基于企业投融资决策协同互动的实物期权分析  

Real Option Analysis on Interaction Effects and Harmonizing Decisions between Investment and Financing

作　　者：刘星[1] 彭程[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《系统工程》2007年第4期59-63,共5页Systems Engineering

基　　金：国家自然科学基金资助项目(70372041)

摘　　要：利用实物期权的方法建立了企业投资与负债融资的协同决策模型。通过对模型的分析,揭示了企业投融资政策之间相互影响、共生互动的关系。结果表明,只有实现了投资与融资决策的协同与互动,才能达到股东价值最大化的目标。文章的分析为企业投融资协同决策提供了一个有效的思维框架,对改善我国公司投融资决策效率、增进企业经营效益具有良好的启迪意义。This paper analyzes equlty-holders＇ investment and financing decisions under the real option models. The analysis on these models highlights interaction effects between policies of investment and financing, and the fact of being determined simultaneously. The results hold that it is the only way maximizing the value of stockholders that decision-makers realize interactions of investment and financing, and harmonize these two decisions each other. This conclusion can help us harmonize investment decisions and financing decisions each other, and improve efficiency of investment and financing, hence better performance for enterprises.

关 键 词：投资决策 融资决策 互动关系 协同 实物期权 

分 类 号：C931[经济管理—管理学]