自由現(xiàn)金流的過度投資【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：OverinvestmentofFreeCashFlowThispaperexaminesfirminvestingdecisionsinthepresenceoffreecashflow.Intheyfirmlevelinvestmentshouldnotberelatedtointernallygeneratedcashflows(ModiglianiMiller1958).Howeverpr

2、iresearchhasdocumentedapositiverelationbetweeninvestmentexpenditurecashflow(e.g.Hubbard1998).Therearetwointerpretationsfthispositiverelation.Firstthepositiverelationisamanifestationofanagencyproblemwheremanagersinfirmswi

3、thfreecashflowengageinwastefulexpenditure(e.g.Jensen1986Stulz1990).Whenmanagers’objectivesdifferfromthoseofshareholdersthepresenceofinternallygeneratedcashflowinexcessofthatrequiredtomaintainexistingassetsinplacefinancen

4、ewpositiveNPVprojectscreatesthepotentialfthosefundstobesquered.Secondthepositiverelationreflectscapitalmarketimperfectionswherecostlyexternalfinancingcreatesthepotentialfinternallygeneratedcashflowstoexpthefeasibleinvest

5、mentopptunityset(e.g.HubbardPetersen1988Hubbard1998).Thispaperfocusesonutilizingaccountinginfmationtobettermeasuretheconstructsoffreecashflowoverinvestmenttherebyallowingamepowerfultestoftheagencybasedexplanationfwhyfirm

6、levelinvestmentisrelatedtointernallygeneratedcashflows.Indoingsothispaperisthefirsttoofferlargesampleevidenceofoverinvestmentoffreecashflow.PriresearchsuchasBlVishny(1994)documentexcessiveinvestmentacquisitionactivityfel

7、evenfirmsthatexperiencealargecashwindfallduetoalegalsettlementHarfd(1999)findsusingasampleof487takeoverbidsthatcashrichfirmsaremelikelytomakeacquisitionsthatsubsequentlyexperienceabnmaldeclinesinwithrecentresearchdocumen

8、tingpofutureperfmancefollowingfirmlevelinvestmentactivity.FexampleTitman(2004)FairfieldWhisenantYohn(2003)showthatfirmswithextensivecapitalinvestmentactivitygrowthinoperatingassetsrespectivelyexperienceinferifuturestockr

9、eturns.FurthermeDechowRidsonSloan(2005)findthatcashflowsretainedwithinthefirm(eithercapitalizedthroughaccruals“invested”infinancialassets)areassociatedwithlowerfutureoperatingperfmancefuturestockreturns.Thisperfmancerela

10、tionisconsistentwiththeoverinvestmentoffreecashflowsdocumentedinthispaper.Thissectiondescribesindetailthevarioustheiessupptingapositiverelationbetweeninvestmentexpenditurecashflowthendevelopsmeasuresoffreecashflowoverinv

11、estmentthatcanbeusedtotesttheagencybasedexplanation.Inawldofperfectcapitalmarketstherewouldbenoassociationbetweenfirmlevelinvestingactivitiesinternallygeneratedcashflows.Ifafirmneededadditionalcashtofinanceaninvestmentac

12、tivityitwouldsimplyraisethatcashfromexternalcapitalmarkets.IfthefirmhadexcesscashbeyondthatneededtofundavailablepositiveNPVprojects(includingoptionsonfutureinvestment)itwoulddistributefreecashflowtoexternalmarkets.Firmsd

13、onothoweveroperateinsuchawld.Thereareavarietyofcapitalmarketfrictionsthatimpedetheabilityofmanagementtoraisecashfromexternalcapitalmarkets.Inadditiontherearesignificanttransactioncostsassociatedwithmonitingmanagementtoen

14、surethatfreecashflowisindeeddistributedtoexternalcapitalmarkets.Inequilibriumthesecapitalmarketfrictionscanserveasasupptfapositiveassociationbetweenfirminvestingactivitiesinternallygeneratedcashflow.Theagencycostexplanat

15、ionintroducedbyJensen(1986)Stulz(1990)suggeststhatmonitingdifficultycreatesthepotentialfmanagementtospendinternallygeneratedcashflowonprojectsthatarebeneficialfromamanagementperspectivebutcostlyfromashareholderperspectiv