2014 ACCA考试（P4 高级财务管理）考前辅导17

　　以下是高顿网校小编为ACCA学员整理的：P4高级财务管理，供大家参考。
 

　　Another consequence of financial distress is the impact this may have on the corporation's ability to undertake profitable future investment. Financial distress may make the cost of external debt and equity funding so expensive that a corporation and its management may be forced reject profitable projects. Academics refer to this as the under investment problem.

　　Equity holders in effect hold a call option on a corporation's assets and debt holders can be considered to have written the option. In cases of low financial distress the company may be considered to be similar to an at-the-money option for its equity holders, and, therefore, they would be more willing to undertake risky projects as they would benefit from any increase in profitability, but the impact of any loss is limited. In the case of substantial financial distress, the option could be considered to be well out-of-money. In this situation there is little (or no) benefit to equity holders of undertaking new projects, as the benefits of these will pass to the debt holders initially. However, debt holders would be reluctant to lend to a severely distressed company in any case.

　　Therefore, when raising debt capital, a corporation that is subject to low levels of financial distress would face higher agency costs, with lenders imposing higher borrowing costs and more restrictive covenants. Whereas debt holders get a fixed return on their investment, any additional benefit due to higher profits would go to the equity holders. This would make the debt holders reluctant to allow the corporation to undertake risky projects or to lend more finance to the corporation because they would not gain any benefit from the risky projects.

　　A corporation that faces high levels of financial distress would find it difficult to raise equity capital in order to undertake new investments. If corporations try to raise equity finance for relatively less risky projects then the profits earned from such projects would initially go to the debt holders and the equity holders will gain only residual profits. Therefore equity holders would put pressure on the corporation and its management to reject good, low risk projects, which may have been acceptable to the bondholders.

　　Therefore, risk management in reducing financial distress by reducing the volatility of the corporation's cash inflows may help the management to obtain an optimal mix of debt and equity, and to undertake profitable projects.
 

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