Abstract: In order to relieve the financial distress from liquidity shortage to zero liquidation value, a comprehensive strategy combining perpetual bond replacement and equity refinancing is adopted. By setting the liquidity index as the threshold of financial distress and setting the asset accumulated index as the threshold of bankruptcy, a pricing model in this comprehensive strategy is constructed. The empirical analysis verifies the applicability of this comprehensive strategy. The result indicaates that the financial distress can be effectively relieved by using a reasonable comprehensive strategy which combines perpetual bond replacement and equity refinancing. The main reason for this is that the extension of bond maturity can reduce the current debt service pressure of enterprises, and the short-term liquidity pressure of enterprises can be further relieved after the replacement of perpetual bonds. Besides, within a certain range of asset value, this comprehensive rescue strategy can increase the values of both the enterprise and the equity, and ensure that the debt value does not decrease.

Key words: perpetual bond replacement, equity refinancing, financial distress, corporate pricing

摘要： 针对由流动性不足至清算价值为零所对应的财务困境情境，运用流动性指标与资产存量指标来设定财务困境阈值及破产阈值，综合采用永续债置换及权益再融资的施救策略，构建了该策略下的企业定价模型并进行了实证分析，验证了该综合施救策略的适用性。研究结果表明：适宜的综合采用永续债置换及权益再融资的施救策略有助于企业财务困境的有效纾解，主要依据为：通过债券到期期限的延长，可降低企业的当期还本付息压力，而永续债置换后企业短期流动性压力又得以进一步缓解；在企业资产价值处于一定范围的情境下，综合施救策略能够在确保企业债务价值不减的基础上，实现企业价值、权益价值的增加。

关键词: 永续债置换, 权益再融资, 财务困境, 企业定价