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Research on Financing Decision Based on BSDE Theory

Author: XiangXiang
Tutor: ZhangQinSheng
School: Ocean University of China
Course: Management Science and Engineering
Keywords: Backward Stochastic Differential Equation Financial Decision Equity Financing Debt Financing
CLC: F272
Type: Master's thesis
Year: 2011
Downloads: 57
Quote: 0
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Abstract


In the modern market economy, every enterprise have to face the difficult position which the fund is insufficient when it needs to grow, thus the enterprise will collect fund through some methods. With the fast development of the finance market, there are lots of ways to collect fund for the enterprise, therefore the best financial decision is a question each enterprise have to face, and also it is one of important problem the enterprise could survive or not in a long term. Until now, domestic and foreign specialists attach importance to it, so the financial decision theory has a mature development recently. But nowadays, financial market is even more active, increases the ways to collect fund greatly. It provide more methods for the enterprise when it needs fund, but unreasonable financial decision will causes financial crisis in the short-term and increase risk.This thesis has conducted the innovative research in the enterprise financial decision theory, put the backward stochastic differential equation and the financing decision-making theory together, applies the backward stochastic differential equation into the financing behavior , not only have the traditional qualitative investigation, but also have new Quantitative Research. First the article builds a new model which applies backward stochastic differential equation into financial decision, then analyzes this modal, and find the solutions from according to the goal of the enterprises. Besides it solve uncertainty problem in the market economy.This research plans to use the standard research and the Empirical research .Through the literature research, it builds a new modal which apply backward stochastic differential equation into financial decision in foundation of understanding backward stochastic differential equation and enterprise financial decision theories, then analyze this model, and the use real diagnosis research technique to obtains the conclusion through the concrete example.The research obtains following research results and the research conclusion. First in the view of qualitative analysis, the research can tell us the close relation between reasonable capital structure and this enterprise’s product returns ratio and the income undulation rate. Specifically speaking, when interest rate and income fluctuation coefficient are constant, enterprise’s returns ratio and the Equity capital have Negative correlation. When interest rate and enterprise’s returns ratio are constant, income fluctuation coefficient and the Equity capital have positive correlation. Both conclusions can be verified in the daily social life. Second, in the view of the quantitative analysis, the research obtains formula relations involved returns ratio, the income undulation rate, the debt capital interest rate and equity capital, and through such formula, we apply this formula into practice.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making
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