行业竞争、管理层投资决策与公司增长/清算期权价值

Industry Competition,Managerial Investment,and Equity Value of Growth/Put Options

本文首先考察了行业竞争对公司管理层投资决策的影响,结果显示,行业竞争显著增加了管理层的投资灵活性,并且有助于改善公司的投资效率。另外,本文还从实物期权的角度考察了行业竞争对公司增长和清算期权价值的影响。结果表明,行业竞争显著增加了公司增长和清算期权的价值。这些发现意味着,行业竞争作为公司经营环境的重要组成部分,影响了公司管理层的投资决策行为,并且这种影响最终体现在公司价值之中。

This paper investigates how the industry competition influences the decisionmaking of managerial investment,and the equity value of growth and put options.Our results show that the intense industry competition increases the sensitivity of investment to growth opportunity,and improves the investment efficiency.In addition,we observe that the intense industry competition increases the equity value of growth and put options.Overall,these findings demonstrate that the industry competition,as an important ingredient of the companies’operating environments,has a significant impact on investment and equity value of a company.