If the managers thought bankruptcy would not happened, their motivation of asset substitution would be boosted with the rise of debt/ asset level. 在估计不会破产的情况下,公司进行资产置换(assetsubstitution)的动机随负债水平的提高而增强。
So, Based on different body's power balance, if corporate utility-possibility frontier is equal to the marginal rate of substitution of stock and debt, that decides realistic financing structure. 公司法人按利益主体实力对比和最后均衡结果,当公司权益的边际效用与债务的边际效用之比和权益债务边际转换率相等时,决定了现实的融资结构。
Use the Way of Newton's Successive Substitution to Calculate the Real-time Earning Ratio of National Debt Appended Interest 利用牛顿迭代法计算附息国债的实时收益率