This study discusses the relationship between managerial options, cyclicality and credit risk.The research questions are: First, is managerial option value affected by the business cycle?

• 摘要:本研究探讨管理选择权价值、景气循环以及信用风险彼此间的关系，研究问题包括：(1)管理选择权价值会受到公司、产业及总体景气循环的影响吗？