基于棘轮式或有减记债的企业流动性财务困境纾解方法与定价研究OA

To address situations in which firms fall into liquidity-driven financial distress,this paper designs a ratchet-style contingent write-down debt(RWDCs)instrument and develops a corresponding mitigation approach.The ratchet-style design of the coupon write-down clause overcomes the limitations of traditional"one-size-fits-all"full write-down provisions.Furthermore,it employs a finite-maturity structural model of RWDCs to construct a corporate security pricing model,within which the firm's optimal capital structure is endogenously determined.The results show that issuing RWDCs can significantly reduce default risk and enhance firm value,demonstrating strong effectiveness and applicability in alleviating financial distress.Specifically,the optimal initial coupon write-down ratio of RWDCs is positively correlated with the firm's operational risk,while the optimal proportion of RWDCs in total debt exhibits a decreasing-then-increasing trend.In addition,the ratchet-style design of the coupon write-down clause effectively reduces credit spreads,thereby enhancing the firm's ability to mitigate liquidity financial distress.