債務不履行時の利害調整 : サイド・ペイメント・アプローチの提案

Abstract

The purpose of this paper is to examine how the potential conflict between stockholders and bondholders is adjusted when the firm has risky debt. This matter has been discussed by a number of authors, however, both the Agency Approach and the Transaction Cost Approach, or usual alternative approaches have failed in sufficient explanations. A new approach is presented in this paper toward the elucidation of the problem.