环境动态性、战略资产与债务融资

综合考虑产品市场竞争强度、需求波动和技术冲击,以企业价值最大化为目标,建立了最优资本结构模型,探讨环境动态性、战略资产与融资决策间的关系:先在目标函数中直接引入需求波动和技术冲击,通过改变选择战略资产的企业数,间接引入产品市场竞争强度;随后,设计了两个激励相容约束.利用数值试验,证明了环境发生不利变化时企业保持竞争优势的策略是投资于战略资产;债务融资有利于实现战略资产上的价值,但其前提是建立有效的外部监控机制.

Relationship of environmental dynamism,strategic assets and debt financing

This paper provided an optimal capital structure model,in which we maximized the company's value as the objective function of the problem.In the model,output decisions and financing decisions were affected by environmental dynamism including competition in product market,demand fluctuation and technology shock.We designed the objective function by introducing demand fluctuation and technology shock directly.In the objective function,we also considered indirectly the competition in product market by adjustin...