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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：OverinvestmentoffreecashflowThispaperexaminesfirminvestingdecisionsinthepresenceoffreecashflow.Intheyfirmlevelinvestmentshouldnotberelatedtointernallygeneratedcashflows(ModiglianiStulz1990).Whenmanage

2、rs’objectivesdifferfromthoseofshareholdersthepresenceofinternallygeneratedcashflowinexcessofthatrequiredtomaintainexistingassetsinplacefinancenewpositiveNPVprojectscreatesthepotentialfthosefundstobesquered.Secondtheposit

3、iverelationreflectscapitalmarketimperfectionswherecostlyexternalfinancingcreatesthepotentialfinternallygeneratedcashflowstoexpthefeasibleinvestmentopptunityset(e.g.FazzariHubbardHubbard1998).Thispaperfocusesonutilizingac

4、countinginfmationtobettermeasuretheconstructsoffreecashflowoverinvestmenttherebyallowingamepowerfultestoftheagencybasedexplanationfwhyfirmlevelinvestmentisrelatedtointernallygeneratedcashflows.Indoingsothispaperisthefirs

5、ttoofferlargesampleevidenceofoverinvestmentoffreecashflow.PriresearchsuchasBlLopezdiSilanesVishny(1994)documentexcessiveinvestmentacquisitionactivityfelevenfirmsthatexperiencealargecashwindfallduetoalegalsettlementHarfd(

6、1999)findsusingasampleof487takeoverbidsthatcashrichfirmsaremelikelytomakeacquisitionsthatsubsequentlyexperienceabnmalFindinganassociationbetweenoverinvestmentfreecashflowisconsistentwithrecentresearchdocumentingpofuturep

7、erfmancefollowingfirmlevelinvestmentactivity.FexampleTitmanWeiXie(2004)FairfieldWhisenantYohn(2003)showthatfirmswithextensivecapitalinvestmentactivitygrowthinoperatingassetsrespectivelyexperienceinferifuturestockreturns.

8、FurthermeDechowRidsonSloan(2005)findthatcashflowsretainedwithinthefirm(eithercapitalizedthroughaccruals‘‘invested’’infinancialassets)areassociatedwithlowerfutureoperatingperfmancefuturestockreturns.Thisperfmancerelationi

9、sconsistentwiththeoverinvestmentoffreecashflowsdocumentedinthispaper.Thesecondsetofempiricalanalysesexaminewhethergovernancestructuresareeffectiveinmitigatingoverinvestment.Priresearchhasexaminedtheimpactofavarietyofgove

10、rnancestructuresonfirmvaluationthequalityofmanagerialdecisionmaking.Collectivelytheabilityofcrosssectionalvariationingovernancestructurestoexplainfirmvaluefirmdecisionmakingisrelativelyweak.ConsistentwiththisIfindevidenc

11、ethatoutofalargesetofgovernancemeasuresonlyafewarerelatedtooverinvestment.Fexamplefirmswithactivistshareholderscertainantitakeoverprovisionsarelesslikelytooverinvesttheirfreecashflow.Thenextsectiondevelopstestablehypothe

12、sesconcerningtherelationbetweenfreecashflowoverinvestment.Section2describesthesampleionvariablemeasurement.Sectiondiscussesempiricalresultsftheoverinvestmentoffreecashflow.Section4containsempiricalanalysisexaminingthelin

13、kbetweencpategovernancetheoverinvestmentoffreecashflowwhilesection5concludes.1.FreecashflowoverinvestmentThissectiondescribesindetailthevarioustheiessupptingapositiverelationbetweeninvestmentexpenditurecashflowthendevelo

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