CAJ | 학술논문

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。
발행장기채권가이강저교역성본．단채권기한월장，대리성본취월고。기업재발행신채권시필수대교역성본화대리성본진행권형．심구최우채권기한결구。모형증명，발행기업채권시운용제전속회조관、매회조관、상분기금조관화전환권등채권계약조관가이동시체도강저발채총성본화연장기업채권융자기한적목적。
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.