تأمین مالی بدهی و کمک های نقدی
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تأمین مالی بدهی و کمک های نقدی

عنوان فارسی مقاله: اثر متقابل تأمین مالی بدهی، کمک های نقدی و سیاست مطلوب سرمایه گذاری در عدم اطمینان
عنوان انگلیسی مقاله: The interaction of debt financing, cash grants and the optimal investment policy under uncertainty
مجله/کنفرانس: مجله اروپایی تحقیقات عملیاتی – European Journal of Operational Research
رشته های تحصیلی مرتبط: اقتصاد، مدیریت
گرایش های تحصیلی مرتبط: اقتصاد مالی، مدیریت مالی
کلمات کلیدی فارسی: امور مالی شرکت، زمان بندی سرمایه گذاری، تامین مالی، کمک هزینه سرمایه گذاری، گزینه واقعی
کلمات کلیدی انگلیسی: Corporate finance، Investment timing، Financing، Investment subsidy، Real option
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus – Master Journals List – JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.ejor.2018.12.036
دانشگاه: Faculty of Economics and Management, Otto von Guericke University Magdeburg, Universitaetsplatz 2, D-39106 Magdeburg, Germany
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2019
ایمپکت فاکتور: 4.712 در سال 2019
شاخص H_index: 226 در سال 2020
شاخص SJR: 2.205 در سال 2019
شناسه ISSN: 0377-2217
شاخص Quartile (چارک): Q1 در سال 2019
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 16
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: خیر
آیا این مقاله مدل مفهومی دارد: ندارد
آیا این مقاله پرسشنامه دارد: ندارد
آیا این مقاله متغیر دارد: ندارد
کد محصول: E14846
رفرنس: دارای رفرنس در داخل متن و انتهای مقاله
فهرست انگلیسی مطالب

Abstract


۱٫ Introduction


۲٫ Literature review


۳٫ The model


۴٫ Comparative statics


۵٫ Conclusion


Acknowledgments


Appendix: Proofs


References

نمونه متن انگلیسی مقاله

Abstract


Significant progress has been made toward understanding a levered firm’s optimal investment policy under uncertainty. To date, however, not much work has concentrated on the time scale trade-off and collectively held real options. We employ a game-theoretic real option model between a firm and a government to analyze the effect of uncertainty and investment stimulus in the form of cash grants on optimal investment timing, financing and investment scaling. We find that the jointly held real option between the firm and the government leads to underinvestment, regardless of whether the firm has the possibility to issue debt. Subsidies, however, reduce the level of underinvestment. Notably, the results indicate that even though levered firms receive less support, they invest more than unlevered firms. This challenges recent findings that a firm’s optimal investment level is not affected by the way it finances a project. Similarly, we find that for realistic parameter constellations the levered firm’s optimal investment threshold can be higher than that of its unlevered counterpart. This indicates that the availability of tax shield benefits does not necessarily serve as an incentive to invest earlier. Finally, we show that the effect of cash flow uncertainty on the equilibrium level of grants is ambiguous and triggers the switch from a subsidy to non-subsidy regime.


Introduction


One of the key strategic decisions in firms concerns the timing and financing of an investment. According to corporate finance theory, firms have to consider two trade-offs. First, the optimal investment timing decision is determined by the trade-off between early commitment to cash flows and late commitment to maintaining managerial flexibility. Second, the optimal leverage decision is determined by the trade-off between interest tax shield benefits and bankruptcy costs of debt in the event of default. Option-based valuation of investments has been proposed as an efficacious analytical tool for addressing these trade-offs and the literature provides guidance on how to determine the optimal investment timing of an unlevered firm under uncertainty (see, e.g., Dixit & Pindyck, 1994; Mauer & Triantis, 1994; McDonald & Siegel, 1986; Trigeorgis, 1999; Trigeorgis & Tsekrekos, 2018). These approaches have been extended to take the financing decision into account, especially debt financing by means of corporate bonds (see, e.g., Mauer & Sarkar, 2005; Shibata & Nishihara, 2012). ∗ Corresponding author. E-mail addresses: elmar.lukas@ovgu.de (E. Lukas), thiergart@embever.com (S. Thiergart). However, bonds are not the only source of financing key strategic investments. Different kinds of public support are also important sources of financing. According to a recent report by the European Commission, EU Member States granted a total amount of roughly EUR 10.9 billion to promote corporate R&D investments in 2010, which corresponds to circa 18 percent of total aid for industry and services.1 Besides tax credits, the most common types of governmental support are cash grants and infrastructure assistance (e.g., site procurement and preparation). One program that offers such cash grants is the Texas Enterprise Fund (TEF). Since its creation in 2004, it has awarded over 140 cash grants to levered multinationals such as Apple Inc., eBay, Lockheed Martin, Samsung and T-Mobile totaling nearly $600 million for investment projects (see Table 1).

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