自由現(xiàn)金流下的過度投資【外文翻譯】

自由現(xiàn)金流下的過度投資【外文翻譯】

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時間:2018-05-25

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1、本科畢業(yè)論文(設(shè)計(jì))外文翻譯原文:Over-investmentoffreecashflowAbstractThispaperexaminestheextentoffirmlevelover-investmentoffrecashflow.Usinganaccounting-basedframeworktomeasureover-investmentandfreecashflow,Ifindevidencethat,consistentwithagencycostexplanations,over-investmentisconcentratedinfirmsw

2、iththehighestlevelsoffreecashflow.Furthertestsexaminewhetherfirms’governancestructuresareassociatedwithover-investmentoffreecashflow.Theevidencesuggeststhatcertaingovernancestructures,suchasthepresenceofactivistshareholders,appeartomitigateover-investment.IntroductionThispaperexamine

3、sfirminvestingdecisionsinthepresenceoffreecashflow.Intheory,firmlevelinvestmentshouldnotberelatedtointernallygeneratedcashflows(Modigliani&Miller,1958).However,priorresearchhasdocu-mentedapositiverelationbetweeninvestmentexpenditureandcashflow(e.g.,Hubbard,1998).Therearetwointerpreta

4、tionsforthispositiverelation.First,thepositiverelationisamanifestationofanagencyproblem,wheremanagersinfirmswithfreecashflowengageinwastefulexpenditure(e.g.,Jensen1986;Stulz1990).Whenmanagers’objectivesdifferfromthoseofshareholders,thepresenceofinternallygeneratedcashflowinexcessofth

5、atrequiredtomaintainexistingassetsinplaceandfinancenewpositiveNPVprojectscreatesthepotentialforthosefundstobesquandered.Second,thepositiverelationreflectscapitalmarketimperfections,wherecostlyexternalfinancingcreatesthepotentialforinternallygeneratedcashflowstoexpandthefeasibleinvest

6、mentopportunityset(e.g.,Fazzari,Hubbard,&Petersen,1988;Hubbard,1998). Thispaperfocusesonutilizingaccountinginformationtobettermeasuretheconstructsoffreecashflowandover-investment,therebyallowingamorepowerfultestoftheagency-basedexplanationforwhyfirmlevelinvestmentisrelatedtointernall

7、ygeneratedcashflows.Indoingso,thispaperisthefirsttoofferlargesampleevidenceofover-investmentoffreecashflow.Priorresearch,suchasBlanchard,Lopez-di-Silanes,andVishny(1994),documentexcessiveinvestmentandacquisitionactivityforelevenfirmsthatexperiencealargecashwindfallduetoalegalsettleme

8、nt,Harford(1

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