假设融资约束型企业采用新型外部融资工具-业绩敏感性债券（PSD）进行融资，以具有风险防范性作用的现金存量为基础变量，考虑企业最优的融资选择和资产流动性问题。由于融资约束型企业需避免有成本的清算和选择适合的分红，通过判断企业现金存量所在的区域，求解优化问题可以得到企业股权价值和债权价值所满足的微分方程，明确边界条件。数值模拟说明：借贷要求比较高的企业会选择PSD作为融资工具，较高的业绩敏感因子通过提升券息与业绩表现的关联度可以提高企业的股权价值，降低债权价值和杠杆。比较静态分析部分说明较高的项目收益率、较大的市场利率、较小的公司税都能推迟分红，增加企业价值，降低杠杆。同时PSD类型债券还能抑制股东"过度风险动机"。"债务保守之谜"对于该类型债券依旧成立。本文的研究丰富了新型融资工具PSD的理论，为融资约束型企业的融资选择和资产流动性的影响提供了一定的理论和实际依据。

In practice, the financing process is not only expensive but also hard to handle with. The tax reduction effect for the debt provides many firms with a good choice to seek more debt financing tools in the market. A newly innovation product, performance-sensitivity debt(PSD), is then revived in the bond market. The good feature it owns is that it tights its coupon rate with the performance of the firm by the factor θ. For a financially-constrained firm, the financing cost differs from inside to outside, so there exists the optimal financing choice when the cash inventory is considered as a state variable. It is known that the cash inventory is an important factor in the ordinary management process for it not only provides the precaution demand but carries some opportunity cost. Thus the equity-holders need to avoid costly liquidation process and choose a proper payout boundary. By deciding the region where the cash inventory lies, the ODEs for the equity value and debt value can be gotter, and then the financing choice problem is formulated. By numerical simulations, it is found that the higher desire for the debt will promote the equity-holder to choose this new type of debt. Higher correlation with the performance of the firm will increase the equity value and decrease the leverage. Besides this, an exact financing solution is given for the data. Comparative statics states that the payout process is delayed, the firm value is increased and the the leverage is decreased with a higher profitabilityμ, a higher interest rate rand a small tax rate τ_c. In addition, PSD can restrain the firm to overuse the high volatility behavior. The economic phenomena "debt conservation effect" is valid under this framework. Therefore, our analysis provide theoretical and practical guide to use this debt financing tools and build a proper financing structure using PSD. As a vice product, how PSD affects the liquidity of a financially-constrained firm is stated.