自由現金流量對非營利組織成長機會與監督效果之影響

Implication of Free Cash Flow on Not-for-Profit Organizations' Growth Opportunity and Monitoring Effect

林江亮(Chiang-Liang Lin) ； 陳盈志(Ying-Chih Chen)

《會計學報》 3卷1期 (2010/11) Pp. 1-20

https://doi.org/10.29731/SJA.201011.0001

摘要

自由現金流量是否會為組織帶來成長機會與監督效果，過去的研究並無定論。經控制代理問題（人事費用）高低程度後，本文重新檢測自由現金流量對非營利組織營運之意涵。實證結果顯示，自由現金流量確實與組織的成長機會與監督效果有關，不過只呈現不顯著的正向關聯。進一步將樣本區分為代理問題嚴重（高人事費用）組與代理問題緩和（低人事費用）組後發現，在代理問題緩和（低人事費用）組的樣本中，自由現金流量與組織的成長機會與監督效果有顯著的正向關聯。

關鍵字

非營利組織 ； 自由現金流量 ； 成長機會 ； 監督效果 ； 代理問題

並列摘要

Whether free cash flow (FCF) can induce growth opportunity and monitoring effect, prior studies got inconsistent conclusions. After controlling the effect of agency problem (AP, proxy by personnel expense), we retest the implications of FCF on not-for-profit organizations' operation. The empirical results show that FCF has not significantly positive relation with both growth opportunity and monitoring effect. After separating the samples into high AP (high personnel expense) and low AP(low personnel expense) groups, low AP group shows that FCF has significantly positive relation with both growth opportunity and monitoring effect.

並列關鍵字

Not-for-profit organizations ； Free cash flows ； Growth opportunity ； Monitoring effect ； Agency problem

參考文獻

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