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通过引入新的融资工具或有可转换证券(CCS),应用最优控制和最优停时理论、分析基于实物期权视角下的公司最优投融资决策问题,计算了公司各证券价值、有限期破产概率及公司最优资本结构,获得代理成本为零的一个充分条件。数值仿真及静态比较分析表明:CCS作为融资工具能够降低投资项目破产风险和普通债券的收益率差价,能够显著增加实物期权的价值,促使管理者提前投资,且显著降低代理成本。
By introducing new financing instruments or convertible securities (CCS), the optimal control and optimal stopping time are applied to analyze the corporate optimal investment and financing decision-making under the perspective of real options. Probability of bankruptcy and the optimal capital structure of the company, and obtain a sufficient condition that the agency cost is zero. The numerical simulation and static comparative analysis show that CCS as a financing tool can reduce the risk of bankruptcy of investment projects and the yield spread of ordinary bonds, and can significantly increase the value of real options and encourage managers to invest in advance and significantly reduce agency costs.