Research On The Relationship Between Free Cash Flow And The Corruption Of Top Management

Along with our country economic development, institutional change and the entry of the market economy, the reform of state-owned enterprises and so on a series of changes of economic environment and system, such as China's social environment is also happening the great change, since the eighteenth big, set off a wave of anti-corruption, the party and state in the anti-corruption campaign, senior government officials and business executives have lok ma, reveals the shortcomings existing in the management of government and enterprises in our country, more and more attention from all walks of life, also more and more problems. Executives corruption to the state, to the society and to the enterprise with indelible serious consequences, it hinders the process of deepening the reform of enterprise in our country, let the reputation of enterprise and government,. Therefore, heavy tree corporate image in the eyes of the people government, promoting the sound and stable development, enterprises can for corruption problem is imminent.Based on our country enterprise high-level corruption as the research object, a different approach combined with academia at present, the development of the theories about corporate governance, in the perspective of free cash flow, exploring research enterprise free cash flow ownership levels will affect corporate executives corruption from happening. To make research more targeted at the same time, this paper choose the energy industry as the research object of this paper, specific research free cash flow would affect corporate executives corruption.In this paper, by collecting the data of the energy industry listed companies in order to use stata12.0 empirical analysis and excel test data analysis and other methods. Through the above research, this paper concluded that: enterprise free cash flow and corporate executives corruption positively correlated relationship, which means that enterprise held by the higher the level of free cash flow, the greater the probability of high-level corruption, whereas the impact of the ownership of enterprise executives corruption is also significant, that is, the probability of corruption under the different system of ownership enterprise executives in are not the same. Finally the first big shareholder's stake for free cash flow caused by the influence of high-level corruption is also significant, there was a positive correlation. Based on the research conclusion by optimizing the control enterprise free cash flow of the holdings, reasonable and effective use of the free cash flow of the enterprise, to control the executive corruption has a positive role.In this paper, the results show that the enterprise ownership levels of free cash flow is directly related to corporate executives, corruption, the topic will be enterprise free cash flow and executive corruption together, to discuss whether the holdings of enterprise free cash flow will affect the enterprise executive corruption. To fill the gaps in academia in this respect. To create a new chapter for solve the problem of executive corruption.