CAJ | 학술논문

以具有官员背景的国有上市公司为分析样本，本文实证检验了“自由现金流量假说”与“政府干预假说”。结果显示，过度投资与自由现金流量显著正相关，符合“自由现金流量假说”。此外，相对于地方国有企业，自由现金流量对中央企业的过度投资影响较大。本研究的意义在于为理解和治理国有企业的过度投资问题提供理论支持。
이구유관원배경적국유상시공사위분석양본，본문실증검험료“자유현금류량가설”여“정부간예가설”。결과현시，과도투자여자유현금류량현저정상관，부합“자유현금류량가설”。차외，상대우지방국유기업，자유현금류량대중앙기업적과도투자영향교대。본연구적의의재우위리해화치리국유기업적과도투자문제제공이론지지。
Choosing SOEs which have official background as research sample , FCF hypothesis and gov-ernment intervention hypothesis are both tested .Results show that over -investments of SOEs are posi-tively correlated with FCF and FCF hypothesis ,which conforms to FCF hypothesis .Results also show that FCF effects central enterprises more than local SOEs .This paper may provide theory support for realiza-tion and resolution of SOEs ’ over-investments.