Firms as Portfolios: A Mean-Variance Analysis of Unquoted UK Companies
运用均值-方差投资组合框架，研究非上市英国公司在固定投资、存货投资、商业信用和借款等资产负债表项目上的选择行为，发现这些项目是联合决定的。
This paper adopts a mean-variance portfolio framework to model the balance sheet behavior of unquoted companies with respect to choice items such as fixed investment, investment in stocks, trade credit, and borrowing. Econometric results for a sample of thirty-nine U.K. firms are consistent with many of the restrictions implied by portfolio theory, in particular that these balance sheet items are jointly determined. Copyright 1989 by Blackwell Publishing Ltd.