Bankruptcy, Warranties and the Firm's Capital Structure
研究企业如何通过资本结构在消费者与债权人之间转移风险，发现当消费者风险厌恶而股东和债权人风险中性时，最优资本结构为全股权融资。
This paper examines the role of capital structure as an instrument for shifting risk between real and financial markets. The author considers a firm whose contractual agreements involve both consumers and debtholders and shows that if consumers are risk averse, whereas equity and debtholders are risk neutral, the firm uses its capital structure to shift risk away from consumers. The optimal allocation of risk across real and financial markets leads the firm to be fully equity financed. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.