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Empirical studies of the free cash flow hypothesis of adaptability

Author: DengChaoZuo
Tutor: HuangHongHui
School: Zhejiang University
Course: Accounting
Keywords: Free Cash Flow Free Cash Flow Hypothesis National Situation Analysis Stock issuance Empirical research
CLC: F230
Type: Master's thesis
Year: 2006
Downloads: 465
Quote: 1
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Abstract


In this thesis through visits free cash flow hypothesis can explain the listed companies after the issuance of the operating performance decline , the empirical study of the applicability of the free cash flow hypothesis in China 's listed companies . First, the article describes the free cash flow and free cash flow hypothesis , and summarizes the relevant literature ; followed by a time series analysis, study trends before and after the issuance of related factors and results of operations of the issuing company (SEO Company ) relationship between the preliminary inspection of the basic viewpoints of the free cash flow hypothesis . Then, for operating results decline after the issuance of the cross-section of the general regression analysis with stepwise regression analysis , and inspection related factors and additional operating results before and after the change . The results show that the SEO company after the issuance of its profitability significantly weakened, a significant decline in operating results , consistent with the free cash flow hypothesis predicted , to prove the existence of the agency costs . First , the level of free cash flow (FCF) to reflect the size of the companies the agency costs to support the point of view of the core of the free cash flow hypothesis ; Second, the asset size and growth of the Company and can not be indicative of the existence of the agency costs , asset size , smaller high growth SEO firm operating performance decline , support the theory of asymmetric information does not support the free cash flow hypothesis ; third, financial leverage and tangible assets investment and did not play its due role as a means of reducing agency costs , free cash flow hypothesis debt control effect of failure ; fourth , there was no significant correlation ratio of state-owned shares and the decline in operating results . This study improved the inadequacies of previous work , a more systematic and complete validation of the explanatory power of the free cash flow hypothesis for the decline in the operating results of listed companies in China . The free cash flow hypothesis in our analysis of the reasons for not fully applicable securities regulatory authorities , listed companies and investors to provide recommendations .

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