A Reexamination of the Empirical Relationship between Investment and Financing Decisions
A Reexamination of the Empirical Relationship between Investment and Financing Decisions
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DOI：
10.2307/2330939
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发表时间：
1983-12
影响因子：
3.9
通讯作者：
P. P. Peterson-P.;Gary A. Benesh
中科院分区：
文献类型：
--
作者：
P. P. Peterson-P.;Gary A. Benesh
一些研究（见[7]，[15]，[9]和[16]）试图确定企业融资和投资决策之间存在的经验关系。这些努力的主要推动力是由Modigliani和米勒（MM）[20]提供的，[21]当他们证明在完美资本市场的假设下，公司的最优投资决策与其融资决策是可分离的。在市场不完善的情况下，这些违反MM基本命题的决策之间可能存在相互依赖关系。因此，上述研究基本上集中于确定市场缺陷的程度是否足以导致共同决定投资和融资决定。虽然最初的MM命题是在二十多年前提出的，但投资和融资决策之间的经验关系的性质仍然是一个有争议的问题。这一问题仍未解决的事实并不能归因于缺乏关注，因为最初的命题已经在税收、破产成本和代理成本的存在下进行了审查，没有出现明确的共识。
Several studies (see [7], [15], [9], and [16]) have attempted to ascertain the empirical relationships that exist between the financing and investment decisions of firms. The primary impetus for these efforts was provided by Modigliani and Miller (MM) [20], [21] when they demonstrated that under the assumption of perfect capital markets, the optimal investment decisions of a firm are separable from its financing decisions. In the presence of market imperfections, interdependencies between these decisions that violate the basic MM propositions may exist. Therefore, the studies referred to above have essentially focused upon determining whether market imperfections have been of sufficient magnitude to lead to joint determination of investment and financing decisions. Though the original MM propositions were introduced more than two decades ago, the nature of the empirical relationship between investment and financing decisions remains a controversial issue. The fact that this matter is still unresolved is not attributable to a lack of attention, for the original propositions have been examined in the presence of taxes, bankruptcy costs, and agency costs with no clear consensus emerging.