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1、本科毕业论文(设计)外文翻译原文: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