Firms that reach that point, and that know themselves, then return more of their cash hoard to their investors, who invest it elsewhere. In the 1980’s and 1990’s, large swaths of American industry – especially the domestic oil industry – faced this problem, described by the economist Michael Jensen as the managerial challenge of handling free cash flow well.
走到这一步并了解自己的企业会把更多的所屯现金返还投资者，让投资者投资于别处。20是八九十年代，美国诸多行业——特别是国内石油行业——面临着这一问题，经济学家迈克尔·延森（Michael Jensen）将这描述为合理处理自由现金流的管理挑战。