Pre-IPO Operational and Financial Decisions
Pre-IPO Operational and Financial Decisions
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DOI：
10.1287/mnsc.1040.0252
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发表时间：
2004-07
期刊：
影响因子：
--
通讯作者：
V. Babich;M. J. Sobel
中科院分区：
文献类型：
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作者：
V. Babich;M. J. Sobel
许多成长中的私人持股公司的所有者做出运营和财务决策，以努力最大化首次公开募股(IPO)收益的预期现值。我们会问：“什么时候进行IPO才是合适的？”以及“应该如何协调运营和财务决策，以提高IPO成功的可能性？”这一问题中的财务决策和业务决策是相互关联的，因为充足的金融资本对于业务决策的可行性至关重要，而业务决策影响公司获得财务资源的机会。在无限时间折扣马尔可夫决策过程中，IPO事件被视为一个停止时间。与传统的停时模型不同，该模型在每个阶段都包括其他决策，如生产、销售和贷款规模。结果包括(1)最优容量扩张策略的特征，(2)单调门限规则产生最优IPO决策的充分条件，以及(3)(1)和(2)结果的算法含义。
Many owners of growing privately held firms make operational and financial decisions in an effort to maximize the expected present value of the proceeds from an initial public offering (IPO). We ask: "What is the right time to make an IPO?" and "How should operational and financial decisions be coordinated to increase the likelihood of a successful IPO?" Financial and operational decisions in this problem are linked because adequate financial capital is crucial for operational decisions to be feasible and operational decisions affect the firm's access to financial resources. The IPO event is treated as a stopping time in an infinite-horizon discounted Markov decision process. Unlike traditional stopping-time models, at every stage the model includes other decisions such as production, sales, and loan size. The results include (1) characterization of an optimal capacity-expansion policy, (2) sufficient conditions for a monotone threshold rule to yield an optimal IPO decision, and (3) algorithmic implications of results in (1) and (2).