“债务负担”的定义 -   debt overhang : 一个实体的债务负担是如此之大，不能承担额外的债务融资未来的项目，即使那些有足够的利润，使其能够随着时间的推移减少其债务。债务负担，以阻止目前的投资，因为新项目的全部收入将现有的债务持有人的实体，试图挖的孔，留下小的激励。在主权ZF的背景下，这个词是指一个国家的债务总额超过其未来的偿还能力的情况下。

谢谢。这个理解了。那为什么RM 可以reduce 呢。怎么reduce法呢。

这个概念是2012考题里的竟然，我做的时候还是没记清。。。

债务积压，Debt overhang is the condition of an organization (for example, a business, government, or family) that has existing debt so great that it cannot easily borrow more money, even when that new borrowing is actually a good investment that would more than pay for itself.

This problem emerges, for example, if a company has a new investment project with positive net present value (NPV), but cannot capture the investment opportunity due to an existing debt position, i.e., the face value of the existing debt is bigger than the expected payoff. Hence, the equity holders will be reluctant to invest in such a project because most of the benefits will be reaped by the debt holders. In addition, debt holders will not finance the firm if the company cannot convince the debt holders that the project will not fail.

The situation emerges if existing debtholders of a company can be expected to lay claim to (part of) the profits of the new project, and this renders the NPV of the project (when undertaken by this company) negative.

Likewise, a family seeking a home improvement loan on a house in negative equity might have a good improvement plan for increasing the home's value (possibly above the total debt level), but would be rejected by banks because the collateral is already overburdened.

感谢精彩回答