生产理论与股票市场

H. Leland.
{"title":"生产理论与股票市场","authors":"H. Leland.","doi":"10.2307/3003095","DOIUrl":null,"url":null,"abstract":"Traditional economic models separate firms' production decisions from equilibrium in stock markets. In this paper, we develop an integrated model of production in the presence of capital asset market equilibrium. Our theory indicates that, in a stochastic environment, production and financial variables are inextricably interrelated. Following the financial equilibrium models of Sharpe, Lintner, and Mossin, we assume that profits and therefore portfolio returns are random. But stockholders can alter their distributions of returns by altering firms' production decisions as well as by altering their portfolios. The key to the analysis is a \"unanimity theorem,\" which shows that in many environments stockholders will agree on optimal output decisions, despite their different expectations and attitudes towards risk. We develop equilibrium conditions which must be satisfied by production decisions. Profit maximization is indeed optimal for a firm whose profits are riskless. But risky firms' outputs depend on financial as well as cost variables, and the equilibrium conditions lead to a theory of production under uncertainty which replaces the now-vacuous notion of profit maximization. We further show that the output decisions will be Pareto optimal for stockholders, and that these decisions maximize market value only in a \"purely competitive\" world. Our results provide a synthesis of the conflicting conclusions of Diamond, Stiglitz, and Wilson on the optimality of stock markets.","PeriodicalId":177728,"journal":{"name":"The Bell Journal of Economics","volume":"8 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"144","resultStr":"{\"title\":\"Production Theory and the Stock Market\",\"authors\":\"H. Leland.\",\"doi\":\"10.2307/3003095\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Traditional economic models separate firms' production decisions from equilibrium in stock markets. In this paper, we develop an integrated model of production in the presence of capital asset market equilibrium. Our theory indicates that, in a stochastic environment, production and financial variables are inextricably interrelated. Following the financial equilibrium models of Sharpe, Lintner, and Mossin, we assume that profits and therefore portfolio returns are random. But stockholders can alter their distributions of returns by altering firms' production decisions as well as by altering their portfolios. The key to the analysis is a \\\"unanimity theorem,\\\" which shows that in many environments stockholders will agree on optimal output decisions, despite their different expectations and attitudes towards risk. We develop equilibrium conditions which must be satisfied by production decisions. Profit maximization is indeed optimal for a firm whose profits are riskless. But risky firms' outputs depend on financial as well as cost variables, and the equilibrium conditions lead to a theory of production under uncertainty which replaces the now-vacuous notion of profit maximization. We further show that the output decisions will be Pareto optimal for stockholders, and that these decisions maximize market value only in a \\\"purely competitive\\\" world. Our results provide a synthesis of the conflicting conclusions of Diamond, Stiglitz, and Wilson on the optimality of stock markets.\",\"PeriodicalId\":177728,\"journal\":{\"name\":\"The Bell Journal of Economics\",\"volume\":\"8 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"1900-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"144\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Bell Journal of Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2307/3003095\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Bell Journal of Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2307/3003095","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 144

摘要

传统的经济模型将企业的生产决策从股票市场的均衡中分离出来。本文建立了资本资产市场均衡存在下的综合生产模型。我们的理论表明,在随机环境中,生产和金融变量是不可分割地相互关联的。根据夏普、林特纳和莫辛的金融均衡模型,我们假设利润和投资组合收益是随机的。但是股东可以通过改变公司的生产决策和投资组合来改变他们的收益分配。分析的关键是“一致定理”,该定理表明,在许多环境中,尽管股东对风险的期望和态度不同,但他们会就最优产出决策达成一致。我们提出了生产决策必须满足的平衡条件。对于无风险利润的公司来说,利润最大化确实是最优的。但风险企业的产出不仅取决于成本变量,还取决于财务变量,均衡条件导致了不确定性下的生产理论,取代了现在空洞的利润最大化概念。我们进一步证明,对于股东而言,产出决策将是帕累托最优的,并且这些决策只有在“纯粹竞争”的世界中才能最大化市场价值。我们的研究结果综合了戴蒙德、斯蒂格利茨和威尔逊关于股票市场最优性的相互矛盾的结论。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Production Theory and the Stock Market
Traditional economic models separate firms' production decisions from equilibrium in stock markets. In this paper, we develop an integrated model of production in the presence of capital asset market equilibrium. Our theory indicates that, in a stochastic environment, production and financial variables are inextricably interrelated. Following the financial equilibrium models of Sharpe, Lintner, and Mossin, we assume that profits and therefore portfolio returns are random. But stockholders can alter their distributions of returns by altering firms' production decisions as well as by altering their portfolios. The key to the analysis is a "unanimity theorem," which shows that in many environments stockholders will agree on optimal output decisions, despite their different expectations and attitudes towards risk. We develop equilibrium conditions which must be satisfied by production decisions. Profit maximization is indeed optimal for a firm whose profits are riskless. But risky firms' outputs depend on financial as well as cost variables, and the equilibrium conditions lead to a theory of production under uncertainty which replaces the now-vacuous notion of profit maximization. We further show that the output decisions will be Pareto optimal for stockholders, and that these decisions maximize market value only in a "purely competitive" world. Our results provide a synthesis of the conflicting conclusions of Diamond, Stiglitz, and Wilson on the optimality of stock markets.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信