【摘要】 在不同金融系统中,债务契约的收益与风险不尽相同。研究发现,直接债务契约的融资条件要远高于间接债务契约的融资条件,而且关系融资有助于债权人分散企业家的违约风险,保证融资中断威胁的可信性,同时有助于降低债权人通过抵押解决企业家逃避努力工作的道德风险,这为当前债务融资者提供了决策依据。更多还原

【Abstract】 In different financial systems,the benefits and risks of debt contracts are different.We found that the direct indirect debt financing condition is much higher debt financing condition,and the relationship between financing helps to spread the risk of default,entrepreneurs’ creditors threaten the credibility of the guarantee financing interrupt,at the same time help reduce creditors by mortgage entrepreneurs to avoid the moral hazard of hard work.This provides decision-making basis for current debt financiers.更多还原