MEASURING THE AGENCY COST OF DEBT

被引：125

作者：

MELLO, AS

PARSONS, JE

机构：

来源：

JOURNAL OF FINANCE | 1992年 / 47卷 / 05期

关键词：

D O I：

10.2307/2329000

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We adapt a contingent claims model of the firm to reflect the incentive effects of the capital structure and thereby to measure the agency costs of debt. An underlying model of the firm and the stochastic features of its product market are analyzed and an optimal operating policy is chosen. We identify the change in operating policy created by leverage and value this change. The model determines the value of the firm and its associated liabilities incorporating the agency consequences of debt.

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页码：1887 / 1904

页数：18

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