系统管理学报2026，Vol.35Issue(3)：836-845,10.DOI:10.3969/j.issn2097-4558.2026.03.016
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
Mitigating Corporate Liquidity Financial Distress and Pricing with Ratchet-Style Contingent Write-Down Debt
摘要
Abstract
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.关键词
流动性财务困境/或有减记债/棘轮式设计/企业定价Key words
liquidity financial distress/contingent write-down debt(RWDCs)/ratchet design/corporate pricing分类
管理科学引用本文复制引用
林先伟,秦学志,王文华..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[J].系统管理学报,2026,35(3):836-845,10.基金项目
国家自然科学基金面上项目(71871040) （71871040）
国家社会科学基金重大项目(18ZDA095) （18ZDA095）
辽宁省社会科学基金青年项目(2024lslqnkt-013) （2024lslqnkt-013）
