This paper concludes the characteristics of agency in free cash flow, and gives some benchmarks. The alcoholic industry is discussed and all public companies are computed. The alcoholic industry is compared with others, it is found that the agency problem in free cash flow exists in china. We also give some proposals to decrease the agency cost from the view of corporate finance, such as dividend policy, equity buyback, debt financing, and increase of correspondence between performance and mangers' compensation. The result would benefit the governance of SOEs with large profits and cash flow.