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所有者和债权人之间的代理关系是现代公司治理的重要要素,如何理解和处理二者之间的关系成为社会关注的核心。本文从期权角度对所有者与债权人之间的代理关系进行新的理解,并分别介绍了无风险套期保值、B-S期权定价理论模型的具体运用以及保护债权人利益的具体措施。
The agency relationship between the owner and the creditor is an important factor in the modern corporate governance. How to understand and deal with the relationship between the two becomes the core of social concern. This paper gives a new understanding of the agency relationship between the owner and the creditor from the perspective of the option and introduces the specific application of risk-free hedging, the theoretical model of B-S option pricing and the specific measures to protect the interests of creditors.