通过债务融资能够缓和股东与经营者的冲突 ,进而降低股权融资的代理成本 ,然而 ,债务融资契约的引入又会产生债务融资的代理成本 ,因此 ,最佳债务融资比例的确定需要在股权融资与债务融资的代理成本之间进行权衡。本文依据代理理论 ,就基于代理成本的企业债务融资契约安排进行了研究。 By debt financing, the conflict between shareholders and managers can be mitigated, which in turn reduces the agency cost of equity financing. However, the introduction of debt financing contracts will incur the agency cost of debt financing. Therefore, the best debt financing ratio needs to be determined in equity financing. There is a trade-off between the agency costs of debt financing. Based on agency theory, this paper studies the corporate debt financing contract arrangement based on agency costs.