The impact of corporate governance and enterprise life cycle to cash flow risks is studied in this paper. Based on theoretical analysis and data of Chinese listed companies, the impact of corporate governance and enterprise life cycle to cash flow risks is tested by multiple linear regression model firstly. Then, the sample corporate are divided into 6 parts——corporations with good governance and corporations with poor governance in Growth; corporations with good governance and corporations with poor governance in Maturity; and corporations with good governance and corporations with poor governance in Recession, to test the impact of corporate governance and enterprise life cycle to cash flow risks comprehensively. Conclusions are as follows:corporate governance is negative correlation with cash flow risks; companies in maturity faces the least cash flow risks compared to companies in growth and companies in recession. when the corporate is in maturity, cash flow risks is more obvious in the company with good corporate governance. But in the failing company, the effect of corporate governance and cash flow risks is not obvious. |