从公司治理综合层面、股权结构、董事会特征、资本市场、产品市场等几个方面对国外基于公司治理的自由现金流量研究进行总结和评述,为我国学者从公司治理视角研究自由现金流量的代理成本控制问题提供参考和研究方向。
In considering that firms have surplus cash in mature industy, Jensen put forward free cash flow (FCF) theory on the basis of contractual theory, corporate governance theory and dividend agency theory. Later, many scholars continue the study on FCF from corporate governance perspective and get abundant achievements. We review their works from such aspects as general governance, ownership structure, director board characters, capital market and product market, and give advice for studying controlling agency costs of FCF from corporate governance perspective in China.