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本文假设企业家是时间偏好不一致的且属于成熟型,企业现金流服从双指数跳过程,利用资产定价理论,解析地得到了企业股权,债券价值以及最优破产水平.分析了时间偏好不一致对成熟型企业家的企业最优资本结构,破产决策以及风险转移动机和债务积压问题的影响.数值分析表明:较时间偏好一致而言,成熟企业家往往选择较小券息,较高的破产水平.时间偏好不一致减弱了成熟企业家的风险转移动机,却加剧了债务积压程度.尤其是,本文模型给出了“债务保守”之谜的一个新解释.
This paper assumes that entrepreneurs are time-inconsistent and mature, corporate cash flow obeys the double exponential jump process, and uses the asset pricing theory to analytically obtain the enterprise equity, bond value and the optimal bankruptcy level.It is analyzed that the time preference is inconsistent and mature Entrepreneur’s optimal capital structure, bankruptcy decision-making, motivation of risk transfer and debt backlog.The numerical analysis shows that compared with time preference, mature entrepreneurs tend to choose smaller coupons and higher bankruptcy levels. Inconsistent temporal preferences weaken the risk motivation of mature entrepreneurs, but exacerbate the extent of debt backlog.In particular, the model gives a new explanation for the mystery of “debt conservativeness.”