债转股比例的模糊实物期权改进

Fuzzy Approach to Proportion of Debet-to-equity Swap by Real Option

债转股的比例确定是债转股操作过程中的一个重点问题,已有的研究都假定企业的市场价值为已知,实际上由于大多数债转股企业均是非上市公司,因而该假设是太强,不现实,因此对此假设进行改进,即企业的市场价值是未知,但可以表示为一个模糊数,从而对债转股比例的问题进行改进。

The proportion of the Debt-to-equity swap is an important matter in the Debt-to-equity swap operate process, and existent research assumed that the market value of the Debt-to-equity swap enterprises were known. Actually, due to many debt-to-equity swap enterprise are SOE's, so this assumption is unpractical.This paper amends the assumption, that is to say the market value of the Debt-to-equity swap enterprise is unknown, but it can be expressed as a fuzzy number and the matter about the proportion making of the Debt-to-equity swap can be perfected.