Debt Financing under Asymmetric Information
分析了信息不对称下债务期限、票息支付和股利限制的最优设计，发现信息不对称的分布位置决定了企业选择长期带息债务（部分或完全不限制股利）还是短期债务。
ABSTRACT We analyze the optimal design of debt maturity, coupon payments, and dividend payout restrictions under asymmetric information. We show that, if the asymmetry of information is concentrated around long‐term cash flows, firms finance with coupon‐bearing long‐term debt that partially restricts dividend payments. If the asymmetry of information is concentrated around near‐term cash flows and there exists considerable refinancing risk, firms finance with coupon‐bearing long‐term debt that does not restrict dividend payments. Finally, if the asymmetry of information is uniformly distributed across dates, firms finance with short‐term debt.