译文（字数 3671）：

过度投资的自由现金流量

   这篇文章将探讨在自由现金流量下企业的投资决策。从理论上来说，企业投资水平不应与内部自由现金流量有关系（莫迪利亚尼和米勒，1958年）。但是，以前的研究已经证明投资支出与自由现金流量存在正相关的关系（例如，哈伯德，1998年）。对这种正相关的关系有两种解释。首先，这种正相关的关系是代理问题的一个表现，那些拥有自由现金流量的公司经理浪费了开支（例如，詹森，1986；斯图尔兹，1990）。当经理的目标与那些股东不同，在内部的存在产生自由现金流量超过那些需要保持现有资产的地方，新的明确的净现值规划创造的这些潜在的资金可能被浪费掉。第二，这种正相关的关系反映资本市场的不完全，昂贵的外部融资创造了内部潜在的自由现金流量，以扩大潜在的可行的投资机会集（例如，法兹泽瑞，哈伯德和彼得森，1988；哈伯德，1998）。

外文原文（字符数 11329）：

外文出处 Review of Accounting Studies, 2006, Vol.11 (2), pp.159-189

Over-investment of free cash flow

This paper examines firm investing decisions in the presence of free cash flow. In theory, firm level investment should not be related to internally generated cash flows (Modigliani & Miller, 1958). However, prior research has documented a positive relation between investment expenditure and cash flow (e.g., Hubbard, 1998). There are two interpretations for this positive relation. First, the positive relation is a manifestation of an agency problem, where managers in firms with free cash flow engage in wasteful expenditure (e.g.,Jensen 1986; Stulz 1990). When managers’ objectives differ from those of shareholders, the presence of internally generated cash flow in excess of that required to maintain existing assets in place and finance new positive NPV projects creates the potential for those funds to be squandered. Second, the positive relation reflects capital market imperfections, where costly external financing creates the potential for internally generated cash flows to expand the feasible investment opportunity set (e.g., Fazzari, Hubbard, & Petersen,1988; Hubbard, 1998).