基于成長(zhǎng)期權(quán)的財(cái)務(wù)困境企業(yè)戰(zhàn)略決策分析.pdf

1、華中科技大學(xué)碩士學(xué)位論文基于成長(zhǎng)期權(quán)的財(cái)務(wù)困境企業(yè)戰(zhàn)略決策分析姓名：王俊海申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：數(shù)量經(jīng)濟(jì)學(xué)指導(dǎo)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