行业周期、治理环境与自由现金流代理成本  

Industry Cycles,Governance Environment and Agency Costs of Free Cash Flow

作　　者：梅波[1,2] 

机构地区：[1]重庆三峡学院经济与管理学院 [2]南京大学会计学系

出　　处：《经济与管理研究》2012年第11期61-68,共8页Research on Economics and Management

基　　金：国家社会科学基金项目"上市公司债务融资结构及其制度改进研究"(项目编号05CJY008);教育部人文社会科学研究青年项目"后危机时代嵌入多重计量属性的财务报告拓展研究"(项目编号12YJC790141);校级项目"债权人保护治理差异与债务结构配置研究"(项目编号11QN-03)

摘　　要：本文基于异质性行业周期和异质性治理环境,按照增长率产业分类法手工划分出行业周期,对其自由现金流代理成本效应进行经验研究。实证发现:(1)成长期行业的自由现金流代理成本更低;成熟期行业的自由现金流代理成本更高;衰退期行业的自由现金流代理成本更低。(2)相比于民营企业,国有企业的自由现金流代理成本更高;相比于民营企业,国有企业中行业效应更加显著,衰退期行业相比于成长期和成熟期行业,自由现金流代理成本更低。(3)市场化程度越高,自由现金流代理成本越低;市场化程度高的企业中行业特征更加明显。(4)进一步分析中发现,大股东持股比例越高,治理作用越强,衰退型行业的自由现金流代理成本更低。Based on the heterogeneity industry cycle and the heterogeneity govemance environment ,This paper analy- ses its effect on agency costs of free cash flow and finds that ： 1. lower agency costs of free cash flow in growing industry ; higher agency costs of free cash flow in mature industry;lower agency costs of free cash flow in fading industry . 2. Com- pared to private enterprises, higher agency costs of free cash flow in state - owned enterprises; compared to private enterpri- ses, the industry effect is more significant in state - owned enterprises. Compared to growing and mature industry,lower a- gency costs of free cash flow in fading industry. 3. Higher the degree of market - oriented, lower agency costs of free cash flow ; the industry effect is more significant in higher degree of market - oriented. 4. Further analysis finds that agency costs of free cash flow in fading industry are lower when the proportion of large shareholders is higher.

关 键 词：行业周期 治理环境 自由现金流 代理成本 

分 类 号：F271[经济管理—企业管理]