自由现金流量理论发展的路径、挑战与机遇  

Developing Path,Challenges and Opportunities of FCF Theory

作　　者：张敦力[1] 石宗辉[2] 郑晓红[3] 

机构地区：[1]中南财经政法大学,430073 [2]安徽财经大学商学院,233041 [3]青海民族大学,810007

出　　处：《会计研究》2014年第11期61-66,97,共6页Accounting Research

基　　金：国家自然科学基金面上项目(71172190);中南财经政法大学博士生科研创新课题(2013B0904)的资助;青海民族大学“昆仑学者”项目的支持

摘　　要：詹森在代理理论基础上提出的自由现金流量(FCF)理论,已经成为一项重要的财务理论,该领域现有研究成果主要集中在自由现金流量与过度投资、低效并购等"代理成本"的检验,以及内外部治理"控制假说"等自由现金流代理成本控制方法有效性的检验两个方面。本文在系统梳理该领域的研究路径及其面临挑战的基础上,从以下四个方面提出FCF理论的未来研究方向:(1)FCF指标的细化、量化;(2)FCF理论研究领域的拓展;(3)FCF的优化;(4)FCF理论的中国化。The theory of free cash flow( FCF) proposed by Jensen based on the agency theory foundation is one of the most popular financial theories. The literature in this area is mainly focused on two aspects: agency- cost test of free cash flow,excessive investment and inefficient merger and acquisition; effectiveness test for controlling methods of free cash flow,such as internal management control hypothesis,liabilities control hypothesis and external governance control hypothesis. Based the systematic analysis of research paths and challenges in this area,this paper puts forward the future research direction of FCF theory:(1) detailing and quantification of FCF indicators;(2) expanding research area of FCF theory;(3) optimization of FCF theory;(4) sinicization of FCF theory.

关 键 词：自由现金流量 公司治理 代理成本 控制效应 

分 类 号：F275.1[经济管理—企业管理]