盈余管理、自由现金流量代理成本现象普遍存在于我国上市公司中,而国内几乎没有人将盈余管理与自由现金流量结合研究。本文从自由现金流量假说内容的两个方面,即自由现金流量存在代理问题和负债是解决这一代理问题的较好工具,研究自由现金流量代理成本与盈余管理的关系以及负债对自由现金流量代理成本控制作用与盈余管理关系。 Earnings management and free cash flow agency costs are ubiquitous in China’s listed companies, while almost no one in China combines earnings management with free cash flow. This article from the two aspects of the free cash flow hypothesis content, that is, the existence of agency problems and liabilities of free cash flow is a better tool to solve this agency problem, study the relationship between free cash flow agency costs and earnings management and debt to free cash flow agent Relationship between cost control and earnings management.