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1、阐述外文文献及翻译瑞查德森阐述外文文献及翻译瑞查德森_自由流与过度投资_导读:investmentexpenditureandcashfloanifestationofanagencyproblem,anagersinfirmsThispaperexaminesfirminvestingdecisionsinthepresenceoffreecashflolevelinvestmentshouldnotberelatedtointernallygeneratedcashflop;Miller,1958).Hoentedapositiverelationbetente
2、xpenditureandcashfloanifestationofanagencyproblem,anagersinfirmsanagersobjectivesdifferfromthoseofshareholders,thepresenceofinternallygeneratedcashfloaintainexistingassetsinplaceandfinancenearketimperfections,entopportunityset(e.g.,Fazzari,Hubbard,Petersen,1988;Hubbard,1998).Thispaperf
3、ocusesonutilizingaccountinginformationtobettermeasuretheconstructsoffreecash5678910阐述外文文献及翻译瑞查德森_自由流与过度投资_(2)导读:)findsforasampleof400subsidiarysalesfrom1990to1998thatfirmsore,relativetoindustrypeers.Thispaperextendsthesesmallsamplefindingsbyshoentoffreecashfloaticphenomenonacrossalltyp
4、esofinvestmentexpendifloent,therebyalloorepolevelinvestmentisrelatedtointernallygeneratedcashflopleevidenceofover-investmentoffreecashfloentexcessiveinvestmentandacquisitionactivityforelevenfirmsthatexperiencealargecashent,Harford(1999)findsusingasampleof487takeoverbids,thatcash-richfi
5、rmsaremorelikelytomakeacquisitionsthatsubsequentlyexperienceabnormaldeclinesinoperatingperformance,andBates(2005)findsforasampleof400subsidiarysalesfrom1990to1998thatfirmsore,relativetoindustrypeers.Thispaperextendsthesesmallsamplefindingsbyshoentoffreecashfloaticphenomenonacrossalltyp
6、esofinvestmentexpenditure.Theempiricalanalysisproceedsinteeasurebothfreecashfloent.Freecashflowisdefinedascashflowbeyondwhat5678910阐述外文文献及翻译瑞查德森_自由流与过度投资_(3)导读:Stulz,2004;Jensen,1986).Consistentaintainassetsinplaceandtofinanceexpectedneents.Over-investmentisdefinedasinvestmentexpenditu
7、rebeyondthatrequiredtomaintainassetsinplaceandtofinanceexpectedneentsinpositiveNPVprojects.Tomeasureover-investment,Ideposetotalinvestmentexpenditureintotentexpendituretomaintainassetsinplace,and(ii)neentexpenditure.Ithendeposeneentexpenditureintoover-investmentinnegativeNPVprojectsa