【摘要】 Michael Jensen自由现金流量假说的提出,为综合解决企业投资、融资和股利分配问题提供了新的思路。我们依据Jensen的假说和Gup的实证研究方法,以我国沪市上市公司为样本,通过对不同产业的投资、融资、财务杠杆等进行分析,验证了自由现金流量假说在我国上市公司中的符合性,并针对发现的管理问题提出相应的管理建议,旨在降低由自由现金流量引起的代理成本。更多还原

【Abstract】 Jensen’s(Michael C.Jensen,1986) the free cash flow hypothesis has offered the thinking for the fact that enterprises solve the problem of investment,finance and dividend.The paper tests Jensen’s hypothesis by doing some research on industries for listed companies of China based on Jensen’s theory and Gup’s method.Additionally,the author gave some related managerial advice to reduce agency costs with the results of the research.更多还原