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, . (agency costs of leverage), ' . , . , , , , , . , , . , . 䳿, , .

. 900 . , 800 , .

. , , , ' . , 50%. 㳿 1,2 ., 200 . , 㳿

100 . 㳺. ( ), , , . ?

. 4.3, 㳺 . , 㳺. , , ,

, , .

43

ֳ , .

-

0,5

0,5

-

11

800

1200

200

700

800

900

200

550

ֳ

0

300

0

150

, , ? ³: . . 4.3, 㳺, 200 . 㳿 ',

250 . 800 ., 㳿. ֳ 250 . 100 . 㳿 150 . . , .

, - ( over-investment problem)

: , , .

, , , . NPV , , , . , - , , . [1]

  • [1] (assetsubstitution): ' . : Jensen ., Meckling W. Theory of the firm: managerialbehavior, agency costs and ownership structure // Journal of Financial Economics. 1976. Vol. 3. 4. P. 305-360.
 
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