Efficient Recapitalization
分析了政府如何通过优先股加认股权证的方式高效重组银行资本，解决因债务积压导致的信贷紧缩问题，并指出有条件的实施可防止银行搭便车。
ABSTRACT We analyze government interventions to recapitalize a banking sector that restricts lending to firms because of debt overhang. We find that the efficient recapitalization program injects capital against preferred stock plus warrants and conditions implementation on sufficient bank participation. Preferred stock plus warrants reduces opportunistic participation by banks that do not require recapitalization, although conditional implementation limits free riding by banks that benefit from lower credit risk because of other banks’ participation. Efficient recapitalization is profitable if the benefits of lower aggregate credit risk exceed the cost of implicit transfers to bank debt holders.