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在不完全市场假设条件下,研究企业现金持有量对企业的投资经营决策及其投资期权价值的影响。研究发现:首先,与完全市场假设条件下的结果不同,在考虑现金持有量的不完全市场假设条件下,企业的退出临界值远低于其经营成本,并且随着企业现金持有量的增加,企业的退出临界值随之下降。其次,企业投资的临界值要严格大于其退出的临界值,随着现金流的增加,企业投资的临界值会相应的减小。另外,现金持有量的增加严格增加了企业等待阶段投资期权的价值,并且这种影响是非线性的。
Under the assumption of incomplete market, this paper studies the effect of cash holdings on the investment and management decisions of enterprises and the value of their investment options. The research finds that, firstly, under the condition of complete market hypothesis, under the incomplete market hypothesis of cash holdings, the exit threshold of enterprises is much lower than their operating costs, and as the cash holdings Increase, the exit threshold of enterprises will drop accordingly. Second, the critical value of corporate investment should be strictly greater than the threshold of its exit, with the increase of cash flow, the critical value of corporate investment will be reduced accordingly. In addition, the increase of the cash holdings strictly increases the value of the investment options in the waiting period of the enterprise, and the impact is nonlinear.