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1、原文:原文:ManagerialDiscretionOptimalFinancingPoliciesIntroductionInthispaperIinvestigatehowfinancingpoliciescanbeusedtorestrictmanagement’sabilitytopursueitsownobjectiveswhenithasinfmationthatshareholdersdonothave.Ishowthat
2、optimalfinancingpoliciesreducethecostsshareholdersbearifmanagementtendstoinvesttoomuchthatthesepoliciesdependonthedistributionofcashflowineachperiodaswellasontheirpresentvalue.Considerafirmwithatomisticshareholderswhoobs
3、erveneitherthefirm’scashflownmanagement’sinvestmentdecisions.Iassumeitiscostlyfshareholderstoactcollectivelyoncecashflowhasaccruedsotheycannotfcemanagementtopayoutcash.Themanagersvalueinvestmentbecausetheirperquisitesinc
4、reasewithinvestmentevenwhenthefirminvestsinnegativepresentvalue(NPV)projects.ConsequentlywhencashflowishightheyinvestinnegativeNPVprojectsratherthanpayoutcash.Theinfmationalasymmetrybetweenmanagersshareholdersleadstoinef
5、ficientinvestmentwhencashflowislowbecausemanagementcannotcrediblyconvinceshareholdersthatcashflowisinsufficienttotakeadvantageofallpositiveNPVopptunities.Managementalwaystellsshareholdersthatthefirmcannottakeadvantageofa
6、llitspositiveNPVopptunities.Consequentlyshareholdersneverbelievemanagement’sassertionthatcashflowistoolowbecausemanagementalwaysbenefitsfromincreasinginvestment.Debtpaymentsfcemanagerstopayoutcashflowhencereduceinvestmen
7、tinallstatesofthewld.Consequentlydebtpaymentsaffectshareholderwealthbothpositivelybyreducinginvestmentwhenitwouldotherwisebetoohighnegativelybyinhibitingadvantageousinvestmentinotherstatesofthewld.Thetradeoffbetweentheco
8、stthebenefitofdebtimpliesthatthereisadebtpaymentthatmaximizesfirmvalue.Theoptimaldebtpaymentisnegativewhenshareholdersbenefitbygivingmanagementmeresourcestodecreasetheprobabilitythatagoodthatliquidationatdate1involvesthe
9、lossofthefirm’sinvestmentopptunities.Ifthefirmdoesnotdefaultatdate1itliquidatesatdate2.TomakeitpossibletodistinguishsharplybetweenequitydebtfinancingIassumethatdefaultatdate2hasanarbitrarilysmallstrictlypositivecost.With
10、thisassumptionthefirmneverissuesdebtunlessithassomeadvantagethatatleastoffsetsthedefaultcost.TypicallyonewouldexpectmarketparticipantstohavesomeknowledgeofRImanagerialcompensationcontractstomakeuseofthatknowledgetoincrea
11、semanagerialincentivestomaximizeshareholderwealth.ThemodelIdevelopignesthesecomplicationsconsequentlyappliestofirmswherecontractingsolutionshavelimitedvaluewhereshtofliquidatingthefirmshareholdershaveconsiderableuncertai
12、ntyaboutthefirm’struevaluemanagement’sinvestmentpolicy.Managementislikelytovalueinvestmentmethanshareholdersdofnumerousreasons.Finstancemanagersoflargerfirmshavegreatervisibilityhavemeperkstodispensetotheiremployeesarebe
13、tterabletopromoteemployeeswithinthefirmsofth.RatherthanmodelthereasonfwhichmanagementvaluesinvestmentIassumethatmanagement’sutilityincreaseswiththeconsumptionofperquisitesthatthisconsumptionisafunctionofdate1investmenton
14、ly.Eachunitofinvestmentisassumedtoproduceanonstochasticpositiveamountofperquisitesthatisanincreasingfunctionoftheinvestment’sNPV.ThisassumptioninsuresthatmanagementinvestsinthepositiveNPVprojectsfirst.Itcanbemotivatedasf
15、ollows:negativeNPVprojectsconsumecpateresourcesinthefuturewhereaspositiveNPVprojectsincreasetheseresources.Consequentlymanagementthatvaluesinvestmentwouldratherinvestinprojectsthatenableittoincreasefutureinvestment.Since
16、inthismodelthefirmliquidatesatdate2makingtheperquisitespositivelyrelatedtotheNPVofprojectsisanindirectwaytoaccountfmanagement’spreferencefinvestmentinprojectsthatexpresourcesunderitscontrol.Ifmanagementdoesnotremaininpla
17、ceatdate1itconsumesnoperquisites.Withtheseassumptionsmanagementbenefitsfrombeingincontrolatdate1investsallcashflowunlessfcedtodootherwise.IassumethatmanagementreceivesafixedwagehasnostakeinthecpationimplicitlyIassumethat
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