石家庄经济学院学报Issue(1)：94-99,6.
自由现金流与企业过度投资--基于内外部约束视角的实证研究
Free Cash Flow and Enterprise Over-investment:Empirical Research Based on Internal and External Constraints Perspective
摘要
Abstract
Under the background of transition of economic system in China and based on the company internal and external constraints perspective , this paper takes main board listed companies from 2001 to 2012 in manufacturing industry in China as the research object to study the relationship between free cash flow and over -investment of firms and the restriction of external debt financing and internal governance mechanism for excessive investment .Studies show that excessive retained corporate free cash flow led to enterprise's over investment phenomena , improving the external debt constraint and the internal mechanism of corporate governance can constrain the phenomenon of exces -sive investment effectively .The conclusion has a theoretical and practical significance for setting up the system of constraining enterprise ’ s excessive investment behavior and improving the efficiency of corporate investment deci -sion.关键词
自由现金流/过度投资/债务约束/公司内部治理机制Key words
free cash flow/over-investment/debt constraints/internal governance mechanism of the company分类
管理科学引用本文复制引用
马文慧..自由现金流与企业过度投资--基于内外部约束视角的实证研究[J].石家庄经济学院学报,2014,(1):94-99,6.基金项目
研究生创新基金支持项目（ACYC2013027）。 （）
