自由现金流控制权配置与大贷款人治理机制研究

自由现金流配置问题表面上是争夺资源,实质上是公司控制权的争夺。按照利益相关者共同治理理论,自由现金流控制权属于公司财务资本的提供者。目前财务资本的主要提供者——债权人的重要性与日俱增,但依然游离在企业权力主导结构之外,赋予以银行为首的大贷款人更多的自由现金流控制权势在必行。本文从宏观、微观两个方面提出完善大贷款人债权配置,将有助于完善自由现金流的治理。

Research on Free Cash Flow's Controlling Power Distribution and Large Creditor's Management Principle

Although the problem of Free Cash Flow's management seems to be the fight for resources,but actually it is just the fight for company's controlling power.The model on the core stakeholder corporate governance pointed out that the ownership of free cash flow controlling power belongs to the supplier of company's financial resources.Our society recognizes the importance of the main supplier of financial resources,the creditors become more and more important,but the creditors aren't included in company's main power institution yet.So it needs to endow Large Creditors,the delegate of creditors more controlling power.And it will help to enhance the management of free Cash flow,and perfect the organization of large creditor's right both from micro and macro analysis.