Optimal Debt Structure with Multiple Creditors
在最优契约框架下分析债务结构的关键方面，包括债权人数量、担保权益分配及债权人间的契约，探讨债务结构如何影响违约后谈判，并平衡其防止违约与违约成本之间的权衡。
Within an optimal contracting framework we analyse some important aspects of debt structure: the number of creditors a company borrows from; the allocation of security interests among creditors; and inter-creditor covenants that govern renegotiation of debt contracts. The key to our analysis is the idea that debt structure affects the outcome of debt renegotiation following a default. Debt structures that lead to ineffecient renegotiation are beneficial in that they deter default, but they are also costly if default is beyond a manager's control. The optimal debt structure balances these effects. We characterize how the optimal debt structure depends on firm characteristics such as technology, credit rating and the market for its assets.