Dynamic Strategic Corporate Finance

摘要本研究开发了一个新的基准理论模型，以了解金融市场的不完善如何影响单个公司之间的战略互动和不同行业的长期动态。有限的资本市场准入和企业的战略行为之间的相互作用可能会对价格、企业投资和产业集中度产生重大影响。该项目将表明，金融摩擦对产业组织来说是必然的。通过考虑企业之间的战略相互作用，这些发现将对企业融资具有重要的意义。本项目将探索金融市场缺陷如何影响企业与行业之间的动态战略互动。该项目将开发一种新的基准理论设置，将关于金融摩擦对投资的影响的核心见解与充满活力的产业组织相结合。第一个项目构建了一个简约的基线拉锯战理论背景，在这个背景下，两家公司竞争享有主导地位。第二个项目开发了一个用于应用公司融资的主力设置，以分析金融摩擦对投资的影响。基线模型产生了三个初步结果：(I)金融摩擦往往导致企业在均衡状态下收取较低的价格；(Ii)金融摩擦可能会减缓行业集中度；以及(Ii)即使从长期来看，金融摩擦导致行业更加集中，沿途也会有更高的投资。总体而言，该项目表明，财务摩擦可能会起到促进竞争的作用。该奖项反映了NSF的法定使命，并通过使用基金会的智力优势和更广泛的影响审查标准进行评估，被认为值得支持。

AbstractThis research develops a new benchmark theoretical model to understand how imperfections in financial markets impact the strategic interactions between individual firms and the long run dynamics of different industries. The interplay between limited access to capital markets and strategic behavior by firms can have a significant impact on prices, corporate investment and the degree of industrial concentration. The project will show that financial frictions are consequential for the industrial organization. The findings will have important implications for corporate finance by taking into account the strategic interplay between firms.This project will explore how financial market imperfections impact dynamic strategic interactions between firms and industry. The project will develop a new benchmark theoretical setting that integrates core insights about the impact of financial frictions on investment with dynamic industrial organization. The first project constructs a parsimonious baseline tug-of-war theoretical setting in which two firms compete to enjoy a dominant position. The second project develops a workhorse settings used in applied corporate finance to analyze the impact of financial frictions on investment. Baseline model yields three preliminary findings: (i) Financial frictions often lead firms charge lower prices in equilibrium; (ii) Financial frictions may slow down industry concentration; and (ii) Even when financial frictions lead to a more concentrated industry in the long run, there is higher investment along the way. The project, on the overall suggests that financial frictions may act as a pro-competitive force.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.