资本结构、股权融资和企业投资行为

Leverage,Equity Financing and Firm Investment

本文建立了一个基于资本结构和股权融资的企业投资决策模型,内生地获得了企业投资时机、破产时机和股权出售比率,克服了传统企业投资决策模型研究不考虑融资影响的不足。本文模型的仿真结果表明,企业的初始债务和投资时的股权融资对企业投资具有较强的影响:初始债务对企业投资具有推动作用,而投资时的股权融资对企业投资产生抑制作用,这两方面的共同作用会导致企业的投资不足或过度。

This paper analyzes the interaction between firm investment and both capital structure and equity financing, obtaining endogenously the investment timing, bankruptcy timing, and equity-selling ratio. The simulation of our model shows that the initial debt and new debt financing affect the firm investment： the initial debt has promotive effect on the firm investment, while the equity financing is constraint, they are two factors causing overinvestment or underinvestment.