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、派息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。
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.