企业自由现金流量创造力抑制了违约风险吗？
Does Corporate Free Cash Flow Productivity Reduce Default Risk?

本文以2010~2023年中国A股上市公司为研究样本，检验了企业自由现金流量创造力对违约风险的影响。研究发现，现金流创造力越高，企业违约风险越低。机制检验表明，企业较多使用内源融资、提升资产收益质量和减少权益价值波动是降低违约风险的重要路径。异质性分析表明，上述抑制作用在公司治理能力高、国有企业和高管缺少金融背景的企业中更为明显。本文丰富了现金流创造力的相关文献，能够为监管部门防范风险提供借鉴。
This paper takes Chinese A-share listed companies from 2010 to 2023 as research samples to examine the impact of free cash flow productivity on default risk. It is found that the higher the cash flow productivity, the lower the default risk. Mechanism analysis shows that companies with more internal financing, higher asset income quality and less equity value volatility are important ways to reduce default risk. Heterogeneity analysis shows that the inhibition effect is more obvious in companies with high corporate governance ability, state-owned enterprises and companies with senior executives lacking financial background. This paper contributes to the literature on cash flow productivity and can provide a reference for regulatory departments to prevent risks.