CAJ | 학술논문

自由现金流的持有会受到公司治理相关因素的影响。文章利用自由现金流持有水平在公司治理因素影响下的调整模型，以2003－2012年沪深两市639家上市公司的平衡面板数据为样本，就企业不同的公司治理因素如何影响自由现金流的持有水平进行实证检验。研究结果显示，我国上市公司自由现金流持有水平与最佳持有量存在一定差距；自由现金流持有水平的调整与企业投资水平、第一大股东持股比例呈正相关关系，与融资约束程度呈负相关关系；非国有企业的自由现金流持有水平调整速度快于国有企业。本文的研究可为企业确定最佳自由现金流持有水平并提高其使用效率提供参考。
자유현금류적지유회수도공사치리상관인소적영향。문장이용자유현금류지유수평재공사치리인소영향하적조정모형，이2003－2012년호심량시639가상시공사적평형면판수거위양본，취기업불동적공사치리인소여하영향자유현금류적지유수평진행실증검험。연구결과현시，아국상시공사자유현금류지유수평여최가지유량존재일정차거；자유현금류지유수평적조정여기업투자수평、제일대고동지고비례정정상관관계，여융자약속정도정부상관관계；비국유기업적자유현금류지유수평조정속도쾌우국유기업。본문적연구가위기업학정최가자유현금류지유수평병제고기사용효솔제공삼고。
Free cash flow holding is affected by corporate governance factors .T his paper uses the mod‐el of free cash flow holding under the influence of corporate governance factors ,selects 639 listed com‐panies in Shanghai and Shenzhen stock market in 2003~2012 as balance panel data ,and empirically tests how the different corporate governance factors affect the free cash flow holding .The results show that there is a gap between the free cash flow holding in Chinese listed companies and the best free cash flow holding ,the free cash flow holding adjustment is positively related with corporate in‐vestment level and the ratio of the largest shareholder and is negatively related with financial con‐straint ,and non‐state‐owned enterprise's free cash flow holding adjustment speed is faster than that of state‐owned enterprise .The research of this paper provides reference for the enterprise to determine the best free cash flow holding and improve the use efficiency .