关于对可转换债券融资发行范围的确定研究

可转换债券的双重属性以及企业生产经营状况使可转换债券融资具有很大的不确定性,最终导致不同的结果,结果的不同将影响企业进行融资决策中资本结构的制定,因而需要对可转换债券发行范围进行确定。完全转股和回售是企业经营状况良好和极差两种极端情况下可转债融资所产生的结果,此两种结果决定了可转换债券发行范围的上下限,将完全转股结果下所求得的最优融资资本结构作为可转债发行范围的上限,回售情况下得到的最优融资资本结构作为发行下限,从而得到可转换债券发行范围。最后利用基于随机模拟的遗传算法对融资决策模型进行求解,并通过算例解释了算法的有效性。

A Study on the Scope Definition of Convertible Bond Issuing

The hybrid nature of convertible bond and the uncertainty of firm' s production status make convertible bond finance more uncertain, and the uncertainty induces further consequences. The different consequences affect the establishment of capital structure in the corporation's financing decision. So it is necessary to define the issuing scope of convertible bond. Wholly converted and resell are two extreme results of convertible bond financing under the very good production status and very bad production status respectively. These two extreme results can determine the upper limit and the lower limit of the convertible bond issuing scope. The optimal capital structure that is wholly converted is used as the upper limit of convertible bond issuing scope, and the optimal capital structure under resell is used as the lower limit. So the convertible bond issuing scope can be defined. At last, the genetic algorithm based on random simulation is used to solve the model and examples are given to explain the validity of the algorithm.