Optimal Dynamic Capital Budgeting
Optimal Dynamic Capital Budgeting
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最优动态资本预算
DOI：
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
A. Malenko
中科院分区：
文献类型：
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作者：
A. Malenko
我研究了一个组织中的动态资本分配过程的优化设计，在这个组织中，具有帝国建设偏好的部门经理私下观察投资项目的到来和属性，总部可以审计项目的成本。在一定条件下，最优的预算机制是阈值分离的筹资机制。总部：（1）为管理人员设立一个支出账户，并在一段时间内予以补充;（2）设定一个最低限额，低于最低限额的项目由该账户供资，高于最低限额的项目经审计后由总部全额供资。进一步的分析研究了项目共同融资何时是最佳的，以及账户的规模如何取决于项目过去的业绩。
I study optimal design of a dynamic capital allocation process in an organization in which the division manager with empire-building preferences privately observes the arrival and properties of investment projects, and headquarters can audit projects at a cost. Under certain conditions, a budgeting mechanism with threshold separation of financing is optimal. Headquarters: (1) allocate a spending account to the manager and replenish it over time; (2) set a threshold, such that projects below it are financed from the account, while projects above are financed fully by headquarters upon an audit. Further analysis studies when co-financing of projects is optimal and how the size of the account depends on past performance of projects.