由现金流的代理问题中发挥的作用大于H股和A股独立董事。
Free cash flow(FCF) has become an important indicator of corporate governance of listed companies.For this reason,the articleuses data of A-share and Hong Kong listed companies to study the relationship of corporate governance and FCF.Empirical results show that thecontrolling shareholder ownership is positively correlated with FCF,and the controlling shareholders of A-share listed companies are more willingto store up FCF inside companies than H-share and Hong Kong local listed companies;only in Hong Kong local companies,institutional investorsplay a role in inhibiting FCF principal-agent relationship;independent directors on the board reduce FCF effectively,and independent directors ofHong Kong local listed companies play a larger role in prohibiting FCF principal-agent relationship than those of H-share and A-share listedcompanies.
出处
《上海金融》
CSSCI
北大核心
2012年第3期28-34,117,共7页
Shanghai Finance
关键词
治理结构
自由现金流
市场环境
Governance Structure
Free Cash Flow
Market Environment
