Project risk and the bank monitored credit line

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-05-28 DOI:10.1111/jfir.12411

Eric Van Tassel

引用次数: 0

Abstract

In this paper we investigate the role a monitored credit line plays in managing a firm's liquidity needs and influencing the firm's project risk. We develop a theoretical model where a firm finances a risky project that is subject to a liquidity shock. External lenders are imperfectly informed about both project risk and the firm's liquidity, which leads to moral hazard. We identify conditions under which it is optimal for the firm to fund the project using a term loan from a less informed lender and manage liquidity using a line of credit from an informed lender.

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项目风险和银行监控的信贷额度

在本文中，我们研究了受监控的信贷额度在管理公司流动性需求和影响公司项目风险方面所起的作用。我们建立了一个理论模型，在这个模型中，企业为一个受到流动性冲击的高风险项目提供融资。外部贷款人对项目风险和公司流动性的了解并不完全，这导致了道德风险。我们确定了在哪些条件下，企业利用信息不完全的贷款人提供的定期贷款为项目提供资金，并利用信息完全的贷款人提供的信贷额度管理流动性是最优的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.