盈利要求与投资决策

Earning Requirement and Investment Decision

本文讨论了公司盈利要求对经理投资决策行为的影响 ,并进一步将该结果与社会最优结果进行了比较分析。本文研究结果表明 ,较高的盈利要求将导致经理选择高风险的投资项目 ,即使该投资项目的预期收益未必高于低风险投资项目。从社会福利最优角度来看 ,盈利要求对社会福利的影响取决于公司所面临的投资环境和投资项目性质。

We analysis the impact of earning requirement on corporate investment decision and compare the results with social optimal outcome. Our analysis shows that a higher earning requirement would induce managers to take risky investment projects, even if the expected return of the risky investment projects may not be higher than those of riskless ones. The impact of earning requirement on social welfare depends on the investment environment and the nature of investment projects corporate face.