使用數值方法分析債券條款，最適股利政策及最適資本結構的關聯

Abstract

公司債是企業在公開市場募資的重要工具，分析不同的發債策略以及發債的槓桿比例對公司的價格影響，在企業金融領域是一個十分重要的議題。此外，不同的股利政策對公司的財務狀況和股票價格都有深遠的影響，故研究公司資本結構和股利政策和公司價值的聯動關係亦十分重要。本研究開發一格子樹模型，可以精確評價不同債券條款和股利政策之下，各 contingent claim(如公司債和股票)的價格，並且分析不同股利政策下的最適資本結構，進而找出最適股利政策，並可分析發債時採用不同債券條款對公司價格的影響，其貢獻對於財金理論分析及實務籌資策略決定都十分重大。

Corporate bonds are key instruments for a firm to raise fund from public markets. Analyzing the influences of different debt issuance strategies and the (debt) leverage ratio on the firm levered value is a key issue in corporate finance. Moreover, the dividend policy has great influence on the financial status of the firm and the stock price. Therefore, a tool to analyze the linkage among the firm’s capital structure, the dividend policy, and the firm value is important. This research develops a tree method that can analyze the values of the contingent claims, says the corporate bonds and stocks, under different bond provisions and the dividend policies. It can analyze the optimal capital structure under different dividend policies, and then find the optimal dividend policies base on the aforementioned results. It can also analyze the impacts of different bond provisions on the firm value. The contribution of our method is important for both theoretical analysis in finance and the practical fund raising strategies.