Risk Management: Coordinating Corporate Investment and Financing Policies
构建了一个分析企业风险管理政策的通用框架，指出当外部融资成本高于内部资金时，对冲能确保内部资金充足以抓住投资机会，并探讨了策略如何随投资和融资机会的冲击而变化。
ABSTRACT This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it helps ensure that a corporation has sufficient internal funds available to take advantage of attractive investment opportunities. We then argue that this simple observation has wide ranging implications for the design of risk management strategies. We delineate how these strategies should depend on such factors as shocks to investment and financing opportunities. We also discuss exchange rate hedging strategies for multinationals, as well as strategies involving “nonlinear” instruments like options.