摘要：企业的投资机会可以看作是一项实物期权，恰当执行这个期权能增加企业的价值。而这个期权执行政策受到企业融资行为的影响。本文定量分析企业在负债融资的情况下，将有投资过度倾向，从而影响企业增长期权的执行策略，降低此期权的价值。通过对Mauer-Sarkar模型的改进和模拟，得出以下结论：通过对企业融资契约的设计可以缓解企业投资过度行为，从而可以提高企业增长期权的价值。

Abstract: Investment opportunity is an option to the enterprise. This option can increase the value of the enterprise. However, the exercise timing will affect the value of this option. While debt financing will bring overinvestment problem, more complicated financing behavior can alleviate the problem. Based on the Mauer-Sarkar model, the conclusion is drawn that proper financing behavior can increase the value of the real option.