企业债券期限结构研究——基于交易成本和代理成本视角

发行长期债券可以降低交易成本．但债券期限越长，代理成本就越高。企业在发行新债券时必须对交易成本和代理成本进行权衡．寻求最优债券期限结构。模型证明，发行企业债券时运用提前赎回条款、卖回条款、偿偾基金条款和转换权等债券契约条款可以同时达到降低发债总成本和延长企业债券融资期限的目的。

A Study on Corporate Bond Maturity: Perspective from Transaction Costs and Agency Costs

Transaction costs associated with bond issues can be reduced by issuing bonds with longer terms to maturity. However,the longer the term to maturity,the higher the agency costs associated with the issue.Firms that pursuing optimal bond maturity structure must weigh transaction and agency costs of a new corporate bond issue.Models in the paper indicate that firms can make use of bond covenants such as the call provision,the put provision,the sinking fund provision and convertibility to increase the term to maturity of a bond issue and at the same time reduce the aggregate of the agency costs and transaction costs associated with it.