基地研究员夏鑫副教授的论文“Convertible debt and corporate R&D investment decisions”在重要学术期刊Finance Research Letters发表。

摘要：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.

关键词：Convertible debt; R&D investment; R&D termination; Innovation

论文链接：https://doi.org/10.1016/j.frl.2025.108589

教师简介

夏鑫，中南财经政法大学金融学院副教授，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。