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1、JournalofFinancialEconomics13(1984)187-221.North-HollandCORPORATEFINANCINGANDINVESTMENTDECISIONSWHENFIRMSHAVEINFORMATIONTHATINVESTORSDONOTHAVE*StewartC.MYERSMIT/NBER,Cumhridge,MA02139,USANicholasS.MAJLUFUnioersidudCutoiicudeChile.Santiugo,ChileReceivedAugust1982,finalversio
2、nreceivedFebruary1984Thispaperconsidersafirmthatmustissuecommonstocktoraisecashtoundertakeavaluableinvestmentopportunity.Managementisassumedtoknowmoreaboutthefirmsvaluethanpotentialinvestors.Investorsinterpretthefirmsactionsrationally.An.equilibriummode1oftheissue-investdec
3、isionisdevelopedundertheseassumptions.Themode1showsthatfirmsmayrefusetoissuestock,andthereforemaypassupvaluableinvestmentopportunities.Themodelsuggestsexplanationsforseveralaspectsofcorporatefinancingbehavior,includingthetendencytorelyoninternalsourcesoffunds,andtopreferdeb
4、ttoequityifexternalfinancingisrequired.Extensionsandapplicationsofthemodelarediscussed.1.IntroductionConsiderafirmthathasassetsinplaceandalsoavaluablerealinvestmentopportunity.However,ithastoissuecommonsharestoraisepartorallofthecashrequiredtoundertaketheinvestmentproject.I
5、fitdoesnotlaunchtheprojectpromptly,theopportunitywillevaporate.Therearenotaxes,transac-tioncostsorothercapitalmarketimperfections.Financetheorywouldadvisethisfirmtoevaluatetheinvestmentopportun-ityasifitalreadyhadplentyofcashonhand.Inanefficientcapitalmarket,securitiescanal
6、waysbesoldatafairprice;thenetpresentvalueofsellingsecuritiesisalwayszero,becausethecashraisedexactlybalancesthepresentvalueoftheliabilitycreated.Thus,thedecisionruleis:takeeverypositive-NPVproject,regardlessofwhetherinternalorexternalfundsareusedtopayforit.*Thispaperdrawson
7、Majluf(1978)andanearlier(1978)jointworkingpaper.butithasundergoneseveralmajorrevisionsandexpansions.WethankFischerBlack,GeorgeConstantinides,RogerGordon.ReneStubandthereferee,HarryDeAngelo.forvaluablecomments.TheOfficeofNavalResearchsponsoredtheinitialworkonthispaper.0304-4
8、05X/84/$3.OOQ1984.ElsevierSciencePublishersB.V.(North-Holland)188XC.MyersandN.S.Ma
