Economic analysis in covertible debt and financing of firms

2022 Fiscal Year Final Research Report

• Project/Area Number: 19K13740
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07060:Money and finance-related
• Research Institution: Kochi University
• Principal Investigator: Amemiya Yuki 高知大学, 教育研究部人文社会科学系人文社会科学部門, 准教授 (70759349)
• Project Period (FY): 2019-04-01 – 2023-03-31
• Keywords: 転換社債 / 金融契約 / 情報の経済学

Outline of Final Research Achievements

This study is an economic analysis that aims to explain the role of convertible securities and to examine the optimal design of such convertible securities. We have mainly provided the following results. Firstly, convertible securities are helpful in the case of financing firms with a few initial assets, such as start-up companies. Secondly, convertible securities can mitigate excessive risk-taking by the entrepreneur. In addition, we examine the strategies of firms under an oligopolistic competition with uncertain demand.

Free Research Field

応用ミクロ経済

Academic Significance and Societal Importance of the Research Achievements

本研究による成果によって，転換社債がどのような場合に有用であるかという問いに答えるための新しい理論的根拠を提示できることに加え，実証研究の方針策定に有用な含意を得ることで，企業の資金調達や証券取引に関する経済学的研究の発展に貢献できるものと考えられる．加えて，関連する実務や政策を検討するうえでの検討材料として応用されることで，企業活動や金融市場の改善を促す提案が可能になる点で，社会的意義があると考えられる．