請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/54625完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 洪茂蔚 | |
| dc.contributor.author | Yong-Ran Lin | en |
| dc.contributor.author | 林雍然 | zh_TW |
| dc.date.accessioned | 2021-06-16T03:08:33Z | - |
| dc.date.available | 2025-12-31 | |
| dc.date.copyright | 2015-07-20 | |
| dc.date.issued | 2015 | |
| dc.date.submitted | 2015-06-22 | |
| dc.identifier.citation | Almeida, Heitor, and Murillo Campellp, 2001, Financial constraints and investment-cash flow sensitivities: New research direction, Working paper, Publisher: New York University.
Alti, Aydogan, 2001, How sensitive is investment to cash glow when financing is frictionless? Working paper, Carnegie Mellon University. Baumol, William, and Richard Quandt, 1965, Investment and discount rates under capital rationing-a programming approach, Economic Journal 75, 317-329. Boyle, Glenn W., and Graeme A. Guthrie, 2003, Investment, Uncertainty, and Liquidity, Journal of Finance 5, 2143-2166. Caballero Ricardo, and Robert Pindyck, 1996, Uncertainty, investment, and industry evolution, International Economic Review 37, 641-662. Povel and Raith(2001) Charnes, Abraham, William W. Cooper, and Merton H.Miller, 1959, Applications of linear programming to financial budgeting and the costing of funds, Jounal of Business 31, 20-46. Cleary, Sean, 1999, The relationship between firm investment and financial status, Journal of Finance 54, 673-692. Dasgupta, Sudipto, and Kunal Sengupta, 2002, Financial constraints, investment and capital structure: Implications from a multi-period model, Working paper, University of Sydney. Dixit, Avinash, and Robert Pindyck, 1994, Investment Under Uncertainty (Princeton University Press, Princeton, NJ). Elton, Edwin J., 1970, Capital rationing and external discount rates, Journal of Finance 25, 573-584. Fazzari, Steven, Glenn R. Hubbard, and Bruce Petersen, 1988, Finance constraints and corporate investment, Brookings Papers on Economic Activity 141-195. Ghoshal, Vivek, and Prakash Loungani, 1996, Product market competition and the impact of price uncertainty on investment: Some evidence from US manufacturing industries, Journal of Industrial Economics 44, 217-228. Ghoshal, Vivek, and Prakash Loungani, 2000, The differential impact of uncertainty on investment in small and large businesses, Review of Economics and Statistics 82, 338- 343. Greenwald, Bruce, Joseph Stiglitz, and Andrew Weiss, 1984, Informational imperfections in the capital market and macroeconomic fluctuations, American Economic Review 74, 194-199. Hart, Oliver, and John Moore, 1994, A theory of debt based on the inalienability of human capital, Quarterly Journal of Economics 109, 841-879. Huang, Zhangkai, 2002, Financial constraints and investment-cash flow sensitivity, Working paper, University of Oxford. Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360. Kaplan, Stephen N., and Luigi Zingales, 1997, Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics 112, 169-215. Kaplan, Stephen N., and Luigi Zingales, 2000, Investment-cash flow sensitivities are not valid measures of financing constraints, NBER Working Paper 7659. Mauer, David C., and Alexander J. Triantis, 1994, Interactions of corporate financing and investment decisions: A dynamic framework, Journal of Finance 49, 1253-1277. McDonald, Robert, and Daniel Siegel, 1986, The value waiting to invest, Quarterly Journal of Economics 101, 707-727. Mello, Antonio S., and John E Parsons, 2000, Hedging and liquidity, Review of Financial Studies 13, 127-153. Milne, Alistair, and Elizabeth A. Whalley, 2000, Time to build, option value and investment decisions: A comment, Journal of Financial Economics 56, 