基于资产风险信息不对称的可转债融资信号模型

Research on Convertible Financing Signal Model Under Asymmetric Information on Risk

主要研究了可转债与资产风险信息不对称的信号模型,通过引入信息透明度,成本等因素进一步拓展了Brennan和Kraus(1987)提出的无成本可转债融资信号模型,说明使用可转债融资有助于克服资产风险的信息不对称问题,并能提高融资效率,减少债务融资成本。

The paper studies the costless signaling equilibrium of convertible financing based on the research results of Brennan and Kraus (1987). By considering the factors of cost and information transparency, the paper shows that not only that the problem caused by asymmetric information on risk can be solved, but also the financing efficiency can be improved and the financing cost can be mitigated.