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Investment under uncertainty with financial constraints

机译：有财务约束的不确定性下的投资

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We develop an integrated theory of investment, seasoned equity offerings (SEOs), liquidation, and corporate savings under uncertainty for a financially constrained firm, which features endogenous growth options, abandonment options, and payout policies. Facing costly external financing, the firm prefers to fund its investment internally, so that its optimal policies and value depend on both its earnings fundamentals and liquidity holdings. The firm values not only real flexibility but also financial flexibility. The interaction of real and financial flexibility generates novel real options results: (1) Limited financial slack significantly erodes the value of growth & abandonment options; (2) Firms prefer projects with front-loaded cash-flows; (3) The firm's incentive to forgo costly external financing and to accumulate internal funds may cause substantial delay in investment; (4) A financially constrained firm over-invests in early stages of its life-cycle in an effort to quickly build up its cash-flow generating capacity; (5) SEOs are driven by both firm survival and growth motives. A firm in the mature phase may find itself in three mutually exclusive regions: payout, inaction, and liquidation. A firm in its growth phase may find itself in two additional regions: a region where investment is partly financed with an SEO and a region where investment is solely financed with internal funds. These regions depend on both firm savings and earnings fundamentals. (C) 2019 Elsevier Inc. All rights reserved.
机译：对于具有财务约束的公司，我们开发了一种投资，经验丰富的股票发行（SEO），清算和公司储蓄在不确定性下的综合理论，该理论具有内在的增长选择，放弃选择和支出政策。面对昂贵的外部融资，该公司倾向于内部投资，因此其最佳政策和价值取决于其收益基本面和流动性持有量。该公司不仅重视实际的灵活性，还重视财务的灵活性。实物和财务灵活性的相互作用产生了新颖的实物期权结果：（1）有限的财务松弛严重侵蚀了增长和放弃期权的价值； （2）公司偏爱现金流量最大的项目； （3）公司放弃昂贵的外部融资和积累内部资金的动机可能会导致投资的严重延迟； （4）受财务约束的公司在其生命周期的早期阶段进行了过度投资，以期迅速建立其现金流产生能力； （5）SEO受企业生存和增长动机的驱动。一个处于成熟阶段的公司可能会发现自己处于三个相互排斥的区域：支出，无所作为和清算。一个处于成长阶段的公司可能会发现自己位于另外两个地区：一个地区的投资部分由SEO进行融资，另一个地区的投资仅由内部资金进行融资。这些地区取决于公司的储蓄和盈利基本面。 （C）2019 Elsevier Inc.保留所有权利。

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