系统管理学报2017，Vol.26Issue(2)：225-233,9.
或有可转换债券与投融资分析
Contingent Convertible Bonds and the Analysis of Investment and Financing
摘要
Abstract
We study the effects of contingent convertible bonds on the investment timing,the managerial compensation,firm securities value,capital structure and the agency costs of debt.Closed-form solutions of securities value and the managerial wealth are obtained under risk neutral probability measure.The numerical analysis shows that contingent convertible bonds have the advantage for financing and corporate governance,compared to the straight debt financing.Setting the conversion barrier can solve the problem of underinvestment and overinvestment of the management.Furthermore,it can lower default barrier and increase the optimal leverage,the managerial wealth and firm value.关键词
或有可转换债券/实物期权/转换边界/代理成本Key words
contingent convertible bonds/real options/the conversion boundary/agency costs分类
管理科学引用本文复制引用
向华,杨招军..或有可转换债券与投融资分析[J].系统管理学报,2017,26(2):225-233,9.基金项目
国家自然科学基金资助项目(71171078,71371068,71221001) （71171078,71371068,71221001）
青岛农业大学博士基金资助项目(1116712) （1116712）
