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首页> 外文期刊>International journal of management science and engineering management >Investment timing with fixed and proportional costs of external financing
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Investment timing with fixed and proportional costs of external financing

机译：具有固定和成比例的外部融资成本的投资时机

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摘要

We develop a dynamic model in which a firm exercises an option to expand production with a cash balance and costly external funds. By proving the properties of the option exercise regions, we reveal how the firm's financing and investment policy depends on its cash flow and balance. In the presence of only a proportional cost of external financing, the firm with more cash balance invests earlier; however, the presence of both proportional and fixed costs leads to a non-monotonic relation between the investment time and the cash balance. The firm with more cash balance invests later to save a fixed cost, particularly when the cash balance is close to the investment cost. Our results can potentially account for a variety of empirical results concerning the relation between investment and internal funds.
机译：我们开发了一个动态模型，在该模型中，公司行使选择权，以现金余额和昂贵的外部资金扩大生产。通过证明期权行使区域的性质，我们揭示了公司的融资和投资政策如何取决于其现金流量和余额。在只有成比例的外部融资成本的情况下，拥有更多现金余额的公司会更早地进行投资；但是，同时存在比例成本和固定成本会导致投资时间与现金余额之间存在非单调关系。现金余额更多的公司以后进行投资以节省固定成本，尤其是当现金余额接近投资成本时。我们的结果可能会解释有关投资和内部资金之间关系的各种经验结果。

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