CAJ | 학술논문

综合考虑产品市场竞争强度、需求波动和技术冲击，以企业价值最大化为目标，建立了最优资本结构模型，探讨环境动态性、战略资产与融资决策间的关系：先在目标函数中直接引入需求波动和技术冲击，通过改变选择战略资产的企业数，间接引入产品市场竞争强度；随后，设计了两个激励相容约束．利用数值试验，证明了环境发生不利变化时企业保持竞争优势的策略是投资于战略资产；债务融资有利于实现战略资产上的价值，但其前提是建立有效的外部监控机制．
종합고필산품시장경쟁강도、수구파동화기술충격，이기업개치최대화위목표，건립료최우자본결구모형，탐토배경동태성、전략자산여융자결책간적관계：선재목표함수중직접인입수구파동화기술충격，통과개변선택전략자산적기업수，간접인입산품시장경쟁강도；수후，설계료량개격려상용약속．이용수치시험，증명료배경발생불리변화시기업보지경쟁우세적책략시투자우전략자산；채무융자유리우실현전략자산상적개치，단기전제시건립유효적외부감공궤제．
This paper provided an optimal capital structure model, in which we maximized the company＇s value as the objective function of the problem. In the model, output decisions and financing decisions were affected by environmental dynamism including competition in product market, demand fluctuation and technology shock. We designed the objective function by introducing demand fluctuation and technology shock directly. In the objective function, we also considered indirectly the competition in product market by adjusting the number of firms, which choosing the strategic assets. Subsequently, we designed two incentive compatibility constrains. Numerical experiment demonstrates that investment for strategic assets is the best choice to keep competition advantage. Debt financing and an effective monitoring mechanism is necessary to realize the management efficiency of strategic assets.