資源描述：
《自由現(xiàn)金流的過度投資【外文翻譯】》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：Over-investmentofFreeCashFlowThispaperexaminesfirminvestingdecisionsinthepresenceoffreecashflow.Intheory,firmlevelinvestmentshouldnotberelatedtointernallygeneratedcashflows(ModiglianiandMiller,1958).However,priorresearchhasdocumentedapositiv
2、erelationbetweeninvestmentexpenditureandcashflow(e.g.,Hubbard,1998).Therearetwointerpretationsforthispositiverelation.First,thepositiverelationisamanifestationofanagencyproblem,wheremanagersinfirmswithfreecashflowengageinwastefulexpenditure(e.g.,Jensen1986an
3、dStulz1990).Whenmanagers’objectivesdifferfromthoseofshareholders,thepresenceofinternallygeneratedcashflowinexcessofthatrequiredtomaintainexistingassetsinplaceandfinancenewpositiveNPVprojectscreatesthepotentialforthosefundstobesquandered.Second,thepositiverel
4、ationreflectscapitalmarketimperfections,wherecostlyexternalfinancingcreatesthepotentialforinternallygeneratedcashflowstoexpandthefeasibleinvestmentopportunityset(e.g.,HubbardandPetersen1988andHubbard,1998).Thispaperfocusesonutilizingaccountinginformationtobe
5、ttermeasuretheconstructsoffreecashflowandover-investment,therebyallowingamorepowerfultestoftheagencybasedexplanationforwhyfirmlevelinvestmentisrelatedtointernallygeneratedcashflows.Indoingso,thispaperisthefirsttoofferlargesampleevidenceofover-investmentoffre
6、ecashflow.Priorresearch,suchasBlanchardandVishny(1994),documentexcessiveinvestmentandacquisitionactivityforelevenfirmsthatexperiencealargecashwindfallduetoalegalsettlement,Harford(1999)findsusingasampleof487takeoverbids,thatcashrichfirmsaremorelikelytomakeac
7、quisitionsthatsubsequentlyexperienceabnormaldeclinesinoperatingperformance,andBates(2005)findsforasampleof400subsidiarysalesfrom1990-1998thatfirmswhoretaincashtendtoinvestmorerelativetoindustrypeers.Iextendthesesmallsamplefindingsbyshowingover-investmentoffr
8、eecashflowisasystematicphenomenonacrossalltypesofinvestmentexpenditure.Theempiricalanalysisproceedsintwostages.First,thepaperusesanaccountingbasedframeworktomeasurebothfreecashflowandover-invest
