Is Convertible Debt a Substitute for Straight Debt or for Common Equity?
探讨企业发行可转换债券的两种动机：替代普通债务以缓解债权人与股东之间的代理冲突，或替代普通权益以降低逆向选择成本。
Firms have two motivations for issuing convertible debt. Some issue convertible debt instead of straight debt to mitigate the costs of bondholder/stockholder agency conflicts. Others issue convertible debt instead of common debt to reduce the costs of adverse selection.