摘要
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.
出处
《中国管理科学》
CSSCI
2008年第3期157-163,共7页
Chinese Journal of Management Science
基金
国家自然科学基金(70701023)
关键词
现金流
股权融资
企业投资
投资时机
debt financing
firm investment
investment timing
cash flow