基于债务展期的企业融资担保合约博弈分析

债务展期是指在担保债务到期时,当债务方的资产不足于偿还到期债务的情况下,担保方代偿,同时获得对债务方的债权追偿权。本文通过对债务展期情况下的融资担保问题的合同签订期,债务到期时及展期债务到期时三个阶段进行深入辨析,分析债务展期对担保合约的影响,给出了担保合约签订期(Date-0)担保合约中担保费用和担保比例的博弈纳什均衡解,并针对债务到期时(Date-1)展期债务进行子博弈均衡分析。结果表明债务展期情况下担保费用与项目的风险和清算价值分别呈正比和反比关系;担保比例与投资成本呈现反比关系,研究结果为担保方提供科学的参考依据。

The Game Analysis on Financing Guarantee Contract with Debt Exceeding

Debt exceeding refers that the guarantor obtains the credit claim from the guaranteed party when the guarantor pays off the debt at the maturity in the default of the borrower. The paper analyzes the three stages of the loan guarantee financing contract under the debt exceeding including the signature of the contract,the maturity of guaranteed debt and the maturity of exceeding debt,and analyzes the necessary conditions for the successful debt exceeding. The paper gives out the Nash game equilibrium of the guarantee contract at the signing moment. At the same time,the paper gives the profound analysis of the sub-game equilibrium in the debt exceeding stage. The results show that the guarantee premium has a positive and negative relation with the risk of project and the liquidity of the project respectively,the guarantee proportion has a negative relation with the investment cost,these can be some scientific ground for the guarantee practice.