A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
为财务受限企业构建了一个动态模型，强调内生流动性边际价值对企业投资、融资和风险管理决策的核心作用，并得出三个主要结论。
ABSTRACT We propose a model of dynamic investment, financing, and risk management for financially constrained firms. The model highlights the central importance of the endogenous marginal value of liquidity (cash and credit line) for corporate decisions. Our three main results are: (1) investment depends on the ratio of marginal q to the marginal value of liquidity, and the relation between investment and marginal q changes with the marginal source of funding; (2) optimal external financing and payout are characterized by an endogenous double‐barrier policy for the firm's cash‐capital ratio; and (3) liquidity management and derivatives hedging are complementary risk management tools.