毕业设计(论文)外文翻译

华南理工大学广州学院
本科生毕业设计（论文）翻译
外文原文名Agency Cost under the Restriction of Free Cash Flow
中文译名自由现金流量的限制下的代理成本
学院管理学院
专业班级会计学3班
学生姓名陈洁玉
学生学号200930191100
指导教师余勍讲师
填写日期2015年5月11日
外文原文版出处：
译文成绩：指导教师（导师组长）签名：
译文：
自由现金流量的限制下的代理成本
摘要
代理成本理论是资本结构理论的一个重要分支。

自由现金流代理成本有显着的影响。

在这两个领域相结合的研究，将有助于建立和扩大理论体系。

代理成本理论基础上，本研究首先分类自由现金流以及统计方法的特点。

此外，投资自由现金流代理成本的存在证明了模型。

自由现金流代理成本理论引入限制，分析表明，它会改变代理成本，进而将影响代理成本和资本结构之间的关系，最后，都会影响到最优资本结构点，以保持平衡。

具体地说，自由现金流增加，相应地，债务比例会降低。

关键词：资本结构，现金流，代理成本，非金钱利益
1、介绍
代理成本理论，金融契约理论，信号模型和新的啄食顺序理论，新的资本结构理论的主要分支。

财务con-道的理论侧重于限制股东的合同行为，解决股东和债权人之间的冲突。

信令模式和新的啄食顺序理论中心解决投资者和管理者之间的冲突。

这两种类型的冲突是在商业组织中的主要冲突。

代理成本理论认为，如何达到平衡这两种类型的冲突，资本结构是如何形成的，这是比前两次在一定程度上更多的理论更全面。

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Agency Cost under the Restriction of Free Cash Flow
Abstract
Agency cost theory is an important branch of capital structural theory. Free cash flow has significant impact on agency cost. The combination of research on these two fields would help to build and extend the theoretical system. Based on agency cost theory, the present study firstly categorized the characteristics of free cash flow as well as the statistical methodologies. Furthermore, the existence of investing free cash flow in agency cost was proved by a model. Then free cash flow was introduced into agency cost theory as restriction, the analysis shows that it will change agency cost, in turn, will have an impact on the relationship between agency cost and capital structure, finally, will influence the optimal capital structure point to maintain the equilibrium. Concretely, with the increasing free cash flow, correspondingly, debt proportion will decrease.
Keywords:Capital Structure,Free Cash Flow,Agency Cost,Non-Pecuniary Benefit
1. Introduction
Agency cost theory, financial contract theory, signaling model and new pecking order theory are the main branches of new capital structure theory. Financial con-tract theory focuses on restricting stockholders’ behavior by contract and solving the conflict between stockholders and creditors. Signaling model and new pecking order theory center on solving the conflict between investors and managers. These two types of conflict are the main conflict in business organizations. Agency cost theory considers how equilibrium is reached in both types of conflict and how capital structure is formed, which is more theory is more comprehensive than the previous two to some degree.
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