Insiders and Outsiders: The Choice between Informed and Arm's‐Length Debt
分析银行融资的隐性成本：银行虽能灵活调整决策防止项目失败，但会利用事后议价能力侵占企业利润，企业通过选择融资来源和债务优先级来约束银行权力。
ABSTRACT While the benefits of bank financing are relatively well understood, the costs are not. This paper argues that while informed banks make flexible financial decisions which prevent a firm's projects from going awry, the cost of this credit is that banks have bargaining power over the firm's profits, once projects have begun. The firm's portfolio choice of borrowing source and the choice of priority for its debt claims attempt to optimally circumscribe the powers of banks.