混合担保方式下AK型企业的投融资选择

新常态下经济着力于实体经济,而实体经济主要依赖各资本要素的推动.由于投资过程依赖于资本存量的动态调整,AK型企业能够全面刻画实体企业的动态发展过程.本文探究了混合担保模式下AK型企业的最优投融资选择及变化趋势,通过计算既定权益,给出公平担保成本的计算公式.数值模拟部分说明:对于投资额来说,资本存量和增长率呈正向激励,固定担保费和波动率呈反向抑制;对于融资量而言,"债务保守之谜"成立;企业所需支付的股权份额与固定担保费呈互补效应,增长率和资本存量的增加会降低该份额,而波动率的增加则会增大该份额;企业的债务积压效应较弱,存在资产替代效应.

Optimal investment and financing decisions with mixed guarantee in AK firm

The new state of economy calls for the promote forces driven by capital stock. Typical AK model can be used to reflect the dynamic process more realistically, in which the investment process relies on the changing of capital. The guarantee company provides a chance for the AK firm to get loans easier in the market. In this paper, we consider the financing and investment problem for the AK firm with mixed guarantee. The prices of securities are given and the guarantee cost is calculated explicitly. Numerical solutions state that the increase of fixed guarantee cost and the volatility of capital decrease the amount of investment. The increase of capital and the mean growth rate show the opposite tendency. For the financing problem, the "debt conservation puzzle" still holds. Besides these, the fixed insurance cost and the fraction of equity are complementary elements. The increase of capital and the mean growth rate also descend the required fraction of equity for its reliable quality. As the firm stays away from the bankruptcy barrier, the debt overhang effect is weakened and the asset substitution effect still holds.