タイトル(掲載誌)Discussion Papers In Economics And Business
一般注記We develop a dynamic model in which a firm exercises an option to expand productionwith cash balance and costly external funds. While related papers explain their resultsonly by numerical examples, we analytically prove the following results. In the presence ofonly a proportional cost of external financing, the firm with more cash balance invests earlier;however, the presence of both proportional and fixed costs leads to a non-monotonicrelation between the investment time and cash balance. The firm with more cash balanceinvests later to save a fixed cost, particularly when the cash balance is close to theinvestment cost. Our results can potentially account for a variety of empirical resultsconcerning the relation between investment volume and financing constraints.
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース(IRDB)(機関リポジトリ)