Financing and investment strategies under creditor-maximized liquidation
Financing and investment strategies under creditor-maximized liquidation
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债权人最大化清算下的融资和投资策略
DOI：
10.1142/s0219024921500138
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发表时间：
2021
影响因子：
0.5
通讯作者：
M.
中科院分区：
文献类型：
--
作者：
Shibata;T. and Nishihara;M.
我们建立了一个未定权益模型来考察融资和投资之间的相互作用，其中股权持有人决定何时违约，债券持有人决定何时清算，以及最大化清算价值。我们发现，如果债务持有人在清算时使剩余价值最大化，清算价值的增加会增加债务发行量和事前投资量，从而推迟公司投资。这种关系是基于这样一个事实，即清算价值的增加减少了债券持有人的信用利差。这些结果与已有的实证研究结果吻合较好。
We develop a contingent claim model to examine the interaction between financing and investment where equity holders decide when to default and debt holders decide when to liquidate as well as maximize the liquidation value. We show that if the debt holders maximize the residual value at liquidation, an increase in liquidation value increases the amount of debt issuance and investment quantity ex ante, delaying corporate investment. This relationship is based on the fact that an increase in the liquidation value decreases the credit spread of debt holders. These results fit well with those of existing empirical studies.