教師資料查詢 | 類別: 期刊論文 | 教師: 張紘炬 Horng-jinh Chang (瀏覽個人網頁)

標題:The Effects of Financing Policy on Investment Strategy under Price Uncertainty
學年
學期
出版(發表)日期2010/12/01
作品名稱The Effects of Financing Policy on Investment Strategy under Price Uncertainty
作品名稱(其他語言)
著者Chen, po-yuan; Chang, Horng-jinh
單位淡江大學經營決策學系
出版者Mahe: EuroJournals
著錄名稱、卷期、頁數International Research Journal of Finance and Economics 59, pp.23-34
摘要This work attempts to present a model for the optimal investment threshold and the real option value under the price dynamics. We adopt the debt ratio as a measure of the financing policy, determining the weights for funding by debt and by equity. We consider the weight (debt ratio) as an exogenous variable, based on which the threshold and the real option value are obtained by the optimization of an investment opportunity with respect to optimal timing. Sensitivity analyses are then performed to investigate the effects of parameters such as price uncertainty, cost and tax rates, funding rates, market share, and demand elasticity under different funding policy. The results show that the price drift and volatility might demonstrate reversed effects, depending on whether demand elasticity is greater or less than one. However, the market share and the cost rate have no effect on the investment threshold, but have some impacts on real option value. In general, higher debt ratio contributes more to the investment threshold and to the real option value, confirming that financial leverage might serve as a value driver.
關鍵字Financing policy; Price uncertainty; Investment threshold; Real option
語言英文
ISSN1450-2887
期刊性質國外
收錄於
產學合作
通訊作者
審稿制度
國別NYC
公開徵稿
出版型式紙本
相關連結
SDGs
Google+ 推薦功能,讓全世界都能看到您的推薦!