| 跨期融资约束条件下企业投资决策的模型研究 |
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| 引用本文： | 张春景,陈永泰. 跨期融资约束条件下企业投资决策的模型研究[J]. 软科学, 2013, 27(2): 90-93,98 |
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| 作者姓名： | 张春景 陈永泰 |
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| 作者单位： | 1. 南京大学会计与财务研究院,南京,210093
2. 南京大学社会科学计算实验中心,南京,210093 |
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| 基金项目： | 教育部人文社会科学基金项目(12YJCZH020);南京大学博士生资助项目(IAPHD) |
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| 摘 要： | 将投资结构和融资约束融入一个模型,并引入跨期的概念。模型分析的结论是:当不考虑融资约束预期时,企业的投资结构不会发生变化,仍保持最优结构;当考虑融资约束预期时,企业投资的流动性结构和风险性结构会发生扭曲,扭曲的方向是增强流动性和安全性。
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| 关 键 词： | 融资约束 投资结构 投资扭曲 流动性 风险性 |
Study on the Model of Investment Decision-making Based on Financing Constraints Cross Time |
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| ZHANG Chun-jing , CHEN Yong-tai. Study on the Model of Investment Decision-making Based on Financing Constraints Cross Time[J]. Soft Science, 2013, 27(2): 90-93,98 |
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| Authors: | ZHANG Chun-jing CHEN Yong-tai |
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| Affiliation: | (a.Research Institute of Accounting & Finance; b.Computational Experiment Center for Social Science,Nanjing University,Nanjing 210093) |
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| Abstract: | This paperbrings investment decision and financing constraints into a model which introduces the concept of the cross time.Result shows that: when does not consider the expectation of financing constraints,enterprise investment structure will not change,still keep the optimal structure;when considering future financing constraints,enterprise will distort the liquidity structure and risk structure towards safer and more liquid investments. |
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| Keywords: | financing constraints investment structure investment distortions liquidity and risk |
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