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债务展期是指在担保债务到期时,当债务方的资产不足于偿还到期债务的情况下,担保方代偿,同时获得对债务方的债权追偿权。本文通过对债务展期情况下的融资担保问题的合同签订期,债务到期时及展期债务到期时三个阶段进行深入辨析,分析债务展期对担保合约的影响,给出了担保合约签订期(Date-0)担保合约中担保费用和担保比例的博弈纳什均衡解,并针对债务到期时(Date-1)展期债务进行子博弈均衡分析。结果表明债务展期情况下担保费用与项目的风险和清算价值分别呈正比和反比关系;担保比例与投资成本呈现反比关系,研究结果为担保方提供科学的参考依据。
Debt rollover means that when the guarantee debt expires, when the debtor’s assets are not enough to repay the due debts, the guarantor will compensate and at the same time obtain the creditor’s rights of debt recovery. This article analyzes the impact of debt rollover on the guarantee contract through three stages: the contract signing period, the maturity of the debt and the maturity of the maturity debt of the debt extension period, and gives the conclusion of the contract signing period Date-0) Game Nash equilibrium solution of the guarantee cost and guarantee ratio in the guarantee contract, and perform the sub-game equilibrium analysis on the extended debt of Date-1. The result shows that the guarantee cost under the debt extension period is directly proportional to and inversely proportional to the risk and liquidation value of the project. The guarantee proportion and the investment cost are inversely proportional to each other, and the research results provide the guarantee party with scientific reference.