Investment options with debt-financing constraints

被引：5
|
作者：
Koussis, Nicos [1 ]
Martzoukos, Spiros H. [2 ]
机构：
[1] Frederick Univ Cyprus, Dept Accounting Finance & Econ, CY-1036 Nicosia, Cyprus
[2] Univ Cyprus, Dept Publ & Business Adm, CY-1678 Nicosia, Cyprus
来源：
EUROPEAN JOURNAL OF FINANCE | 2012年 / 18卷 / 07期
关键词：
capital structure; financing constraints; endogenous default; real options; R&D; growth options; OPTIMAL CAPITAL STRUCTURE; AGENCY COSTS; CORPORATE-DEBT; INFORMATION; RETURN; RISK; FLEXIBILITY; DECISIONS; CONFLICTS; MARKETS;
D O I：
10.1080/1351847X.2011.603347
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
A contingent claims model is used to study the impact of debt-financing constraints on firm value, optimal capital structure, the timing of investment and other variables, such as credit spreads. The optimal investment trigger follows a U shape as a function of exogenously imposed constraint. Risky, equity-financed R&D growth options increase firm value by increasing the option value on unlevered assets, while their impact on the net benefits of debt is small.
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页码：619 / 637
页数：19
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