Capital Structure and the Informational Role of Debt
提出一种资本结构理论，认为债务能促使管理者披露信息并接受监督，因为违约会使债权人有权清算公司并产生对投资者有用的信息。
ABSTRACT This paper provides a theory of capital structure based on the effect of debt on investors' information about the firm and on their ability to oversee management. We postulate that managers are reluctant to relinquish control and unwilling to provide information that could result in such an outcome. Debt is a disciplining device because default allows creditors the option to force the firm into liquidation and generates information useful to investors. We characterize the time path of the debt level and obtain comparative statics results on the debt level, bond yield, probability of default, probability of reorganization, etc.