可转换债务与企业研发投资决策

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-10-08 DOI:10.1016/j.frl.2025.108589

Liu Gan , Xin Xia , Hua Xiang

{"title":"可转换债务与企业研发投资决策","authors":"Liu Gan , Xin Xia , Hua Xiang","doi":"10.1016/j.frl.2025.108589","DOIUrl":null,"url":null,"abstract":"<div><div>We develop a continuous-time finance model to investigate the impact of convertible debt on corporate research and development (R&D) investment decisions. Our model predicts that an increase in the ratio of convertible debt to total debt induces firms to delay investment in R&D projects but encourages higher R&D investment intensity. Additionally, we demonstrate a U-shaped relationship between the probability of R&D termination and the convertible debt ratio. Finally, as the convertible debt ratio increases, the option value of R&D investment decreases, and the value of the firm at the time of R&D project initiation increases. These findings may yield novel practical implications for firms seeking to use convertible debt to promote innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108589"},"PeriodicalIF":6.9000,"publicationDate":"2025-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Convertible debt and corporate R&D investment decisions\",\"authors\":\"Liu Gan , Xin Xia , Hua Xiang\",\"doi\":\"10.1016/j.frl.2025.108589\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We develop a continuous-time finance model to investigate the impact of convertible debt on corporate research and development (R&D) investment decisions. Our model predicts that an increase in the ratio of convertible debt to total debt induces firms to delay investment in R&D projects but encourages higher R&D investment intensity. Additionally, we demonstrate a U-shaped relationship between the probability of R&D termination and the convertible debt ratio. Finally, as the convertible debt ratio increases, the option value of R&D investment decreases, and the value of the firm at the time of R&D project initiation increases. These findings may yield novel practical implications for firms seeking to use convertible debt to promote innovation.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"86 \",\"pages\":\"Article 108589\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-10-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325018434\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325018434","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们开发了一个连续时间财务模型来研究可转换债务对公司研发投资决策的影响。我们的模型预测，可转换债务与总债务之比的增加促使企业推迟研发项目的投资，但鼓励更高的研发投资强度。此外，我们还证明了研发终止概率与可转换债务比率之间的u型关系。最后，随着可转债比例的增加，研发投资的期权价值降低，企业启动研发项目时的价值增加。这些发现可能对寻求利用可转换债务促进创新的公司产生新的实际影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Convertible debt and corporate R&D investment decisions

We develop a continuous-time finance model to investigate the impact of convertible debt on corporate research and development (R&D) investment decisions. Our model predicts that an increase in the ratio of convertible debt to total debt induces firms to delay investment in R&D projects but encourages higher R&D investment intensity. Additionally, we demonstrate a U-shaped relationship between the probability of R&D termination and the convertible debt ratio. Finally, as the convertible debt ratio increases, the option value of R&D investment decreases, and the value of the firm at the time of R&D project initiation increases. These findings may yield novel practical implications for firms seeking to use convertible debt to promote innovation.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance