Optimal Lending Contracts and Firm Dynamics

本项目研究借款限制及其对企业成长和生存的影响。最近的实证研究表明，财务约束是小公司和年轻公司发展的重要决定因素。由于贷款的偿还不能总是得到保证，长期合同通常可以为借款人提供更好的激励。本项目运用契约理论的最新进展，考虑了这种长期借贷契约的最优设计。考虑了小公司和年轻公司对公司动态的影响——增长和生存。

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.