阐述外文文献及翻译瑞查德森自由 流与过度投资

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1、阐述外文文献及翻译瑞查德森自由流与过度投资阐述外文文献及翻译瑞查德森自由流与过度投资导读：ispaperfocusesonutilizingaccountinginformationtobettermeasuretheconstructsoffreecash12345678910Thispaperexaminesfirminvestingdecisionsinthepresenceoffreecashflolevelinvestmentshouldnotberelatedtointernallygeneratedca

2、shflop;Miller,1958).Hoentedapositiverelationbetentexpenditureandcashfloanifestationofanagencyproblem,anagersinfirmsanagersobjectivesdifferfromthoseofshareholders,thepresenceofinternallygeneratedcashfloaintainexistingassetsinplaceandfinancenearketimperfections,e

3、ntopportunityset(e.g.,Fazzari,Hubbard,Petersen,1988;Hubbard,1998).Thispaperfocusesonutilizingaccountinginformationtobettermeasuretheconstructsoffreecash345678910阐述外文文献及翻译瑞查德森自由流与过度投资导读：lduetoalegalsettlement,Harford(1999)findsusingasampleof487takeoverbids,thatc

4、ash-richfirmsaremorelikelytomakeacquisitionsthatsubsequentlyexperienceabnormaldeclinesinoperatingperformance,andBates(2005)findsforasampleof400subsidiarysalesfrom1990to1998thatfloent,therebyalloorepolevelinvestmentisrelatedtointernallygeneratedcashflopleevidenc

5、eofover-investmentoffreecashfloentexcessiveinvestmentandacquisitionactivityforelevenfirmsthatexperiencealargecashent,Harford(1999)findsusingasampleof487takeoverbids,thatcash-richfirmsaremorelikelytomakeacquisitionsthatsubsequentlyexperienceabnormaldeclinesinope

6、ratingperformance,andBates(2005)findsforasampleof400subsidiarysalesfrom1990to1998thatfirmsore,relativetoindustrypeers.Thispaperextendsthesesmallsamplefindingsbyshoentoffreecashfloaticphenomenonacrossalltypesofinvestmentexpenditure.Theempiricalanalysisproceedsin

7、teeasurebothfreecashfloent.Freecashflowisdefinedascashflowbeyondwhat345678910阐述外文文献及翻译瑞查德森自由流与过度投资导读：intoover-investmentinnegativeNPVprojectsandexpectedinvestmentexpenditure,sgroanagementhasthepotentialtosquanderfreecashfloaintainassetsinplaceandtofinanceexpect

8、edneents.Over-investmentisdefinedasinvestmentexpenditurebeyondthatrequiredtomaintainassetsinplaceandtofinanceexpectedneentsinpositiveNPVprojects.Tomeasureover-investment,Ide