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1 93/1 國企系 林志鴻 教授 期刊論文 發佈 Financial contract structures and production decision : an option-based optimization , [93-1] :Financial contract structures and production decision : an option-based optimization期刊論文Financial contract structures and production decision : an option-based optimizationLuo, Min; Lin, Jyh-horng; Wu, Li-hung淡江大學國際貿易學系暨國際企業研究所Conventional loan;commodity loan;Black-Scholes valuationAnalytic Publishing CoJournal of Information & Optimization Sciences 26(1), pp.165-180This 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 structure
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