| 基于债务协商与群体决策视角的企业投融资策略研究 |
| Research on Investment and Financing Strategies of Enterprises Based on Debt Negotiation and Group Decision-making |
| 摘要点击 51 全文点击 0 投稿时间：2025-05-14 修订日期：2025-11-19 |
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| 中文关键词 群体决策；投融资决策；债转股；债务重组 |
| 英文关键词 Group decision-making; investment and ffnancing decisions; debt-to-equity;debt reorganization |
| 基金项目 国家自然科学基金项目（面上项目72061014）,湖南省教育厅重点科研项目(2024A0377). |
| 投稿方向 金融工程 |
| 作者 | 单位 | 邮编 | | 张勇* | 吉首大学数学与统计学院 | 416000 |
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| 中文摘要 |
| 基于债务协商谈判思想,建立群体决策下企业部分债务股权互换模型,利用实物期权方法计算企业各类证券价格,探讨了债转股与群体极化对企业投融资决策的影响,以及在两者影响下群体策略的调整.研究结论表明:中位信念的股东始终决定了企业的最优债务协商时机,所有类型股东的最优协商水平和转股协商比例与股东谈判能力分别呈正向和负向关系.其次,股东谈判能力的增加会产生一种“催化”效应,即促使乐观股东相对提前投资,但随着群体极化的加剧而消失.最后,群体极化较低时,有无群体决策情况一致,但随群体极化加剧时, 代表代理人将无法代表整个群体, 群体将采纳各类股东的信息,并对企业投融资决策作出调整,即企业推迟投资,而最优融资策略出现间断式变化,即企业采用先激进后保守的财务政策. |
| 英文摘要 |
| Based on the idea of debt negotiation, this paper establishes the equity swap model of enterprise’spartial debt under group decision, calculates the securities price of enterprise by real option method, and discusses the inffuence of debt-to-equity swap and group polarization on enterprise’s investment and ffnancingdecision, as well as the group strategy adjustment of enterprise’s investment and ffnancing under group polarization effect. The conclusion shows that the shareholders with median belief always determine the optimal debt negotiation opportunity of the enterprise, and the optimal negotiation level and share conversion negotiation ratio of all types of shareholders are positively and negatively related to shareholders’ negotiation bilityrespectively.Secondly, the increase of shareholders’ bargaining power will have an effect, which will prompt optimistic shareholders to invest relatively early, but it will disappear with the intensiffcation of group polarization.Finally, when the group polarization is low, whether there is a group decision is consistent, but whenthe group polarization is intensiffed, the representative agent will not be able to represent the whole group, and the group will adopt the information of all kinds of shareholders and make adjustments to the investment and financing decisions of the enterprise, that is, the enterprise will postpone the investment, and the optimal ffnancing strategy will change intermittently, that is, the enterprise will adopt the ffnancial policy of being radical ffrst and then conservative. |
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