The influence of investment lag on company value in a non-financing constrained region

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-06-03 DOI:10.1080/16081625.2022.2078380

Liurui Deng, Jiafeng Ke, Dongfang Wang

引用次数: 0

Abstract

ABSTRACT We focus on the impact of the investment time lag on a company’s value. We set up the original model in the start-up phase and the mature phase, which reflects the effect of investment time lag on the company’s value without financing constraints. Furthermore, based on the model, we obtain the explicit expressions of the company’s value in the start-up phase and the mature phase. In the empirical analysis, considering financing costs, investment opportunities and cash flow, we use PVAR to investigate how investment time lag affects the company’s value.

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非融资约束地区投资滞后对公司价值的影响

我们关注投资滞后对公司价值的影响。我们在创业阶段和成熟阶段分别建立了原始模型，这反映了在没有融资约束的情况下，投资时滞对公司价值的影响。在此基础上，得到了公司在创业期和成熟期价值的显式表达式。在实证分析中，考虑融资成本、投资机会和现金流量，我们使用PVAR来研究投资时滞对公司价值的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.