自由現(xiàn)金流量的過度投資[外文翻譯]

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1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：Over-investmentoffreecashflowIntroductionThispaperexaminesfirminvestingdecisionsinthepresenceoffreecashflow.Intheory,firmlevelinvestmentshouldnotberelatedtointernallygeneratedcashflows(ModiglianiandMiller,1958).However,priorresearchhasdocumentedapositiverela

2、tionbetweeninvestmentexpenditureandcashflow(e.g.,Hubbard,1998).Therearetwointerpretationsforthispositiverelation.First,thepositiverelationisamanifestationofanagencyproblem,wheremanagersinfirmswithfreecashflowengageinwastefulexpenditure(e.g.,Jensen1986andStutz1990).Whenmanage

3、rs’objectivesdifferfromthoseofshareholders,thepresenceofinternallygeneratedcashflowinexcessofthatrequiredtomaintainexistingassetsinplaceandfinancenewpositiveNPVprojectscreatesthepotentialforthosefundstobesquandered.Second,thepositiverelationreflectscapitalmarketimperfections

4、,wherecostlyexternalfinancingcreatesthepotentialforinternallygeneratedcashflowstoexpandthefeasibleinvestmentopportunityset(e.g.,Fazzari,HubbardandPetersen1988andHubbard,1998).Theempiricalanalysisproceedsintwostages.First,thepaperusesanaccountingbasedframeworktomeasurebothfre

5、ecashflowandover-investment.Freecashflowiscashflowbeyondwhatisnecessarytomaintainassetsinplaceandtofinanceexpectednewinvestments.Over-investmentisdefinedasinvestmentexpenditurebeyondthatrequiredtomaintainassetsinplaceandtofinanceexpectednewinvestmentsinpositiveNPVprojects.To

6、measureover-investment,Idecomposetotalinvestmentexpenditureintotwocomponents:(i)requiredinvestmentexpendituretomaintainassetsinplace,and(ii)newinvestmentexpenditure.Ithendecomposenewinvestmentexpenditureintoover-investmentinnegativeNPVprojectsandexpectedinvestmentexpenditure

7、,wherethelattervarieswiththefirm’sgrowthopportunities,financingconstraints,industryaffiliationandotherfactors.ExplanationsforapositiverelationbetweeninvestmentexpenditureandcashflowThissectiondescribesindetailthevarioustheoriessupportingapositiverelationbetweeninvestmentexpe

8、nditureandcashflowandthendevelopsmeasuresoffreecashflowandover-investmentth