教師資料查詢 | 類別: 期刊論文 | 教師: 林志鴻 Jyh-horng Lin (瀏覽個人網頁)

標題:Financial contract structures and production decision : an option-based optimization
學年93
學期1
出版(發表)日期2005/01/01
作品名稱Financial contract structures and production decision : an option-based optimization
作品名稱(其他語言)
著者Luo, Min; Lin, Jyh-horng; Wu, Li-hung
單位淡江大學國際貿易學系暨國際企業研究所
出版者Analytic Publishing Co
著錄名稱、卷期、頁數Journal of Information & Optimization Sciences 26(1), pp.165-180
摘要This paper examines alternative financial contracts for production decisions under an optimal-based valuation. We demonstrate that while the optimal loan contract consists of only conventional loans, the firm is over-borrowing and thus has over-production since its risk-adjusted future price is expected to be greater than the risk-adjusted current price. If the optimal contract consists of both conventional loans and commodity loans explicitly incorporating characteristics of the firm's product market, the firm's over-borrowing and thus over-production will vanish. Our results demonstrate that the form of contract structures provides much needed price expectation stability to the product market.
關鍵字Conventional loan;commodity loan;Black-Scholes valuation
語言英文
ISSN0252-2667
期刊性質國內
收錄於
產學合作
通訊作者
審稿制度
國別中華民國
公開徵稿
出版型式,電子版
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