摘要
投资者的转换权、回售权和企业的赎回权的实施与否决定了可转换债券未来存在的数量,进而决定了企业未来的利息支付额度。在考虑这三种期权的实施条件和时间的影响下,建立了基于破产风险的可转换债券融资决策模型。得出研究结论:转换权、赎回权和回售权三种期权的实施将影响到可转换债券的数量,在股票价格不同变化情况下可以得到剩余可转换债券的数量。可转换债券剩余的数量将影响到企业的融资资本结构。可转换债券剩余的数量越多,企业需要支付的利息越多,则企业破产的风险越大,在保证企业不破产的情况下,以发行企业的价值最大化为目标,可以得到可转换债券的融资决策。
Considering the condition and the time of actualizing three options,the amount of convertible bond remained can be got.According to the amount of convertible bond remaining,the convertible bond financing decision-making model based on bankruptcy is established.Due to three extreme results of the financing decision,the financing scope of convertible bond is gained.The result shows that the implementation of conversion rights,redemption rights and the right to sell back will affect the number of convertible bonds.The number of convertible bonds can be gained under the different changes of stock price.The number of convertible bonds will affect the capital structure.The more the number of remaining convertible bonds has,the more the interest companies need to pay,the greater the risk of bankruptcy is.To ensure that enterprises are not in bankruptcy,maximizing the value of the enterprise can help decision-making on convertible bond financing.
出处
《系统工程》
CSSCI
CSCD
北大核心
2011年第5期43-48,共6页
Systems Engineering
基金
国家社会科学基金资助项目(07XFX011)
关键词
可转换债券
融资
决策模型
Convertible Bond
Financing
Decision-making Model
