Interactions of Corporate Financing and Investment Decisions: A Dynamic Framework
Interactions of Corporate Financing and Investment Decisions: A Dynamic Framework
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DOI：
10.1111/j.1540-6261.1994.tb02453.x
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发表时间：
1994-09
影响因子：
8
通讯作者：
D. Mauer;Alexander J. Triantis
中科院分区：
文献类型：
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作者：
D. Mauer;Alexander J. Triantis
本文在考虑经营调整和资本重组成本的模型中分析了企业动态投资、经营和融资决策之间的相互作用。采用数值分析的方法，对突出相互作用的情况进行了模型求解。我们发现较高的生产灵活性（由于关闭和重新开放生产设施的成本较低）增强了企业的债务能力，从而增加了债务融资的净税盾价值。虽然较高的财务灵活性（源于较低的资本重组成本）具有类似的效果，但生产灵活性和财务灵活性在某种程度上是相互替代的。我们发现债务融资对企业投资和经营决策的影响在经济上是不显著的。版权归美国金融协会所有。
This article analyzes the interaction between a firm's dynamic investment, operating, and financing decisions in a model with operating adjustment and recapitalization costs. Using numerical analysis, we solve the model for cases that highlight interaction effects. We find that higher production flexibility (due to lower costs of shutting down and reopening a production facility) enhances the firm's debt capacity, thereby increasing the net tax shield value of debt financing. While higher financial flexibility (resulting from lower recapitalization costs) has a similar effect, production flexibility and financial flexibility are, to some extent, substitutes. We find that the impact of debt financing on the firm's investment and operating decisions is economically insignificant. Copyright 1994 by American Finance Association.