Motivated by the objective of pursuing revenue, improvement in coverage and reduction in energy cost for wireless communication networks have been of great significance for mobile operators. Therefore, heterogeneous cellular networks(HCNs) and Coordinated Multipoint(Co MP) transmission are considered as promising solutions to enhance the performances of wireless communication systems. This paper analyzed the K-tier HCNs with a dynamic downlink Co MP scheme, in which the flexible clusters of cooperative stations are determined by a connecting threshold θ. Using stochastic geometry, the coverage probability(CP) and energy efficiency(EE) of a K-tier HCN operating under this scheme are derived, based on which the trade-off between CP and EE is discovered and discussed. Simulation results show the validity of our derivations. The proposed schememay significantly reduce energy consumption sacrificing a small amount of CP, and outperforms the fixed scheme as well. The CP-EE trade-off are also revealed, whichsuggests suitable trade-off points between CP and EE that will deliver the maximum economic profitability. Tendencies discovered in this paper may provide the operators with opportunities for further optimization in pursuit of economic profitability. Motivated by the objective of pursuing revenue, improvement in coverage and reduction in energy cost for wireless communication networks have been great for mobile operators. Thus, heterogeneous cellular networks (HCNs) and Coordinated Multipoint (Co MP) transmissions are considered as promising solutions to enhance the performances of wireless communication systems. This paper analyzes the K-tier HCNs with a dynamic downlink Co MP scheme, where the flexible clusters of cooperative stations are determined by a connecting threshold θ. Using stochastic geometry, the coverage probability (CP ) and energy efficiency (EE) of a K-tier HCN operating under this scheme are derived, based on which the trade-off between CP and EE is discovered and discussed. Simulation results show the validity of our derivations. The proposed schememay significantly reduce energy consumption sacrificing a small amount of CP, and outperforms the fixed scheme as well. The CP-EE trade-off are als o revealed, whichsuggests suitable trade-off points between CP and EE that will deliver the maximum economic profitability. Tendencies discovered in this paper may provide the operators with opportunities for further optimization in pursuit of economic profitability.