论融资约束下企业最优投资时机选择

    A Study on the Optimal Decision of Enterprise Investment Opportunities With Financing Constraints

    • 摘要: 利用企业投资的三期静态模型,考察了企业投资额、自有资金与外部融资之间的关系。通过比较企业在不同期间即时投资和延迟投资的投资收益,求解得到企业在融资约束下的投资临界值,进而得出了企业在投资可延迟条件下的最优投资时机和投资规则。

       

      Abstract: This paper develops a static model of three-periods that is able to examine the relationship among corporate investment,internal fund and external finance.Through comparing the investment income between the immediate investment and delaying investment during the different periods,we obtain the enterprise investment threshold with financing constraints,and the optimal investment timing and rules under delaying investment.

       

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