風(fēng)險資產(chǎn)重組下的保險，債券合約，以及投資不足或過度投資【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：InsurancebondcovenantsunderoverinvestmentwithriskyassetreconstitutionAbstractTraditionaltheypredictsthattheshareholdersofalimitedliabilitycompanyfinancedpartlybybondsmayunderinvestbynotreplacingdamage

2、dcompanyassets.Italsoprecludesthepossibilityofoverinvestment.Byrelaxingtherestrictiveassumptionmaintainedundertraditionaltheynamelythattheeffectsofreconstitutingdamagedassetsarenonstochasticthisarticleshowsthatbothoverun

3、derinvestmentarepossible.Itisshownthatthesemalhazardproblemscanbemitigatedbyincpatingappropriateinsurancerequirementsintobondcovenants.Meoveritisshownthattheinsurancerequirementsfalleviatingunderinvestmentoverinvestmenta

4、requitedifferent.Particularlyfunderinvestmenttherequiredinsuranceonlyneedstomakethebondsrisklessinthebestassetreconstitutionstatesofthelossstatesinwhichthecompanyvaluefallsshtofthepromisedbondrepaymenthoweverfoverinvestm

5、enttherequiredinsuranceshouldmakethebondstotallyriskless.Thedifferenceininsurancerequirementsisespeciallyimptantwheninsuranceisactuariallyunfavablesuchthatmethanrequiredinsuranceisalwaysundesirable.IntroductionItiswellkn

6、owninthefinanceeconomicsliteraturethatthepresenceofasymmetricinfmationbetweenstockholdersbondholdersmayleadtosuboptimalcpateinvestmentdecisions.Twocommonexamplesaretheassetsubstitutionproblemtheunderinvestmentproblemintr

7、oducedbyJensenMeckling(1976)Myers(1977).TheseminalarticleofMayersSmith(1987)(whicharelikelytobeinsufficientinthecaseoflargepropertydamage)theliquidityneededfassetreconstitutionoftenhastobeextractedfromotherimptantoperati

8、onsproductionactivities.Withlargepropertydamageassetreconstitutionmayuseupasignificantptionofprearrangedcreditbuffercashinitiallyplannedfcopingwithotherproductionmarketshocksintroducingadditionalrisktothevalueofacompany.

9、Possibleliquidityproblemsmayhavesignificantlynegativeimpactoncompanyvalue.Therefeassetreconstitutioncanberiskypossiblyresultinginpositivenegativepresentvaluesindifferentstatesofnature.Meovertheexpectedpresentvalueofasset

10、reconstitutioncanbepositivenegative.Thisarticleshowsthatbothoverunderinvestmentproblemsmayarisewhenassetreconstitutionisrisky.Withriskyassetreconstitutiongivenacertainlevelofassetdamageshareholdersmaynotchoosetoreconstit

11、utedamagedassetseventhoughdoingsogeneratesapositiveexpectedpresentvaluegivingrisetotheunderinvestmentproblem.Thishappenswhenthevalueofacompanyfallsshtofthepromisedbondrepaymentamounteveninthebestassetreconstitutionstates

12、.Inthiscaseassetreconstitutionwillonlybenefitbondholdersbutnotshareholderswhoarealreadyprotectedbythelimitedliabilityprovision.Theunderinvestmentproblemwillnotariseintheabsenceoflimitedliabilitybecauseariseincompanyvalue

13、duetoassetreconstitutionwillrelievesomeshareholders’debtresponsibilities.Italsowillnotarisewhenevercompanyvalueexceedsthepromisedbondrepaymentamountinsomeassetreconstitutionstatesbecauseassetreconstitutionraisessharehold

14、ers’wealthinthesestates.Onthecontrarygivenacertainlevelofassetdamageshareholdersmayoptfriskyassetreconstitutionwithanegativeexpectedpresentvaluegivingrisetotheoverinvestmentproblem.Thishappenswhenthevalueofacompanyishigh

15、erthanthebondrepaymentamountinsomebutnotallassetreconstitutionstates.Shareholderswhoareprotectedbythelimitedliabilityprovisionwillengageinriskyassetreconstitutiontoraisetheirownwealthinsolventstatesknowingthatdoingsolowe