财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2013年
1期
52~56
,共null页
股东特质 财务松懈 自由现金流量 公司绩效
股東特質 財務鬆懈 自由現金流量 公司績效
고동특질 재무송해 자유현금류량 공사적효
Nature of shareholder; Financial slack; Free cash flow; Corporate performance
组织理论认为,财务松懈缓冲外部环境突变（波动）,促进组织绩效提升;而代理理论认为,财务松懈诱发管理层自利,产生代理成本,有损组织绩效。以我国沪深A股上市公司2007～2011年报数据为样本,观察上市公司滞留财务松懈资源对公司绩效的影响。研究发现：终极控股股东不同,滞留财务松懈水平不同;财务松懈水平越高,公司绩效越差、绩效波动幅度越大,研究结论支持代理理论。
組織理論認為,財務鬆懈緩遲外部環境突變（波動）,促進組織績效提升;而代理理論認為,財務鬆懈誘髮管理層自利,產生代理成本,有損組織績效。以我國滬深A股上市公司2007～2011年報數據為樣本,觀察上市公司滯留財務鬆懈資源對公司績效的影響。研究髮現：終極控股股東不同,滯留財務鬆懈水平不同;財務鬆懈水平越高,公司績效越差、績效波動幅度越大,研究結論支持代理理論。
조직이론인위,재무송해완충외부배경돌변（파동）,촉진조직적효제승;이대리이론인위,재무송해유발관리층자리,산생대리성본,유손조직적효。이아국호심A고상시공사2007～2011년보수거위양본,관찰상시공사체류재무송해자원대공사적효적영향。연구발현：종겁공고고동불동,체류재무송해수평불동;재무송해수평월고,공사적효월차、적효파동폭도월대,연구결론지지대리이론。
Organizational theory suggests that financial slack contributes to promoting organization performance by buffering the impact of external environment of the organization,however,agency theory believes that the accumulation of financial slack resources within the organization will be detrimental to organizational performance by increase the agency cost.Using the data from annual reports of A-share listed companies from 2007 to 2011,the influence from financial slack to corporate performance has been researched.The results show that the level of financial slack changes with the difference of ultimate controlling shareholders.And the more financial slack is,the less the corporate performance is,which supports the sayings in agency theory.
