CAJ | 학술논문

从贷款利率高于存款利率的实际出发，对单位时间内必须偿还固定数量债务的负债公司，讨论他们极小化破产罚款额贴现值的最优投资策略问题，得到最优策略是公司当前财富净值的分段线性函数.通过比较，可看出存贷利率差异对公司行为的具体影响，影响是显著的.
종대관리솔고우존관리솔적실제출발，대단위시간내필수상환고정수량채무적부채공사 ，토론타문겁소화파산벌관액첩현치적최우투자책략문제，득도최우책략시공사당전재부정 치적분단선성함수.통과비교，가간출존대리솔차이대공사행위적구체영향，영향시현저적.
This paper assumes that loan rate is higher than saving rate, and deal with the issue on minimizing the discounted penalty of bankruptcy for a company which must withdraw funds continuously at a given rate per unit time. We have ac quired optimal policy which is the pathwise linear function of the companyscurrent property. By comparison, we find out the concrete influence of the rate di fference on investors. The influence is remarkable.