Investment timing with fixed and proportional costs of external financing
Investment timing with fixed and proportional costs of external financing
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外部融资成本固定且成比例的投资时机
DOI：
10.1080/17509653.2014.937836
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发表时间：
2015
影响因子：
4.8
通讯作者：
T.
中科院分区：
文献类型：
--
作者：
Nishihara;M. and Shibata;T.
我们建立了一个动态模型，在这个模型中，一个公司行使一个选择权，在现金余额和昂贵的外部资金的情况下扩大生产。通过证明期权执行区域的性质，我们揭示了企业的融资和投资政策如何依赖于其现金流量和余额。当外部融资成本仅为一个比例时，现金余额越多的企业越早进行投资;当外部融资成本为一个比例时，现金余额越多的企业越早进行投资;当外部融资成本为一个比例时，现金余额越多的企业越早进行投资;当外部融资成本为一个比例时，现金余额越多的企业越早进行投资。拥有更多现金余额的公司会推迟投资，以节省固定成本，特别是当现金余额接近投资成本时。我们的研究结果可以潜在地解释各种关于投资和内部资金之间关系的实证结果。
We develop a dynamic model in which a firm exercises an option to expand production with a cash balance and costly external funds. By proving the properties of the option exercise regions, we reveal how the firm's financing and investment policy depends on its cash flow and balance. In the presence of only a proportional cost of external financing, the firm with more cash balance invests earlier; however, the presence of both proportional and fixed costs leads to a non-monotonic relation between the investment time and the cash balance. The firm with more cash balance invests later to save a fixed cost, particularly when the cash balance is close to the investment cost. Our results can potentially account for a variety of empirical results concerning the relation between investment and internal funds.