Through the analysis of the insufficiency of the modern theory of capital structure, the paper introduces the conception of financial flexibility under uncertain setting. The value of financial flexibility is determin...
详细信息
Through the analysis of the insufficiency of the modern theory of capital structure, the paper introduces the conception of financial flexibility under uncertain setting. The value of financial flexibility is determined by the real option, and the theory of capital structure is modified by the way that the financial flexibility is combined into the theory of capital structure. At last, the paper explores the firm's financial behavior by the modified theory of capital structure.
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