对于外文文献及翻译瑞查德森自由 流与过度投资

《对于外文文献及翻译瑞查德森自由 流与过度投资》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、对于外文文献及翻译瑞查德森自由流与过度投资对于外文文献及翻译瑞查德森自由流与过度投资导读：ortunityset(e.g.,Fazzari,Hubbard,Petersen,1988;Hubbard,1998).Thispaperfocusesonutilizingaccountinginformationtobettermeasuretheconstructsoffreecash12345678910Thispaperexaminesfirminvestingdecisionsinthepresenceoffreecashfloleve

2、linvestmentshouldnotberelatedtointernallygeneratedcashflop;Miller,1958).Hoentedapositiverelationbetentexpenditureandcashfloanifestationofanagencyproblem,anagersinfirmsanagersobjectivesdifferfromthoseofshareholders,thepresenceofinternallygeneratedcashfloaintainexistingasse

3、tsinplaceandfinancenearketimperfections,entopportunityset(e.g.,Fazzari,Hubbard,Petersen,1988;Hubbard,1998).Thispaperfocusesonutilizingaccountinginformationtobettermeasuretheconstructsoffreecash345678910对于外文文献及翻译瑞查德森自由流与过度投资导读：rypeers.Thispaperextendsthesesmallsamplefindin

4、gsbyshoentoffreecashfloaticphenomenonacrossalltypesofinvestmentexpenditure.Theempiricalanalysisproceedsinteeasurebothfreecafloent,therebyalloorepolevelinvestmentisrelatedtointernallygeneratedcashflopleevidenceofover-investmentoffreecashfloentexcessiveinvestmentandacquisit

5、ionactivityforelevenfirmsthatexperiencealargecashent,Harford(1999)findsusingasampleof487takeoverbids,thatcash-richfirmsaremorelikelytomakeacquisitionsthatsubsequentlyexperienceabnormaldeclinesinoperatingperformance,andBates(2005)findsforasampleof400subsidiarysalesfrom1990

6、to1998thatfirmsore,relativetoindustrypeers.Thispaperextendsthesesmallsamplefindingsbyshoentoffreecashfloaticphenomenonacrossalltypesofinvestmentexpenditure.Theempiricalanalysisproceedsinteeasurebothfreecashfloent.Freecashflowisdefinedascashflowbeyondwhat345678910对于外文文献及翻译

7、瑞查德森自由流与过度投资导读：ofthespectrum,firmssneedtobeabletoraisefinancingandtherebyplacethemselvesunderthescrutinyofexternalmarkets(DeAngelo,DeAngelo,Stulzisnecessarytomaintainassetsinplaceandtofinanceexpectedneents.Over-investmentisdefinedasinvestmentexpenditurebeyondthatrequiredt

8、omaintainassetsinplaceandtofinanceexpectedneentsinpositiveNPVprojects.Tomeasureover-investment,I