全部 标题 作者
关键词 摘要

OALib Journal期刊
ISSN: 2333-9721
费用:99美元

查看量下载量

相关文章

更多...

基于资金供应链价值视角的最优现金持有方案研究

, PP. 92-101

Keywords: 现金持有方案,预期投资收入,现金分红,报童模型,资金供应链

Full-Text   Cite this paper   Add to My Lib

Abstract:

?内部资金的配置不当常常引发公司高层的控制权争夺而损害公司利益。在投资项目中如何设计包含预期投资收入和现金分红比例组合要素在内的最优现金持有方案以提升公司价值成为公司所有者和高管共同面临的问题。本文借鉴报童模型,以公司所有者为先行者,建立了两者之间的斯塔克伯格博弈模型,分析最优现金持有方案的设置及其对公司所有者和高管的影响。研究发现:风险中性的公司所有者总会接受高管内部参股投资,并设置行业现金分红比例以给予高管资金使用方便;最优现金持有方案下,高管总会倾向于选择内部参股而不选择外部投资;此时,公司所有者的收益和资金供应链的效率都会提高,而高管选择外部引资是否能提高收益则取决于已有的薪酬合同水平。研究结论既支持了内部资金市场的"收集有利信息"假说,同时也对公司所有者在控制权私利倾向较强的职业经理人市场中如何科学决策有着重要的借鉴意义。

References

[1]  Lariviere M A, Porteus E L. Selling to the newsvendor: An analysis of price-only contracts[J]. Manufacturing & Service Operations Management, 2001, 3(4): 293-305.
[2]  Xu Xiaodong, Birge J. Joint production and financing decisions: Modeling and analysis[R]. Working Paper, Morthwestern University,2004.
[3]  Kouvelis P, Zhao Wenhui. Financing the newsvendor: Supplier vs. bank, and the structure of optimal trade credit contracts[J]. Operations Research, 2012, 60(3): 566-580.
[4]  Rozeff M S. Growth, beta and agency costs as determinants of dividend payout ratios[J]. Journal of Financial Research, 1982, 5(3):249-259.
[5]  Easterbrook F H A. Two agency-cost explanations of dividends[J]. American Economic Review, 1984, 74(4):650-659.
[6]  Jensen M C. Agency costs of free cash flow, corporate finance, and takeovers[J]. American Economic Review, 1986, 76(2):323-329.
[7]  Duchin R, Sosyura D. Divisional managers and internal capital markets[J]. The Journal of Finance, 2013, 68(2): 387-429.
[8]  Rajan R, Servaes H, Zingales L. The cost of diversity: The diversification discount and inefficient investment[J]. The Journal of Finance, 2000, 55(1): 35-80.
[9]  Xuan Yuhai. Empire-building or bridge-building? Evidence from new CEOs' internal capital allocation decisions[J]. Review of Financial Studies, 2009, 22(12): 4919-4948.
[10]  Cohen L, Frazzini A, Malloy C. The small world of investing: Board connections and mutual fund returns[J]. Journal of Political Economy, 2008, 116(5): 951-979.
[11]  Engelberg J, Gao Pengjie, Parsons C A. Friends with money[J]. Journal of Financial Economics, 2012, 103(1): 169-188.
[12]  Babich V, Sobel M J. Pre-IPO operational and financial decisions[J]. Management Science, 2004, 50(7): 935-948.
[13]  Ding Qing, Dong Lingxiu, Kouvelis P. On the integration of production and financial hedging decisions in global markets[J]. Operations Research, 2007, 55(3): 470-489.
[14]  Modigliani F, Miller M. The cost of capital, corporation finance and the theory of investment[J]. American Economic Review, 1958, 48(3)261-297.
[15]  Buzacott J A, Zhang R Q. Inventory management with asset based financing[J]. Management Science, 2004, 50(9):1274-1292.

Full-Text

Contact Us

service@oalib.com

QQ:3279437679

WhatsApp +8615387084133