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会计稳健性是要求及时确定已产生的损失情况并发出延时收益的政策。公司投资行为对会计稳健性有较高的要求,不仅需要高程度的信息对称,还需要高水平的管理能力,自由现金流是指企业在经营过程中所产生的大于净现值资金的现金流量,同时也是可以满足企业生产经营活动且管理人员可以随意支配的现金流量。本文从公司投资行为的基础出发,对会计稳健性和自由现金流的代理成本的影响进行考察。
Accounting conservatism is a policy that requires the timely determination of the losses that have occurred and the delay in yield. Corporate investment behavior has higher requirements on accounting conservatism. It not only requires a high degree of information symmetry, but also requires a high level of management ability. Free cash flow refers to the cash flow greater than the net present value of the enterprise generated during the operation of the enterprise , But also to meet the business production and management activities and managers can freely control the cash flow. This paper, based on the company’s investment behavior, examines the impact of accounting conservatism and agency costs on free cash flow.