自由現(xiàn)金流量的過度投資[外文翻譯]

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：OverinvestmentoffreecashflowIntroductionThispaperexaminesfirminvestingdecisionsinthepresenceoffreecashflow.Intheyfirmlevelinvestmentshouldnotberelatedtointernallygeneratedcashflows(ModiglianiMiller195

2、8).Howeverpriresearchhasdocumentedapositiverelationbetweeninvestmentexpenditurecashflow(e.g.Hubbard1998).Therearetwointerpretationsfthispositiverelation.Firstthepositiverelationisamanifestationofanagencyproblemwheremanag

3、ersinfirmswithfreecashflowengageinwastefulexpenditure(e.g.Jensen1986Stutz1990).Whenmanagers’objectivesdifferfromthoseofshareholdersthepresenceofinternallygeneratedcashflowinexcessofthatrequiredtomaintainexistingassetsinp

4、lacefinancenewpositiveNPVprojectscreatesthepotentialfthosefundstobesquered.Secondthepositiverelationreflectscapitalmarketimperfectionswherecostlyexternalfinancingcreatesthepotentialfinternallygeneratedcashflowstoexpthefe

5、asibleinvestmentopptunityset(e.g.FazzariHubbardPetersen1988Hubbard1998).Theempiricalanalysisproceedsintwostages.Firstthepaperusesanaccountingbasedframewktomeasurebothfreecashflowoverinvestment.Freecashflowiscashflowbeyon

6、dwhatisnecessarytomaintainassetsinplacetofinanceexpectednewinvestments.OverinvestmentisdefinedasinvestmentexpenditurebeyondthatrequiredtomaintainassetsinplacetofinanceexpectednewinvestmentsinpositiveNPVprojects.Tomeasure

7、overinvestmentIdecomposetotalinvestmentexpenditureintotwocomponents:(i)requiredinvestmentexpendituretomaintainassetsinplace(ii)newinvestmentexpenditure.Ithenmanagementengaginginadditionalinvestmentonselfservingprojectsra

8、therthandistributethecashtoshareholders.Suchdecisionscaninclude:(i)empirebuilding(ii)perquisiteconsumption(iii)diversifyingacquisitions(iv)subsidizingpolyperfmingdivisionsusingthecashgeneratedfromsuccessfulonesinsteadofr

9、eturningthecashtoshareholders.Alternativelyitcouldreflecttheincreasedinvestmentopptunitysetfrom(relativelylesscostly)internalfinancingsources.UsesoffreecashflowThefocusofthispaperistheoverinvestmentoffreecashflow.However

10、overinvestmentisbutoneofmanyalternateusesoffreecashflow.UsinginfmationobtainedfromthestatementofcashflowsIamabletoallocatefreecashflowflowsintosixcategies.Thisissimplyareacterizationofthestatementofcashflowswherecashgene

11、ratedmustequalcashused.Thesixcategiesare:(i)overinvestment(ii)paymentstoshareholders?EquityINEWε(iii)principalpaymentstodebtholders?Debt(iv)changeinfinancialassets?FinancialAsset(v)OtherInvestments(vi)miscellaneouscashfl

12、owsOther.Thisisrepresentedbythefollowingidentity:FCF≡Iε?Equity?Debt?FinancialAssetOtherInvestmentsOtherThefinaltwocategiescontainmiscellaneousreconcilingitemsthatarenotimptantempirically(verylittlevariationinthesample).T

13、hemainconcernfromtheperspectiveofshareholdersisthefirstcategyoverinvestmentbecausethisimposessubstantialagencycostsonshareholders.Howeveritislessclearwhatthebestuseoffreecashflowisbeyondavoidingoverinvestment.Paymentstos

14、hareholderswillbeaffectedbythetaxstatusofthefirms’investbase(AllenMichaely2003).Inadditionpaymentstobothshareholdersdebtholderswillimpactthecapitalstructureofthefirm.Totheextentthatmanagementhasanoptimalcapitalstructurei

15、nmind.Itisnotclearwhattheoptimaldistributionoffreecashflowwillbe.Retentionoffreecashflowinthefmoffinancialassetsisalsoanoptionavailabletomanagement.Theoptimalleveloffreecashflowtoberetainedwillbeafunctionoffirmspecificac