Optimal Lending Contracts and Firm Dynamics

该项目研究借款限制及其对公司增长和生存的影响。最近的实证研究表明，财务约束是小企业和年轻企业演变的重要决定因素。由于偿还贷款不能总是得到保证，长期合同往往可以为借款人提供更好的激励。应用契约理论的最新进展，本项目考虑了此类长期贷款合同的最优设计。对小公司和年轻公司的公司动态--增长和生存--的影响也被考虑。

This project studies borrowing constraints and their implications for firmgrowth and survival. Recent empirical work suggests that financialconstraints are an important determinant of the evolution of small and youngfirms. As repayment of loans cannot be always guaranteed, long-termcontracts can often provide better incentives to borrowers. Applying recentadvances in contract theory, this project considers the optimal design ofsuch long-term lending contracts. Implications for firm dynamics --growth andsurvival-- of small and young firms are considered.