上市公司自由现金流与在职消费研究

摘要

基于中国沪市A股上市公司2011—2014年的数据，探究自由现金流与在职消费的关系，并且考察公司治理机制对两者关系的影响。研究结果显示，中国上市公司高管的在职消费水平与自由现金流量有关，为显著的正相关关系，中国上市公司的公司治理机制仍然存在薄弱环节，未能有效抑制自由现金流对高管在职消费的促进作用，仍需继续加强对公司治理机制的构建与完善。%With the detachment of management and ownership , information asymmetry within the enterprise brings the adverse selection and moral hazard problems , which leads to the agency problem between management layer and shareholders .The company ’ s principal-agent problem is the focus of research scholars .Based on data of Shanghai-listed A-share companies from 2011 to 2014 as sample , the relationship among the perks of managers in Chinese listed companies , free cash flow and corporate governance mechanism is explored .The current corporate governance mechanisms of Chinese listed companies do not play a significant role in the perks of managers in Chinese listed companies .It is necessary to continue to strengthen the corporate governance construction and improve the mechanism .