关键词: 业绩敏感性债券, 资产流动性, 融资选择, 融资约束型企业

Abstract: In practice, the financing process is not only expensive but also hard to handle with. The tax reduction effect for the debt provides many firms with a good choice to seek more debt financing tools in the market. A newly innovation product, performance-sensitivity debt(PSD), is then revived in the bond market. The good feature it owns is that it tights its coupon rate with the performance of the firm by the factor θ. For a financially-constrained firm, the financing cost differs from inside to outside, so there exists the optimal financing choice when the cash inventory is considered as a state variable. It is known that the cash inventory is an important factor in the ordinary management process for it not only provides the precaution demand but carries some opportunity cost. Thus the equity-holders need to avoid costly liquidation process and choose a proper payout boundary. By deciding the region where the cash inventory lies, the ODEs for the equity value and debt value can be gotter, and then the financing choice problem is formulated. By numerical simulations, it is found that the higher desire for the debt will promote the equity-holder to choose this new type of debt. Higher correlation with the performance of the firm will increase the equity value and decrease the leverage. Besides this, an exact financing solution is given for the data. Comparative statics states that the payout process is delayed, the firm value is increased and the the leverage is decreased with a higher profitabilityμ, a higher interest rate rand a small tax rate τ_c. In addition, PSD can restrain the firm to overuse the high volatility behavior. The economic phenomena "debt conservation effect" is valid under this framework. Therefore, our analysis provide theoretical and practical guide to use this debt financing tools and build a proper financing structure using PSD. As a vice product, how PSD affects the liquidity of a financially-constrained firm is stated.

Key words: performance-sensitivity debt, asset liquidity, financing choice, financially-constrained firm