项目风险和银行监控的信贷额度

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2024-05-28 DOI:10.1111/jfir.12411

Eric Van Tassel

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引用次数: 0

摘要

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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Project risk and the bank monitored credit line

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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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.