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首页> 外文期刊>The North American journal of economics and finance >Tangible and intangible investment in corporate finance
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Tangible and intangible investment in corporate finance

机译：公司融资的有形和无形投资

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摘要

Research and development (R&D) investment has increased dramatically in recent decades but not been explored extensively implications for the firms' liquidity management. In this paper, we propose a dynamic model of a financially constrained firm about R&D and physical investment, financing and risk management, and then analyze the market-timing decisions about the corporate liquidation, external equity, credit debt and payout. And the comparative static analysis about R&D is also given. We find that the firm value changes sharply with the obsolescence rate of R&D, the volatility of R&D stocks will decrease the firm value-capital ratio, and R&D investment is more impressionable to financing frictions than physical investment. Our model and analysis provide the new insight into the investment and financing of intangible capital.
机译：研发（R＆D）投资在最近几十年中急剧增加，但并未对公司的流动性管理进行广泛的研究。在本文中，我们针对研发，实物投资，融资和风险管理提出了一个财务受限企业的动态模型，然后分析了有关公司清算，外部股权，信用债务和支出的市场时机决策。并给出了R＆D的比较静态分析。我们发现企业价值随着研发的过时率而急剧变化，研发存量的波动将降低企业的价值资本比率，研发投资比实体投资更容易引起融资摩擦。我们的模型和分析为无形资本的投资和融资提供了新的见解。

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