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准确分析企业投融资之间的互动关系,实现两种决策的协同,有助于提高企业决策效率和项目价值.通过把项目融资政策内生到投资决策的实物期权模型中,构建基于股东价值最大化和企业价值最大化的投融资决策互动模型,得到两种情形下的投融资决策临界点和期权价值,并借助数值分析负债代理冲突对企业投融资行为的影响.研究结果表明,负债融资既可能引发过度投资问题,也可能抑制投资.这种非效率投资将相应地提高负债融资的成本,对企业的负债融资产生抑制作用.
Accurately analyze the interaction between investment and financing, and achieve the synergy of the two kinds of decision-making, help to improve the efficiency of enterprise decision-making and project value.By the project financing policy endogenous to investment decision-making real option model to build based on the maximum shareholder value And the maximization of corporate value, we get the critical point of investment and financing decision and the option value under two situations, and analyze the impact of debt agency conflict on the investment and financing behavior by means of numerical analysis.The results show that both debt financing May lead to over-investment problems, may also inhibit investment.This non-efficient investment will be correspondingly raise the cost of debt financing, corporate debt financing inhibitory effect.