自由现金流假说

自Jensen（1986）提出自由现金流假说以来，企业的过度投资引起了学者的广泛关注。

Since the introduction of Free Cash Flow hypothesis by Jensen ( 1986 ), over-investment has attracted wide attention from scholars .

本文的结论支持自由现金流假说。

The paper 's conclusion supports free cash flow hypothesis .

对于这一现象，自由现金流假说和隧道挖掘假说都给出了不同解释。自由现金流假说认为，公司经理与股东的利益冲突主要表现在股利政策的选择上。

For this phenomenon , free cash flow hypothesis and the tunneling hypothesis have given different interpretations .

基于自由现金流假说的上市公司负债控制效应研究

The Research on the Control Effect of Debt in Chinese Listed Companies Based on the Free Cash Flow Hypothesis

进一步地，以自由现金流假说和信息不对称理论为依托，分析了相关因素对增发前后上市公司业绩下滑程度的影响。

Furthermore , based on Free Cash Flow Hypothesis and Information Asymmetry Theory , it analysis the possible reasons which influence the operating performance after SEO .

对此，主流研究在理性人假设基础上，分别提出了企业投资的融资约束假说和自由现金流假说，依此谋求治理方案。

Based on the rational person hypothesis , mainstream studies put forth investment theories such as the financial constraint hypothesis or the free cash flow hypothesis , and seek relevant governance measures .

而高融资约束组中低成长性企业和低融资约束组中高成长性企业存在严重的过度投资状况，这与西方自由现金流假说相符。

And higher financing constraints group of low-growth enterprises and low financing constraint group of high-growth enterprises , there is a serious over-investment situation , which is consistent with Western free cash flow hypothesis .

与国外研究不同的是，公司的资产规模对公司配股后业绩的影响，体现了企业的成长理论，而不完全支持自由现金流假说。

Surprisingly , firm size appears to have negative impact on the immediate post-offering performance while in the long-term it appears to have positive impact for issuers , which provides support for the theory of firm growth and partial support for the free cash flow hypothesis .

基于自由现金流代理成本假说的投资行为研究

Investment Behavior Based on Free Cash Flow Agency Cost Hypothesis

表明配股公司的经理人存在滥用配股资金的行为，符合自由现金流的代理成本假说。

We think the management inefficiently used the cash of rights issue , which took an accord with the agency cost of free cash flow hypothesis .

论文通过实证研究发现中国上市公司过度投资与自由现金流之间存在很高的敏感性，证实了自由现金流假说。（3）股权结构、公司治理机制对上市公司过度投资的真实影响。

The paper examined the sensitivity between the over-investment degree and free cash flow of Chinese listed company . ( 3 ) The true influence of ownership structure and corporate governance mechanisms on over-investment of listed company .

然后，通过检验上市公司自由现金流与过度投资之间的关系，结果验证了上市公司的自由现金流越充裕，过度投资越严重，支持了自由现金流假说。

Then , by examining the relationship between free cash flow and over-investment , the results validates that companies which have plenty of free cash flow are prone to over-investment , and support the Free Cash Flow hypothesis .