活动时间：2023-11-18 14:30

活动地点：腾讯会议 931-179-930（key 95220)

主讲人：杨招军

主讲人中文简介：

杨招军，南方科技大学金融系研究员，博士生导师，深圳市鹏城学者，中国优选法统筹法与经济数学研究会量化金融与保险分会副理事长，中国运筹学会金融工程与金融风险管理分会常务理事。研究方向为金融工程、金融理论、科技金融。在Journal of Credit Risk, Journal of Mathematical Economics, European Financial Management, European Journal of Operational Research, International Review of Finance等国际知名杂志发表了大量论文。当前主持国家自科基金重点项目：基于区块链技术的中小微企业资产证券化融资模式设计。

活动内容摘要：

Debt renegotiations are popular in practice; a key problem is how to specify their renegotiation time. We provide a new method to address the timing of debt renegotiations with the patterns of debt-equity swap, strategic debt service and distressed exchange respectively. We incorporate credible threats into debt renegotiations instead of non-credible threats implicit in much of previous literature. Our method derives that optimal renegotiation thresholds in the three renegotiation patterns are the common bankruptcy thresholds, which are less than the previous derived corresponding thresholds.  Our method brings a higher optimal bond coupon rate and a much higher firm value than the previous studies. We produce analytical proofs for most of these conclusions.

主持人：张振中