基于成長期權的財務困境企業(yè)戰(zhàn)略決策分析.pdf

1、華中科技大學碩士學位論文基于成長期權的財務困境企業(yè)戰(zhàn)略決策分析姓名：王俊海申請學位級別：碩士專業(yè)：數(shù)量經(jīng)濟學指導教師：易江20041104IIAbstractInthispaperonthebackgroundofuncertaintiesofenterprises’futuremanagementdevelopmenttheoptimalinvestmentliquidationrenegotiationpoliciesoffinan

2、ciallydistressedenterprisesarestudiedbasedonthegrowthoptions.Meovervariouskindsofoptionsexistinginenterpriseshavebeenconsideredrespectivelybyusingthetheeticalmethodsofrealoptionsthusamodelthathlesthedecisionquestionsoffi

3、nanciallydistressedenterpriseshasbeenconstructedwhosemainobjectivesaretoquantitativelyinvestigatetheimpactsoftherenegotiationoptionsdistributionofbargainingpowerindirectbankruptcycostsontheoptimalinvestmentliquidationpol

4、iciesofenterprisesparticularlytheimpactsofthosedebtacteristicsonthemagnitudesofunderinvestmentproblemstheimpactsofagrowthopptunityontheoptimalbankruptcyrenegotiationtiming.Asaconclusionofthisanalysistheoptimalinvestmentl

5、iquidationpolicesofenterprisesareaffectedbythecapitalstructuresofthemselves.Firstlythegrowthoptionsdeferredtheliquidationwhilethepresenceofdebtfinancinghinderedtheexecutionofgrowthoptions.Meanwhilethepossibilitiesofreneg

6、otiatingtheiginaldebtcontractsdeteriatedMyers’underinvestmentproblemsbecauseofthehigherwealthtransfertodebtholdersuponinvestmentinthepresenceoftherenegotiationoptions.Thirdlyliquidationpoliciesdifferedfromdebtfinancingal

7、lequityfinancingthatisdebtreconstructioncannotremovethewholebankruptcycosts.Fourthlyevenigningtheinfluencesofthetaxshieldsliquidationpoliciesarestillaffectedbythesecondbestinvestmentpolicieswhichleadingtotheinefficientba

8、nkruptcyearlier.Finallywhenshareholdershaveenoughbargainingpowershareholdersispronetothestrategicdefaultofiginaldebtcontractsontheconditionsofdebtreconstruction.Keywds:GrowthoptionRenegotiationoptionTaxshieldStrategicdeb