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According to the non-completeness of financial contract, there will not exist the optimal contract ex ante between financial institution and SME(small and medium enterprise). However the optimal choice may reach through renegotiation. We design optimal decision-making model of staged loaning which concludes three aspects: giving up re-loaning, loaning with renegotiation, and loaning without renegotiation...
The problem how a manager motivate producers to reduce product costs under asymmetric information is discussed on a basis of principal-agent theory. Under asymmetric information, manager can not monitor producers' effort to reduce costs; therefore, manager needs to motivate producers. The manager determines a contractual basic cost according to his own requirement and producers' self-reported cost,...
The asymmetric information between SMEs and banks can result in moral hazard in SMEs credit market in China. In order to reduce the moral hazard this paper designs and analyzes incentive contract which can satisfy the participation constraint and incentive compatibility constraint of SMEs. The analysis result shows, by designing the interest rate and collateral value, banks can guide SMEs to invest...
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