| Free cash flow is the cash flow that the enterprise can control freely.Under the circumstance of asymmetric information and agency cost,capital market has its own defects.Excessive cash flow may cause excessive investment and damage the interests of owners.Financing constraint is an important determinant of the financial behavior of an enterprise,and it will play a decisive influence on the agency cost of free cash flow.And the different ownership of the enterprise has a great influence on the relationship between the three.Based on the existing research results of the study and summary to the financing constraints,cash holdings and relationship between overinvestment as main research object,at the same time,the introduction of financing variables and ownership variables,relation between the enterprise and the excessive investment of free cash flow of different financing constraints degree.The article selected in China A shares listed company financial data for nearly 4 years as the research sample,the sample enterprise financial data using descriptive statistics,correlation analysis and multiple linear regression method is used to study the all-round,multi angle,the main conclusions are the following:(1)the phenomenon of over investment in China A shares of Listed Companies in general;(2)there is a significant positive correlation between free cash flow and over investment;(3)due to the enterprise by the degree of financing constraints is not the same size,the free cash flow and over investment have a different relationship;(4)the state-owned enterprise and private enterprise groups,the enterprise is the relationship between the two state of the.This paper examines the different degree of financing constraints and corporate ownership structure,free cash flow difference between the agency cost and to restrain the agent behavior is reasonable,provides a reliable way to reduce agent cost,but also provides a feasible scheme to improve the corporate governance structure. |
PDF Full Text Request