融资差异对企业投资决策的影响分析  

Effect of Financial Difference to Enterprise Investment Decision

作　　者：韩文秀[1] 秦峰[1] 王静[2] 

机构地区：[1]天津大学管理学院,天津300072 [2]渤海银行股份有限公司业务运营部,天津300204

出　　处：《天津大学学报（社会科学版）》2007年第3期208-210,共3页Journal of Tianjin University：Social Sciences

基　　金：国家自然科学基金项目(79970043)

摘　　要：由于内部融资和外部融资的成本差异,企业推迟投资获得了更多的信息,但也提高了投资成本。通过对当期投资和延迟投资收益的比较分析,得到不同时期企业投资临界值和投资规则。分析结果表明,融资差异影响企业的投资决策,投资决策的临界值与融资差异并不总是单调的,其变化趋势受自有资金和企业投资总额的影响。As a result of the difference between internal financing and external financing cost, the enterprise delays the investment to obtain more information, but at the same time enhances the investment cost. By comparing the investment income of time investment and wating investment, it is obtained the investment threshold value and rules in different periods. The analysis result shows that the financing difference influences the investment decision of enterprises. The relation between the investment threshold value and the financing difference is not always monotonous; it changes with the enterprise internal fund and total investment.

关 键 词：融资差异 融资成本 投资决策 现金留存 

分 类 号：F830.593[经济管理—金融学]