The Optimal Debt Maturity Structure Of Small And Medium-Sized Emerging Technical Enterprises Based On Patent Investment

In this paper, we have discussed the debt maturity structure choice of small and medium-sized emerging technical enterprises based on patent investment problems. And we have built the expected utility function of small and medium-sized emerging technical enterprises based on patent investment expected utility function. After having got the maximum expected utility, we have made clear the relationship among the patent options of small and medium-sized emerging technical enterprises, debt maturity structure and the risk of additional cost of financing. Besides, we presented the equilibrium relationship between the debt maturity structure and the additional financing cost. Finally, we got some valuable conclusions about debt maturity structure choices of small and medium-sized emerging technical enterprises about patent investment.