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Option - based investment and financing behavior research

Author: ZouHang
Tutor: ZhaoDeWu
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Options Investment and Financing Management options
CLC: F275
Type: Master's thesis
Year: 2005
Downloads: 396
Quote: 1
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Abstract


Source of topics and study significant topics in this article comes from the Ministry of Education, chaired by Professor Zhao Dewu humanities and social science research base of major project investment and financing company based on derivative financial instruments \Since the 1970s, the innovative financial instruments to dominate the development of the modern financial industry. In other countries, the financial derivatives market is more mature, more use of derivatives for investment and financing and risk control. At present, China's investment and financing was largely based on the basic financial instruments, trading tools to assessment methods, basic financial instruments as the core. With the development of China's financial markets, the deepening of innovative financial instruments will dramatically change the environment of investment and financing, to broaden its selection, also inevitably bring new breakthroughs in theoretical research. This is based on option background, examine options on corporate investment and financing behavior and corporate investment and financing options specific use. Therefore, this study has a forward-looking and important theoretical and practical significance. , Main content and opinions in this article first examine the nature and the intrinsic link with the investment and financing behavior of options, and then focuses on the use of the company's short-term investment and financing of financial options, the use of long-term investment and financing of financial options as well as long-term investment management in the use of the real options approach, and finally for the investment and financing management innovation in the context of the option put forward relevant policy recommendations. In the structure, in addition to the introduction, the text is divided into five parts. Part I: investment and financing options with the company internal relations. The part of the first departure from the nature of the investment and financing behavior analysis of the company with the financial objectives of the investment and financing behavior correlation between the mode selection, investment and financing behavior is a certain constraint under the conditions of the company's financial goals. Second, we examine the nature of the option, the scope of behavior patterns that option is the unity of the financial concepts and financial instruments, which is the theoretical basis of analysis of options and corporate investment and financing behavior intrinsically linked. Again, analyzed the internal relations of the investment and financing options with the company: the concept of options to meet the practical requirements of the investment and financing behavior; the option tools meet the flexibility requirements of the investment and financing behavior; options is conducive to the re-integration of the company investment and financing behavior. The impact of options on the company's investment and financing behavior in two ways: as a derivatives, options for corporate investment and financing a new object, broadening the company's investment and financing channels, to promote the innovation of the Company's investment and financing strategies; as a kinds of quantifiable decision-making system, to the Company's investment and financing strategic decision provides a new way of thinking. In short, the dual function of the option set of concepts and tools to meet the internal needs of the investment and financing behavior. Part II: short-term investment and financing the use of financial options. This part, the specific study options on the specific impact of the investment and financing behavior and corporate investment and financing the specific use of the option. This section mainly to study the impact of the options on short-term investment and financing. The first analyzes the impact of options on the company's working capital investment. Based on a review and analysis of traditional working capital investment theory, and certainly outside the company capital market imperfections, the traditional theory guiding value for the company's working capital investment arrangements. Then contacts the development of capital markets, to expand the traditional working capital investment theory, the re-division of the Company's current assets investment structure for the organization, divided into current assets to the basic current assets (one current assets) and preparatory current assets (the secondary current assets). This classification is not only has a basis in reality, but also has the theoretical value. Although this phenomenon exists in the Company's investment and financing in reality, it does not cause the attention of the company management. The theoretical value is to build an open classification system, broadening the vision of the Company's investment and financing. Then further investigated to expand the company's operations capital investment theory and options contact. This paper argues that: the emergence of financial options to broaden the the currency conversion funnel funds to the secondary current assets, short-term diversified investment; highlights the two current assets structured problem, so that the company in the short-term investment projects the specific arrangements of a practical issue; combination of demand and liquidity preference of the two current assets based on the profit motive from pure portfolio; Current assets investment arrangements between the level of current assets and current assets II the dynamic flow, which requires to guarantee the Dynamic Balance. Second, study the impact of options on the company's working capital financing. This effect in two ways: first, as a separate short-term financing instruments, expanding the company's working capital financing channels; derived by the company's working capital investment and regroup Now that the presence of short-term financing methods . Finally, the financial option overall arrangements of the Company's working capital investment and financing. From the point of view of the maturity structure of assets and liabilities, robust financing arrangements as a financial option investment financing strategies, the working capital of the Company operate an ideal investment and financing strategies in the context of the option. Part III: Financial Options on the development of long-term financing behavior. First analyzed the internal financing and the financial effects of stock options, stock options internal financing is divided into two stages, and research. From the date of issue of the internal stock options, stock options and financing can obtain the maximum EPS, the impact of the company's capital structure is positive; exercise date, the financing and the financial effects of the stock options depends on EBIT forecast and control. In this section, the adjustment of the value of the company through the introduction of the value of human capital, the positive impact on the value of the company stock options internal financing methods. Secondly, the effects of convertible bonds, the company's long-term financing on our financing higher technical requirements. Part IV: Real Options on the development of the investment behavior of the physical assets of the Company. In this section, the departure from project value qualitative and quantitative aspects of the provisions of analysis, put forward the concept of financial decision qualitative requirements of the project value, financial instruments decided to project the amount of provisions. On this basis, the effects of different financial concept of value of the project under the qualitative requirements and operational reality in the value of the project and the concept of spending options can more accurately reveal the qualitative requirements of the project value. Then, the real options expand the study, and describes the basic elements of the Real Option Pricing and specific categories of real options and real options approach to long-term physical assets investment through a deferral option instance

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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