| 股票误价与理性管理者融资决策 |
| |
| 引用本文： | 李占雷,高俊山.股票误价与理性管理者融资决策[J].山东工商学院学报,2008,22(1):70-72. |
| |
| 作者姓名： | 李占雷 高俊山 |
| |
| 作者单位： | 北京科技大学,管理学院,北京,100083 |
| |
| 摘 要： | 构建了致力于公司价值最大化的理性管理者,考虑了投资者非理性影响的决策模型,并依据模型指出,感知到公司股票被市场误价的视野不同理性管理者,基于杠杆约束和股票的市场价格压力考虑,倾向在公司股票被市场高估时,选择股票增发,公司股票被市场低估时选择回购。
|
| 关 键 词： | 股票误价 融资决策 理性管理者 |
| 文章编号： | 1672-5956(2008)01-0070-03 |
| 修稿时间： | 2007年11月20 |
Share Mispricing and Financing Decisions of Rational Managers |
| |
| LI Zhan-lei,GAO Jun-shan.Share Mispricing and Financing Decisions of Rational Managers[J].Journal of Shandong Institute of Business and Technology,2008,22(1):70-72. |
| |
| Authors: | LI Zhan-lei GAO Jun-shan |
| |
| Institution: | LI Zhan-lei,GAO Jun-shan(School of Economics , Management,University of Science , Technology(Beijing),Beijing 100083,China) |
| |
| Abstract: | This paper presents a financing decision model which the rational managers make who seeks to maximize the value of the firms for which they work under the irrational investors approach,the model shows that the managers may issue new shares when the share price was overvalued,and repurchase shares when the price was undervalued based on the constrained lever and the pressed price. |
| |
| Keywords: | share mispricing financing decisions rational managers |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
|
