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| 论融资约束下企业最优投资时机选择 | |
| 引用本文： | 秦峰,李琰. 论融资约束下企业最优投资时机选择[J]. 北京工业大学学报(社会科学版), 2007, 7(5): 25-27 |
| 作者姓名： | 秦峰 李琰 |
| 作者单位： | 天津大学,管理学院,天津,300072;渤海证券有限责任公司,天津,300061 |
| 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。 |
| 关 键 词： | 融资约束 投资时机 自有资本 现金流 |
| 文章编号： | 1671-0398（2007）05-0025-03 |
| 修稿时间： | 2006-12-22 |
A Study on the Optimal Decision of Enterprise Investment Opportunities With Financing Constraints |
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| QIN Feng,LI Yan. A Study on the Optimal Decision of Enterprise Investment Opportunities With Financing Constraints[J]. Journal of Beijing Polytechnic University(Social Sciences Edition), 2007, 7(5): 25-27 | |
| Authors: | QIN Feng LI Yan |
| Affiliation: | 1. School of Management, Tianjin University, Tianjin 300072, China; 2.Bohai Securities Co., Ltd, Tianjin 300061, China |
| 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. |
| Keywords: | financial constraint investment timing intemal fund cash flow |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ | |