The Trade-Off between Cash Flow and Net Present Value
在信息不对称环境下，企业为缓解金融市场逆向选择问题，需传递盈利质量信号，导致项目选择出现短视偏差。
In a world of asymmetric information, it is shown that firms need to convey information to the market about the qualit y of their earnings streams. This effort to mitigate the adverse selection problem in financial markets results in a bias in project selection that has a myopic characteristic. The result is developed. in a simple model. It is contrasted with alternative explanations of short-termism that invoke earnings distortion by management to misle ad a market perceived to be myopic. The robustness of the result to the introduction of partially informative cash flows and alternative mechanisms for conveying information is also discussed. Copyright 1993 by The editors of the Scandinavian Journal of Economics.