Investment and financing decisions in the presence of time-to-build
Investment and financing decisions in the presence of time-to-build
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存在建设时间的投资和融资决策
DOI：
10.1016/j.ejor.2020.06.034
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发表时间：
2021
影响因子：
6.4
通讯作者：
Jeon Haejun
中科院分区：
文献类型：
--
作者：
Kenta Tanaka;Yukihide Kurakawa;Takunori Ishihara;Ken-ichi Akao;Takanori Ida;Jeon Haejun
我们研究了当项目完成的时间和运营成本不确定时，企业的投资、违约和融资最优决策。在存在建设时间的情况下，企业会做出保守的投资和融资决策;投资被延迟，最优杠杆率相对于滞后的大小呈倒U形。虽然股权持有人可以选择在项目完成之前违约，但在大多数情况下，由于保守的投资和融资决策，存在建设时间的违约概率低于不存在滞后的违约概率。鉴于违约概率较低，股权持有人在建设时间存在的情况下可能比在没有滞后的情况下从债务融资中获益更多。当企业可以通过承担更多的成本来缩短预期的建设时间时，无杠杆企业比最优杠杆企业更努力地减少滞后。然而，高度可持续的公司利用更多的资源，以减少滞后比全股权公司，因为股东更关心的可能性，违约之前，项目的完成。
We study a firm’s optimal decisions on investment, default, and financing when the amount of time and the running costs for project completion are uncertain. In the presence of time-to-build, a firm makes conservative investment and financing decisions; investment is delayed, and the optimal leverage ratio is inverted U-shaped with respect to the size of the lag. Although equity holders can choose to default before the project has been completed, the default probability in the presence of time-to-build is lower than that in the absence of a lag in most cases because of the conservative investment and financing decisions. Given the lower default probability, equity holders may benefit more from debt financing in the presence of time-to-build than they would in the absence of a lag. When firms can shorten their expected time-to-build by bearing more costs, unlevered firms strive to reduce the lag more than optimally levered firms do. However, highly levered firms utilize more resources to reduce the lag than all-equity firms do because equity holders are more concerned about the possibility of default before the project’s completion.