作业帮请问谁有Optimal Equity Financing of the Corpor这篇文章的啊,有的拜托了,万分感
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请问谁有Optimal Equity Financing of the Corpor这篇文章的啊,有的拜托了,万分感
我有,pdf的,jstor的.
给你看看预览第一页,想要全文的话,再多加100分悬赏,留个邮箱我就发给你.
我也没办法.看文不给分的太多了.互相之间都要有点诚意,你说是不?
OPTIMAL EQUITY FINANCING OF THE CORPORATION
Clement G.Krouse and Wayne Y.Lee*
I.Introduction
Considerable literature in the investment,growth,and financing of
the corporation has developed in recent years.While theoretical studies in
this area have contributed importantly to the understanding of the firm's
time-optimal decision program,they have generally been limited in scope to
the all-internally-funded firm and steady-state dynamics.The well-known
analyses of Gordon [7] and Lintner [13] are typical of this restricted focus.1
Herein we relax these specializing conditions,both by permitting external
equity as a financing alternative and by not a priori requiring the firm to
make identical (earnings proportional) investment and financing decisions at
every time instant such that it progresses only along a constant,exponen-
tially growing earnings path.
A central feature of the current model is the development of an expres-
sion for the firm's value to the initial shareholder which,as new external
equity is employed,does not attendantly require maintaining either a share-
price differential equation or a steady-state growth assumption.In a fashion
analogous to prior studies,however,a natural upper limit to the firm's rate
of asset growth is postulated.As a final element of the model,a differen-
tial equation relating the firm's investment and financing decisions and its
prevailing earnings level is defined.Based on these constructs in a per-
manent growth model,all solution cases (transitory and sustainable) for