資產替換,可轉換公司債與資訊不對稱

Abstract

本計劃之目標為建構一個 option-game structural model。此模型將用來分析公司資產替換 之問題，並探討可轉換公司債在減低資產替換問題所扮演的角色。此外，本計劃也將嘗 試將股東與債券持有人之間的不對稱訊息納入考量。最後，本計劃的理論結果將利用實 際資料加以驗證。

The objective of this project is to construct an option-game structural model which is utilized to analyze the asset substitution problem of a firm. The role of convertible bonds in alleviating asset substitution problem will be investigated and moreover, we would attempt to take the asymmetric information between shareholders and bondholders into consideration. Finally, the model's predictions will be further empirically examined.