【摘要】 在He(2011)动态代理模型的基础上,引入行为敏感性债券,研究企业发行行为敏感性债券的合理性。结果表明:与普通债券融资相比,行为敏感性债券可以提高股东预定的努力程度,同时也可以缓解债务积压;随着行为敏感性债券的风险补偿测度的增加,企业最优杠杆以及企业破产水平递减,初始券息呈现倒U型变化;而随着企业波动率的增加,股东预定的努力程度会降低。更多还原

【Abstract】 Following He(2011),we study economic rationale for using performance-sensitive debt(PSD)in a dynamic principal-agent model,the result shows that PSD can raise the optimal effort policy compared with common bond financing,and PSD also partially solves potential future conflicts related to debt overhang.PSD reduces the level of bankruptcy and leverage ratio and initial coupon of PSD exhibits a converse U-shaped pattern with the degree of risk compensation.With the increasing of volatility,the optimal effort policy is reduced.更多还原