エクイティは枕で負債は剣

昔,授業で出てきた時に印象に残ったにも拘らず,文献名を知らなかったのですが,思い出して調べて見たところ,15分ほどで見つかりました。

  • Stewart, G. Bennett, III, and David M. Glassman, 1988, The motives and methods of corporate restructuring, part II, Journal of Applied Corporate Finance 1, 79-88

Equity is soft, debt hard. Equity is forgiving, debt insistent. Equity is a pillow, debt a sword. Equity and debt are the yin and yang of corporate finance. Equity lulls management to sleep, forgiving their sins more readily than a death-bed priest. A surplus of stock muffles the alarms that should be heard when earnings decline. Forgive and forget is equity’s creed. Debt’s edge jabs management awake, demanding attention. A staggering debt load is a credible threat, compelling necessary changes and exceptional performance.

Damodaran先生は,pillowではなく,cushionを使っているようです1 。どちらの方が良いのでしょうか2

  1. Aswath Damodaran, The Debt-Equity Trade Off: The Capital Structure Decision (2003), http://people.stern.nyu.edu/adamodar/pdfiles/ovhds/ch7.pdf []
  2. “Equity” “pillow” “debt” “sword”でGoogle先生に尋ねると,検索結果が670万件ほど出てきます。”pillow”を”cushion”に替えると560万件ほどになります。 []