This paper holds that the best arrangement of control rights in debt financing depends on the tradeoff between its incentive and commitment effects, instead of the opinion that the more is the debt, the more control rights the creditor should get.

• 债务融资下，最佳的控制权安排取决于控制权两种作用之间的权衡，并非人们通常认为的债务越多，控制权交给债权人的比例就越高。