不确定条件下投资决策分析:对不同价值视角下风险的思考

从风险互抵性和阶段性的不同视角,对投资领域中的风险进行了两种分类。第一种分类甄别出有别于中性风险的单向风险,第二种分类明确了多阶段风险演化的部分马尔科夫性质。文章对几组与风险相关的概念进行了价值层面的辨析,提出了非中性风险条件下"以投资低限为目标的决策分析"和"单向风险补偿定价模型"的构想。

Earnings information quality, debt maturity structure and investment efficiency

This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher investment efficiency, and the quality of earnings information has increased investment efficiency by reducing the lack of investment and suppressing overinvestment. The companies with higher short-term debt ratio show higher investment efficiency. The results show that there is a certain substitution effect between the effect of earnings information quality and the maturity strueture of debt on the efficiency of investment.