主讲人：杨金强（上海财经大学，副教授）
主持人：周铭山（西南财经大学金融学院，副院长，副教授）
时 间：2014年5月9日（周五）上午10:00—11:30
地 点：柳林校区颐德楼H110
主办单位：大金融学科学术研究沙龙、金融学院、科研处
主讲人简介：
杨金强，2011年毕业于湖南大学，获数量经济学博士，美国哥伦比亚大学商学院访问学者，现任上海财经大学金融学院副教授，博士生导师。其学术研究主要集中于各种市场摩擦下的投资、融资、资本资产定价和风险管理等领域。研究成果相继发表在国际一流金融学期刊Journal of Financial Economics（2篇）和Review of Financial Studies（1篇），以及Quantitative Finance、Computational Economics等期刊上。现主持国家自然科学基金项目1 项和上海市教委科研创新项目1项，入选教育部“新世纪优秀人才支持计划”和上海市“晨光计划”。曾荣获全美华人金融协会(TCFA)最佳论文奖、湖南省优秀博士论文奖。此外，还担任上海国际金融中心研究院研究员、全国金融系统青年联合会委员，以及多种SSCI国际期刊的审稿专家。
沙龙论文摘要：
We develop a model of investment under uncertainty for a financially constrained firm. Facing external financing costs, the firm prefers to fund its investment through internal funds, so that the firm’s optimal investment policy and value now depend on its liquidity holdings. We show that financial constraints significantly alter the standard real options results, with the financial flexibility conferred by internal funds acting as a complement, and at times as a substitute, to the real flexibility given by the optimal timing of investment. We show that: 1) the investment hurdle (whose deviation from the first-best Modigliani-Miller benchmark measures investment distortions) is highly nonlinear and non-monotonic in the firm’s internal funds, as the firm may prefer accumulating internal funds rather than accessing external capital markets to finance investment when internal funds are sufficiently high; 2) with multiple rounds of growth options, a value-maximizing financially constrained firm may choose to over-invest via accelerated investment timing) in earlier stages in order to mitigate under-investment problems in later stages.
附：杨金强老师于5月10日（周六）、11日（周日）、12日（周一）上午9点至12点、下午2点至5点在经世楼D502开设《连续时间金融在资产定价与公司金融的应用》课程，欢迎感兴趣的学生参加。
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