基地研究员夏鑫副教授的合作论文“Optimal conversion ratio of contingent capital under issuance constraints”在重要学术期刊International Review of Financial Analysis在线发表。

IRFA系国际金融学领域知名SSCI期刊，JCR一区、ABS三星、中科院经济学一区TOP期刊（2023），影响因子（IF）8.2，在商业金融期刊领域排名4/111。期刊旨在发表财务及金融领域的高质量理论与实证论文。

摘要：We develop a model of banking to clarify how contingent convertible bonds (CoCos) affect banks’ financing and investment policies when they face the upper limit of CoCo issuance. We then discuss the optimal conversion ratio of CoCos. In contrast to the frictionless setting, banks with more dilutive terms optimally choose to delay investment and issue first larger and then smaller CoCos. For banks with a weak (strong) issuance constraint, given high (low) asset volatility or low (high) deposit account service income, mandatory conversion to equity CoCos (permanent full write–down CoCos) are preferred. These findings may provide an explanation for why these two types of CoCos prevail in the market.

关键词：CoCos；Issuance constraints；Investment；Financing

论文链接：https://doi.org/10.1016/j.irfa.2025.103963

教师简介

夏鑫，中南财经政法大学金融学院讲师，主要研究方向为公司金融。近几年以第一作者或唯一通讯作者身份在《管理科学学报》、《中国管理科学》、《Journal of Corporate Finance》、《International Review of Economics and Finance》、《North American Journal of Economics and Finance》、《Economic Modelling》、《Applied Economics》、《Economics Letters》等学术期刊发表论文10余篇，担任多本SSCI期刊的审稿人。研究成果曾获得当代经济学博士创新项目资助。