题目

急!求翻译,银行金融类论文摘要~请有柴的来帮帮忙啊!万分感谢啦!
We study optimal financial contracting for centralized and decentralized firms. Under centralized contracting, headquarters raises funds on behalf of multiple projects. Under decentralized contracting, each project raises funds separately on the external capital market. The benefit of centralization is that headquarters can use excess liquidity from high cash-flow projects to buy continuation rights for low cash-flow projects. The cost is that headquarters may pool cash flows from several projects and self-finance follow-up investments without having to return to the capital market. Absent any capital market discipline, it is more difficult to force headquarters to make repayments, which tightens financing constraints ex ante. Cross-sectionally, our model implies that conglomerates should have a lower average productivity than stand-alone firms. Copyright 2003 by the American Finance Association.

提问时间：2021-01-02

答案

本文研究集权及非集权企业的最优融资立约.在集权立约情况下,总公司代表多个分项目融资.在非集权立约情况下,每一个项目分别在外部资金市场上融资.集权的好处是总公司可以把现金流高的项目的闲散流动资金换取现金流低...