Capital Structure, Product Market Dynamics, and the Boundaries of the Firm
Capital Structure, Product Market Dynamics, and the Boundaries of the Firm
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资本结构、产品市场动态和公司边界
DOI：
10.2139/ssrn.1767483
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
D. Robinson
中科院分区：
文献类型：
--
作者：
D. Hackbarth;Richmond Mathews;D. Robinson
我们研究了在动态产品市场中，融资和投资决策之间的相互作用如何塑造风险管理边界。特别是，我们将新产品市场机会建模为增长选项，并询问它是由大型现任rm（集成）还是由单独的专业rm（非集成）最好地利用。从一个标准的理论框架，其中价值最大化的公司投资和融资决策是共同确定的，我们表明，一体化最好地保护资产的价值，而非一体化最好地保护增长期权的价值，并最大限度地提高财务灵活性。这些力量驱动不同的组织均衡，这取决于rm和产品市场特征。特别是，我们表明，现金流风险的标准度量的增加预测了专业化rms对新机会的利用，而产品市场风险的增加（即，被竞争者抢占的风险）预测现有者的剥削。我们还表明，作为许可协议或收入共享合同组织的联盟有时更好地平衡了价值的不同来源，因此可能会主导更传统的组织形式。这些关键的结果产生于新机会的类似期权的特征与现实竞争力的动态相互作用。
We study how interactions between nancing and investment decisions can shape rm boundaries in dynamic product markets. In particular, we model a new product market opportunity as a growth option and ask whether it is best exploited by a large incumbent rm (Integration) or by a separate, specialized rm (Non-Integration). Starting from a standard theoretical framework, in which value-maximizing corporate investment and nancing decisions are jointly determined, we show that Integration best protects assets in place value, while Non-Integration best protects the value of the growth option and maximizes nancial exibility. These forces drive dierent organizational equilibria depending on rm and product market characteristics. In particular, we show that increases in standard measures of cash ow risk predict exploitation of new opportunities by specialized rms, while increases in product market risk (i.e., the risk of preemption by competitors) predict exploitation by incumbents. We also show that alliances organized as licensing agreements or revenue sharing contracts sometimes better balance the dierent sources of value, and thus may dominate more traditional forms of organization. These key results arise from the dynamic interaction of the new opportunity’s option-like features with realistic competitive forces.
影响因子：
2.2
作者：
WILLIAMSON, OE
通讯作者：
WILLIAMSON, OE