عنوان قارسی مقاله: ساختار سرمایه و استراتژی رقابتی
عنوان انگلیسی مقاله:
فهرست مطالب
Capital Structure and competitive strategy
Commitment and Strategy
Commitment vs. Involvement
Involvement
CREDIBLE Commitment
Reducing Payoffs: Contracting
Commitment with Financing Policy
Capital Structure and Competitive Strategy
Debt, Risk-Seeking & Aggression
Debt and Aggression
The Underinvestment Problem
Debt Overhang & Commitment
Debt and Aggression
Cash and Aggression
بخشی از مقاله
Debt Overhang & Commitment
Suppose the only way to get the $100 for the initial investment is for the existing equity holders to contribute it.
With the new project, equity-holders will get $50 in one year for a current investment of $100 – clearly equity-holders would not make the investment even though the project has an NPV > 0. This is the Underinvestment Problem.
This problem is also known as the debt overhang problem because the existence of debt in a firm that’s close to financial distress inhibits additional borrowing and investment.
Hence if the firm is highly leveraged, debt can have the opposite effect and cannot work as a commitment device.
کلمات کلیدی:
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