银行资本最优结构的博弈分析

Analysis on the Determinants of Bank Capital Structure Hu Feng

金融契约是不完全的 ,如果重新谈判导致相应的谈判成本 ,银行相对于企业家的谈判地位取决于银行的资本结构 ,结果是银行最大可实施的贷款偿还额和对于银行出资者的最大的可保证贷款偿还量都取决于股权比率。如果银行拥有部分垄断力量 ,银行将选择能使其租金最大化的股权比率。

This paper argues that the bank's bargaining position vis à vis the entrepreneur depends on her capital structure if renegotiations causes risky bargaining costs In consequence, both the bank's maximum enforceable loan repayments as well as the maximum pledgeable payments to the bank's financiers depend on the chosen equity share