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1、本科毕业论文�设计�外文翻译原文�TheValueofFinancialFlexibilityWedevelopamodelthatendogenizesdynamicfinancing,investment,andcashretention/payoutpoliciesinordertoanalyzetheeffectoffinancialflexibilityonfirmvalue.Weshowthatthevalueoffinancingflexibilitydependsonthecostsofexternalfi
2、nancing,thelevelofcorporateandpersonaltaxratesthatdeterminetheeffectivecostofholdingcash,thefirm’sgrowthpotentialandmaturity,andthereversibilityofcapital.Throughsimulations,wedemonstratethatfirmsfacingfinancingfrictionsshouldsimultaneouslyborrowandlend,andweexamin
3、ethenatureofdynamicdebtandliquiditypoliciesandthevalueassociatedwithcorporateliquidity.RecentsurveysofAmericanandEuropeanCFOssuggestthatthemostimportantdriveroffirms’capitalstructuredecisionsisthedesiretoattainandpreservefinancialflexibility.Financialflexibilityre
4、presentstheabilityofafirmtoaccessandrestructureitsfinancingatalowcost.Financiallyflexiblefirmsareabletoavoidfinancialdistressinthefaceofnegativeshocks,andtowhenprofitableopportunitiesarise.Whileafirm’sfinancialflexibilitydependsonexternalfinancingcoststhatmayrefle
5、ctfirmcharacteristicssuchassize,itisalsoaresultofstrategicdecisionsmadebythefirmrelatedtocapitalstructure,liquidity,andinvestment.Inthispaper,weexplorehowfirmsshouldoptimallymanagetheirfinancialflexibilityinthefaceofvarioustransactioncostsandtaxes,andinturnexamine
6、thevalueoffinancialflexibilityunderdifferentconditions.Weparticularlyfocusonthestrategicmanagementofcorporateliquidityanditsrelationshipwiththefirm’sfinancingandinvestmentpolicies.Apervasive,andperhapspuzzling,aspectofcorporatefinancialpolicyisthatmostfirmsthatemp
7、loydebtfinancingsimultaneouslyholdcashbalances.Whileequivalentborrowingandlendingpositionsoffseteachotherfromataxperspective,theremaybeotherreasonswhydifferentcombinationsofdebtandcashpositionsthatleadtothesamenetdebtvaluearenotnecessarilyneutralpermutations.Wesho
8、wthattransactioncostssuchasdebtissuancecostscanexplainthisfinding,andwesystematicallyanalyzeoptimalliquiditypoliciesandtheirresultingeffectsonfirmvalue.
