Corporate Governance and the Cost of Borrowing
从理论上分析了公司治理（对外部股东的保护程度）与借贷成本之间的关系，发现治理改善会降低违约概率，但对债务成本的影响方向取决于企业违约时的重组成本。
Abstract This paper analyzes the theoretical link between governance (defined loosely as the degree of protection offered to outside shareholders), and the cost of borrowing. We find, consistent with empirical evidence, that improvements in governance reduce the likelihood of default. Also, we find that improvements in governance will monotonically increase or reduce the cost of debt, where the sign of the relationship depends on the firm's restructuring cost in default. Finally, we find that the strength of the governance mechanism can influence the incentives to carry out risk shifting.