We propose a security design model in which a potential acquirer approaches a firm with a value-add plan. The target has a single owner, who possesses private information: he alone knows whether his firm is compatible with the plan. The owner agrees that the acquirer will add value but believes that the value-add will not be as much as what the acquirer expects. Although the acquirer can choose any monotone limited liability security to offer along with cash, we show that, under general conditions, any security that is employed always takes the form of nonrecourse debt provided by the seller.

中文翻译：

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收购私营企业时的卖方债务：一种安全设计方法

我们提出了一种安全设计模型，在该模型中，潜在收购者可以向一家公司提供增值计划。目标只有一个所有者，他拥有私人信息：只有他知道他的公司是否符合该计划。业主同意收购方将增加价值，但认为增加的价值不会达到收购方预期的那么多。尽管收购方可以选择任何单调有限责任担保与现金一起提供，但我们表明，在一般情况下，所使用的任何担保始终采用卖方提供的无追索权债务的形式。