企业融资风险来源的期权分析

Option Analysis On Enterprises' Financing Risk

融资风险是企业财务中所面临的主要风险之一 ,汇率和利率的频繁波动 ,加剧了企业的融资风险。本文从分析股权融资和债权融资的期权特性出发 ,通过研究两种融资方式及其融资规模与看涨期权价值之间的相互关系 ,揭示出企业的融资风险主要来源于企业总资金投资收益率。

The financing risk is of the most conventional risks confronted in the enterprises' financial management. The frequent fluctuation of exchange rate and interest rate increase enterprises' financing risk. From the point of view of options, this paper makes a analysis of equity financing and debt financing respectively, studied the interrelationships between financing approach, financing size and the value of call option. It was found that the financing risks mainly comes from the three aspects, i.e total return of capital invested, capital structure and cost of debt capital.