The Value of Financial Flexibility
构建了一个模型，内生化动态融资、投资和现金留存/支付政策，分析财务灵活性如何影响企业价值，发现外部融资成本、税率、增长潜力和资本可逆性等因素决定了财务灵活性的价值。
ABSTRACT We develop a model that endogenizes dynamic financing, investment, and cash retention/payout policies in order to analyze the effect of financial flexibility on firm value. We show that the value of financing flexibility depends on the costs of external financing, the level of corporate and personal tax rates that determine the effective cost of holding cash, the firm's growth potential and maturity, and the reversibility of capital. Through simulations, we demonstrate that firms facing financing frictions should simultaneously borrow and lend, and we examine the nature of dynamic debt and liquidity policies and the value associated with corporate liquidity.