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跨期融资约束条件下企业投资决策的模型研究 被引量：3

Study on the Model of Investment Decision-making Based on Financing Constraints Cross Time
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摘要 将投资结构和融资约束融入一个模型,并引入跨期的概念。模型分析的结论是:当不考虑融资约束预期时,企业的投资结构不会发生变化,仍保持最优结构;当考虑融资约束预期时,企业投资的流动性结构和风险性结构会发生扭曲,扭曲的方向是增强流动性和安全性。 This paperbrings investment decision and financing constraints into a model which introduces the concept of the cross time. Result shows that ： when does not consider the expectation of financing constraints , enterprise investment struc- ture will not change, still keep the optimal structure; when considering future financing constraints, enterprise will distort the liquidity structure and risk structure towards safer and more liquid investments.
作者 张春景 陈永泰
机构地区 南京大学会计与财务研究院 南京大学社会科学计算实验中心
出处 《软科学》 CSSCI 北大核心 2013年第2期90-93,98,共5页 Soft Science
基金 教育部人文社会科学基金项目(12YJCZH020) 南京大学博士生资助项目(IAPHD)
关键词 融资约束 投资结构 投资扭曲 流动性 风险性 financing constraints investment structure investment distortions liquidity and risk
分类号 F275 [经济管理—企业管理]
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参考文献16

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共引文献940

同被引文献24

  • 1李双金,郑育家.控制权收益、道德风险与软预算约束[J].财经研究,2010,36(5):123-132. 被引量：6
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软科学
2013年 第2期

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