Does Performance-Sensitive Debt Mitigate Debt Overhang?
Does Performance-Sensitive Debt Mitigate Debt Overhang?
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DOI：
10.2139/ssrn.3509880
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发表时间：
2019-12
期刊：
影响因子：
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通讯作者：
A. Bensoussan;Benoît Chevalier-Roignant;A. Rivera
中科院分区：
文献类型：
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作者：
A. Bensoussan;Benoît Chevalier-Roignant;A. Rivera
摘要本文建立了一个企业扩张决策模型。直接债务扭曲了时机和规模：公司比全股权融资的对手投资更少，也更晚。在债务合同中纳入业绩敏感性可减轻这种扭曲。此外，在标准的资本结构权衡理论中，业绩敏感性与企业价值最大化是一致的。因此，我们的模型合理化的广泛使用的性能敏感的债务（PSD），特别是在快速增长的公司。
Abstract We model the expansion decision of a levered firm. Straight debt distorts both timing and scaling: the firm invests less and later than its all-equity financed counterpart. The inclusion of performance sensitivity in the debt contract mitigates such distortions. Moreover, performance sensitivity is consistent with firm value maximization within a standard trade-off theory of capital structure. As a result, our model rationalizes the widespread use of performance sensitive debt (PSD), especially amongst fast growth firms.