Corporate Debt Value, Bond Covenants, and Optimal Capital Structure
在一个统一分析框架下推导了长期风险债务价值、收益率价差和最优资本结构的闭式解，揭示了债务价值与最优杠杆如何受企业风险、税收、破产成本、利率、 payout 率和债券契约的影响，并解释了垃圾债与投资级债券的不同行为以及资产替代、债务回购和债务重组的某些方面。
ABSTRACT This article examines corporate debt values and capital structure in a unified analytical framework. It derives closed‐form results for the value of long‐term risky debt and yield spreads, and for optimal capital structure, when firm asset value follows a diffusion process with constant volatility. Debt values and optimal leverage are explicitly linked to firm risk, taxes, bankruptcy costs, risk‐free interest rates, payout rates, and bond covenants. The results elucidate the different behavior of junk bonds versus investment‐grade bonds, and aspects of asset substitution, debt repurchase, and debt renegotiation.