经济学院学术报告之杨金强（一）

报告题目：Investment under Uncertainty with Financial Constraints

报告时间：2017年12月14日（星期四）10:00-10:50

报告地点：翡翠湖校区科教A楼第一会议室

报 告 人：杨金强教授

工作单位：上海财经大学金融学院

举办单位：经济学院

报告人简介：

    杨金强，上海财经大学金融学院教授，博士生导师，证券期货系主任。湖南大学和哥伦比亚大学联合培养博士，教育部首批“长江学者”青年学者，国家优秀青年基金获得者，教育部“新世纪优秀人才支持计划”获得者, 霍英东教育基金获得者，上海市首批青年拔尖人才，上海市晨光学者。近年来主要致力于动态公司金融和资产定价的理论研究。已发表或接受待发表论文37篇学术期刊论文，国际顶尖金融学和经济学期刊论文5篇，其中包括3篇Journal of Financial Economics，1篇Review of Financial Studies和1篇Journal of Economic Theory；其他国际知名金融学和经济学SSCI期刊论文20篇；国内权威期刊论文12篇，其中包括5篇《经济研究》和2篇《管理科学学报》。论文连续多年入选国际顶级金融学年会(AFA、WFA、EFA)。

报告简介：

    We develop a theory of investment, seasoned equity offerings (SEOs), and corporate savings under uncertainty for a financially constrained firm, featuring growth and abandonment options and payout policies. Facing costly external financing, the firm prefers to fund its investment internally, so that its optimal policies and value depend on both its earnings fundamentals and liquidity holdings. The firm values not only real flexibility but also financial flexibility. The interaction of real and financial flexibility fundamentally alters the standard real options results: (1) The value of growth and abandonment options effectively vanishes for firms with low internal financing ability; (2) As the firm’s savings accumulate, its incentive to forgo costly external financing and rely solely on internal funds for investment increases, which causes it to substantially delay its investment; (3) A financially constrained firm over-invests in early stages of its life-cycle in an effort to quickly build up its cash-flow generating capacity and thereby relax its future financial constraints. Our theory of SEOs captures both firm survival and growth motives, and is broadly consistent with the empirical evidence.