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在公司资本结构中引入可转换优先股,运用公司证券定价理论,计算公司证券的市场价值。以普通股权价值最大化为目标,获得了可转换优先股权的最优转换阀值和公司最优破产阀值。数值分析表明:与增发普通股相比,在融资成本不变的条件下,增发可转换优先股可以提高原始普通股权价值,且在一定程度上减少了原始普通股东的风险转移激励,特别在可转换优先股转换之前,甚至可消除这一激励。
Introduce convertible preference shares into the company’s capital structure and use the securities pricing theory of the company to calculate the market value of corporate securities. In order to maximize the value of common equity, the optimal conversion threshold of convertible preferred stock and the optimal bankruptcy threshold of the company were obtained. Numerical analysis shows that under the condition of constant financing cost, the issuance of convertible preference shares can increase the value of the original ordinary equity and reduce the risk transfer incentive of the original common shareholders to a certain extent, This incentive can even be eliminated before converting the conversion of preferred shares.