The paper's conclusion supports free cash flow hypothesis.
本文的结论支持自由现金流假说。
Firstly, this paper introduces the concept of free cash flow and the free cash flow hypothesis;
首先，本文介绍了自由现金流量以及自由现金流量假说，并系统地总结了相关文献；
Agent cost hypothesis and tax hypothesis isn't supported by empirical investigation too, but time of cash flow hypothesis is supported.
同时实证分析不支持代理成本假说与税收假说，但支持现金流时间同步假设。
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