Moreover, when providing their capital to a financial firm, bondholders can generally be expected to obtain contractual terms that reflect the risks they face. Indeed, the need to compensate bondholders for risks could provide market discipline: when financial firms operate in ways that can be expected to produce increased risks down the road, they should expect to “pay” with, say, higher interest rates or tighter conditions.
此外，在债券持有人向一家金融机构提供资本的时候，他们都会同企业签订反映所承风险的合同。实际上，金融机构需要对债券持有人提供风险补偿这一条件能够形成一定的市场约束：当预期到金融机构的运作会产生更高的风险的时候，他们就当支付更高的利率或者在合约中定下更加严格的条款。