Production and Capacity Management with Internal Financing
Production and Capacity Management with Internal Financing
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DOI：
10.1287/msom.2017.0655
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发表时间：
2017-04
期刊：
影响因子：
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通讯作者：
Jie Ning;M. J. Sobel
中科院分区：
文献类型：
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作者：
Jie Ning;M. J. Sobel
本文研究了一个企业在进入资本市场受限且成本高昂的情况下，其经营决策和财务决策的最优协调问题。企业通过在每个时期做出生产、撤资、投资、分红和注资决策来动态管理其生产能力和现金储备。本文刻画了最优策略的特征，并证明了它对应于嵌入在能力和现金中的真实的期权的最优执行。这些真实的期权的一个显著特征是它们相互嵌入，反映了这样一个事实，即在动态环境中，以能力或现金行使真实的期权会产生额外的能力或现金，从而产生额外的真实的期权。当资本市场的摩擦减少时，真实的期权的容量和现金价值增加，公司更有可能筹集资本，但不太可能发行股息来利用真实的期权的更高价值。当企业更重视经营利润最大化而不是股东价值最大化时，产能真实的期权价值增加，企业表现出更积极的投资态度。
This paper studies the optimal coordination of operational and financial decisions of a firm with restricted and costly access to capital markets. The firm dynamically manages its production capacity and cash reserve by making production, divestment, investment, dividend, and capital injection decisions each period. The paper characterizes the optimal policy and shows that it corresponds to the optimal exercising of the real options embedded in the capacity and cash. A distinguishing feature of these real options is that they are embedded in each other, reflecting the fact that in a dynamic setting, exercising a real option in capacity or cash generates additional capacity or cash, thus additional real options. As the capital market becomes less frictional, the values of the real options in capacity and cash increase, and the firm is more likely to raise capital but less likely to issue dividends to exploit the higher values of the real options. As the firm places more emphasis on maximizing the operating profit rather than the shareholder's value, the values of the real options in capacity increase, and the firm exhibits a more aggressive investment attitude.