325-332. Moyen, Nathalie, 2002, Investment-cash flow sensitivities: The trade-off model versus the internal-fund model, Working paper, University of Colorado at Boulder. Myers, Stewart C., 1972, A note on linear programming and capital budgeting, Journal of Finance 37, 89-92. Myers, Stewart C., and Nicholas S. Majuluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221. Povel, Paul, and Michael Raith, 2001, Optimal investment under finance constraints: The roles of internal funds and asymmetric information, Working paper, University of Minnesota. Shin, Hyun-Han, and Rene Stulz, 2000, Shareholder wealth and firm risk, Ohio State University Dice Center Working Paper. 2000-19. Stulz, Rene, 1990, Management discretion and optimal financing policies, Journal of Financial Economics 26, 3-27. Weingartner, Martin H., 1977, Capital rationing: n authors in search of a plot, Journal of Finance 32, 1403-1432. Whited, Thoi M., 2002, External finance constraints and the intertemporal pattern of intermittent investment, Working paper, University of Iowa. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/54625 | - |
| dc.description.abstract | 在此論文中，將分析一家面對內生融資限制公司的動態投資決策。未來資金短缺的風險將會使公司投資專案的選擇權利之價值降低，並且加速投資行為，而目前資金不足也會使公司無法在想投資時任意實行投資專案。當公司的現金存量遵守幾何布朗運動過程(Geometric Brownian motion process)時，投資專案價值也會受到其不確定性影響，同時投資專案的獲利也為一布朗運動，本文將以偏微分方程的數值解來對理論上的解做映證並討論其中機制。此外，也會討論以其他方式影響投資行為的資本市場阻力，如投資對於現金流之敏感度、投資不缺定性及公司流動性分別有何關係，而這些結果指出：
1. 投資對於現金流之敏感性對於高流動性公司較高。 2. 越大的不確定性對於投資的效果有兩種不同向之效果，因此最終結果要視兩種效果之大小關係而定。 | zh_TW |
| dc.description.abstract | In this thesis, I will analyze the dynamic investment decision of a firm subject to an endogenous financing constraint. The threat of future funding shortfalls lowers the value of the firm’s timing options and encourages acceleration of investment beyond the first-best optimal level. As well as highlighting another way by which capital market friction can distort investment behavior, this result implies that
1. The sensitivity of investment to cash flow can be greatest for high-liquidity firms. 2. Greater uncertainty has an ambiguous effect on investment. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-16T03:08:33Z (GMT). No. of bitstreams: 1 ntu-104-R02724077-1.pdf: 1049199 bytes, checksum: 2394451e99a299fce58275ef66af034d (MD5) Previous issue date: 2015 | en |
| dc.description.tableofcontents | 口試委員審定書 I
致謝 II 中文摘要 III ABSTRACT IV 目錄 V 圖目錄 VI 表目錄 VII 第一章 緒論 1 第一節 研究動機與背景 1 第二節 研究目的 1 第三節 研究架構 2 第二章 文獻探討 3 第三章 投資環境設定 6 第四章 最適投資策略 9 第一節 最適投資策略分析 9 第二節 最適投資策略之解 12 第五章 投資不足、投資加速及流動性 26 第六章 投資與不確定性 30 第七章 結論 32 參考文獻 34 | |
| dc.language.iso | zh-TW | |
| dc.subject | 不確定性 | zh_TW |
| dc.subject | 流動性 | zh_TW |
| dc.subject | 不確定性 | zh_TW |
| dc.subject | 投資權利價值 | zh_TW |
| dc.subject | 動態投資決策 | zh_TW |
| dc.subject | 動態投資決策 | zh_TW |
| dc.subject | 流動性 | zh_TW |
| dc.subject | 投資權利價值 | zh_TW |
| dc.subject | dynamic investment decision | en |
| dc.subject | dynamic investment decision | en |
| dc.subject | liquidity | en |
| dc.subject | uncertainty | en |
| dc.subject | liquidity | en |
| dc.subject | uncertainty | en |
| dc.title | 不確定性及流動性對於企業投資權利價值之影響 | zh_TW |
| dc.title | Impact of Uncertainty and Liquidity to the Value of an Investment Option of a Company | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 103-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 馮詩蘋,邱琦倫,蔡佳芬,蔡豐澤 | |
| dc.subject.keyword | 動態投資決策,投資權利價值,流動性,不確定性, | zh_TW |
| dc.subject.keyword | dynamic investment decision,liquidity,uncertainty, | en |
| dc.relation.page | 36 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2015-06-23 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| 顯示於系所單位： | 國際企業學系 | |
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