摘要
通过对国外有关文献的分析,说明为什么要对M ayer的连续融资假设进行进一步讨论,运用博弈论的方法对该假设进行理论分析,推导出在两阶段项目中不同类型的公司之间存在分离均衡,并运用国内市场的数据对连续融资假设进行实证分析。得出扩展连续融资假设与可转债的有效期限应等于项目周期的推论,并对推论进行实证以及对实证结果提出自己的解释。
Based on the literature review, this paper explains why sequential -financing hypothesis should be explored further, and makes theoretical analysis to conclude that there is separating equilibrium by the means of Game Theory. Then this hypothesis is empirically analyzed with domestic data, which resuits in generalized sequential - financing hypothesis and deduction that maturity of convertible should equate project period. At last, this paper gives evidences and explanations for deduction.
出处
《软科学》
CSSCI
2007年第1期134-139,144,共7页
Soft Science
基金
国家自然科学基金资助项目(70571089)
关键词
可转换债券
博弈
连续融资
发行成本
过度投资
convertibles
game
sequential - financing
issuing costs
over - investment
