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为研究董事会在抑制自由现金流过度投资的作用,文章基于2008年-2011年沪深两市上市公司经验数据的实证分析,实证结果表明我国上市公司存在较为严重的过度投资行为,导致公司自由现金流得不到有效配置;我国上市公司的过度投资行为可以通过有效的董事会治理机制来抑制,董事会会议、董事会领导权设置、独立董事比例、董事报酬、董事会持股是抑制上市公司自由现金流过度投资的关键的董事会治理因素。
In order to study the role of the board of directors in inhibiting excessive investment in free cash flow, based on the empirical analysis of the empirical data of listed companies in Shanghai and Shenzhen from 2008 to 2011, the empirical results show that the listed companies in our country have serious over-investment, resulting in the free cash The effective allocation of the listed companies in our country can be restrained by the effective governance mechanism of the board of directors. The board meeting, the leadership setting of the board of directors, the proportion of independent directors, the remuneration of directors and the board of directors’ holdings are the restrictions on the free cash flow of listed companies Key governance factors for investing in the board.