Free Cash Flow Preference Research of Listed Firms Basing on the Background of Fluidity Surplus
In recent years, our country capital market started to enter in the fluid surplus environment. Listed firms took IPO or financed again blind having not prepared the reality investment, which caused the massive fund redundancy (free cash current capacity). This article through the research of the relation between free cash flow and re-finances, find that listed firms use collected fund to subscribe new stocks and entrust fund management have significant relation with the action of re-financing in recent years(companies which re-finance more invest more fund to entrust fund management). Moreover, this relationship is restrained by the proxy cost problem of free cash flow when the enterprise re-finances. The more the free cash flow of the company is abundant, the more the company is willing to entrust fund management without opportunities for investment. The relationship has reflected the preference of listed firms to the free cash flow.
Collect funds Free cash flowered-finance
Wang Shicai Chen Wenxiu
Huazhong university of science and technology Wuhan 430074, Peoples Republic of Chinna
国际会议
第六届管理学国际会议(Proceedings of ICM2007 the 6th International on Management)
武汉
英文
1899-1906
2007-08-03（万方平台首次上网日期，不代表论文的发表时间）