根据詹森(Jensen,1986)定义,如果以相应资本成本贴现时某项目的现值为正,那么该项目就是值得投资的;如果拥有的现金流超过了所有正现值项目所需的投资现金流,那么超过的部分就被称为自由现金流(Free Cash Flow,以下简称FCF).
Companies with too much cash flow tend to bear highagency cost. Debt therefore is an effective way toreduce free cash flow, and eventually cut agency cost.However, it must be based on sound debt system and,especially sound bankruptcy system. In present dayChina when debt system needs lots of improvementand companies with great free cash flow, debts canhardly cut agency cost. An empirical analysis isconducted on this issue.
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