文档介绍：本科毕业论文(设计)外文翻译原文:Over-,firmlevelinvestmentshouldnotberelatedtointernallygeneratedcashflows(ModiglianiandMiller,1958).However,priorresearchhasdocumentedapositiverelationbetweeninvestmentexpenditureandcashflow(.,Hubbard,1998).,thepositiverelationisamanifestationofanagencyproblem,wheremanagersinfirmswithfreecashflowengageinwastefulexpenditure(.,Jensen1986andStutz1990).Whenmanagers’objectivesdifferfromthoseofshareholders,,thepositiverelationreflectscapitalmarketimperfections,wherecostlyexternalfinancingcreatesthepotentialforinternallygeneratedcashflowstoexpandthefeasibleinvestmentopportunityset(.,Fazzari,HubbardandPetersen1988andHubbard,1998).,ountingbasedframeworktomeasurebothfreecashflowandover---investment,ponents:(i)requiredinvestmentexpendituretomaintainassetsinplace,and(ii)-investmentinnegativeNPVprojectsandexpectedinvestmentexpenditure,wherethelattervarieswiththefirm’sgrowthopportunities,financingconstraints,-