李存修2006-07-262018-07-092006-07-262018-07-092001http://ntur.lib.ntu.edu.tw//handle/246246/16251We first discuss the problem of information asymmetry between money demanders and capital lenders, which may cause the stagnation of fund raising activities. With a financing contract that changes the conversion ratio according to the performance of the borrower the lemon delimma can be solved. The financing contract can be applied to the fund raising between venture capitals and start-up firms as well as between banks and SMEs. This contract will help the borrowers to raise fund at fair price and at the same time capital lenders are relieved of possible losses resulted from adverse selection. We also develop a pricing model for the financing contract by integrating the CB pricing model of trinomial tree structure with an algorithm on reset option. Default risk is also taken into account. For the private companies without public stock prices, we employ EPS and P/E ratio to estimate the conversion value. The pricing model enjoys stable convergence and computational efficiency.application/pdf516988 bytesapplication/pdfzh-TW國立臺灣大學財務金融學系暨研究所reporthttp://ntur.lib.ntu.edu.tw/bitstream/246246/16251/1/892416H002069.pdf