| Summary: | 碩士 === 國立政治大學 === 國際貿易研究所 === 91 ===
With the development of the bonds market, the valuation of credit risk becomes the most popular topic in the bond pricing, but most literature in this field falls short in one assumption：the formation of bankruptcy barrier. In their studies, bankruptcy threshold is set exogenously without considering the optimal strategy of stockholders and bondholders. Thus, in my study, the endogeneity is brought into the determination of bankruptcy value and the results do illustrate the different behaviors of stockholders and debtholders to the determination of bankruptcy level. In addition, the choice of the firm as a whole is also taken into consideration and the result is consistent with nowadays policy, that is, declaring bankruptcy until the value of the firm comes to be zero.
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