对于外文文献及翻译瑞查德森

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1、对于外文文献及翻译瑞查德森对于外文文献及翻译瑞查德森_自由现金流与过度投资_导读：erecostlyexternalfinancingcreatesthepotentialforinternallygeneratedcashfloentopportunityset(e.g.,Fazzari,Hubbard,Petersen,1988;Hubbard,1998).ThispaperfocusesonutilizingaccountinginformationtobettermeasuretheconstructsoffreecashThispaperexaminesfir

2、minvestingdecisionsinthepresenceoffreecashflolevelinvestmentshouldnotberelatedtointernallygeneratedcashflop;Miller,1958).Hoentedapositiverelationbetentexpenditureandcashfloanifestationofanagencyproblem,anagersinfirmsanagersobjectivesdifferfromthoseofshareholders,thepresenceofinternallyge

3、neratedcashfloaintainexistingassetsinplaceandfinancenearketimperfections,entopportunityset(e.g.,Fazzari,Hubbard,Petersen,1988;Hubbard,1998).Thispaperfocusesonutilizingaccountinginformationtobettermeasuretheconstructsoffreecash5678910对于外文文献及翻译瑞查德森_自由现金流与过度投资_(2)导读：siveinvestmentandacquisi

4、tionactivityforelevenfirmsthatexperiencealargecashent,Harford(1999)findsusingasampleof487takeoverbids,thatcash-richfirmsaremorelikelytomakeacquisitionsthatsubsequentlyexperienceabnormaldeclinesinoperatingpfloent,therebyalloorepolevelinvestmentisrelatedtointernallygeneratedcashflopleevide

5、nceofover-investmentoffreecashfloentexcessiveinvestmentandacquisitionactivityforelevenfirmsthatexperiencealargecashent,Harford(1999)findsusingasampleof487takeoverbids,thatcash-richfirmsaremorelikelytomakeacquisitionsthatsubsequentlyexperienceabnormaldeclinesinoperatingperformance,andBate

6、s(2005)findsforasampleof400subsidiarysalesfrom1990to1998thatfirmsore,relativetoindustrypeers.Thispaperextendsthesesmallsamplefindingsbyshoentoffreecashfloaticphenomenonacrossalltypesofinvestmentexpenditure.Theempiricalanalysisproceedsinteeasurebothfreecashfloent.Freecashflowisdefinedasca

7、shflowbeyondwhat5678910对于外文文献及翻译瑞查德森_自由现金流与过度投资_(3)导读：ofthespectrum,firmssneedtobeabletoraisefinancingandtherebyplacethemselvesunderthescrutinyofexternalmarkets(DeAngelo,DeAngelo,Stulzisnecessarytomaintainassetsinplaceandtofinanceexpectedneents.Over-investmentisdefinedasi