| 特定支出的随机现金流模型在债务管理上的应用分析 |
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| 引用本文： | 黄国轩. 特定支出的随机现金流模型在债务管理上的应用分析[J]. 上海理工大学学报(社会科学版), 2005, 27(5): 456-458,462 |
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| 作者姓名： | 黄国轩 |
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| 作者单位： | 上海理工大学管理学院,上海200093 |
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| 摘 要： | 分析了常用现金流模型在债务管理上的不足，提出了两个问题，a．到期偿还定额债务时，假设企业未来现金流服从不同分布时，企业财务决策者应该保留多少初始现金或者应收帐款为合适；b.给定初始现金或者应收帐款时，借多少债务为合适、本文引入了责任险的概念，结合期权定价的方法，给出了有关参数的解，并给出了这两个问题中关键数值的解，且举例进行了说明．
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| 关 键 词： | 现金流 期权定价 债务管理 责任保险 |
Model of random cash flow with special expenditure and its application to debt management |
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| HUANG GUO-xuan. Model of random cash flow with special expenditure and its application to debt management[J]. Journal of University of Shanghai For Science and Technilogy(Social Science), 2005, 27(5): 456-458,462 |
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| Authors: | HUANG GUO-xuan |
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| Affiliation: | College of Management, University of Shanghai far Science and Technology, Shanghai 200093, China |
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| Abstract: | The daily deficiency in debt management based on cash flow model is analyzed.Then,two questions facing enterprise's financial policymaker are put forward.They are: when the supposed enterprise's future cash flow follows different distributions,how much initial cash or receivable account kept by an enterprise is suitable;and while giving definitely the initial cash or receivable account how much borrowed debt is suitable.Therefore,the concept of duty insurance is introduced.Based on the method of option pricing, the relevant parameters solutions are provided,and the key values mentioned in the above two questions are found aut.An example is introduced for illustration. |
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| Keywords: | cash flow option pricing debt management duty insurance |
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