In this paper, we present an analysis the effective strategic set of firm's decisions on multiple projects and dynamic investment. We point out that the strength of the influence of the degree of the firm's manager's moral hazard and the proportion of the manager's holding shares on the debt-equity ratio relates to the degree of the manager's risk-aversion. The main conclusions of this paper are as follows: (I) If the investment amount is endogenous, then the change of the firm's debt-equity ratio is posi...