Bond Covenants and Delegated Monitoring
研究企业在融资时，选择基于财务指标的债券契约还是委托监督专家（如金融中介）的贷款合同，分析信用评级、指标准确性、提前清算损失和监督成本对选择的影响。
ABSTRACT This paper examines alternative contracting arrangements available to a firm seeking to finance an investment project. The authors consider the choice between loan contracts with covenants based on noisy indicators of the firm's financial health and loan contracts enforced by a monitoring specialist. In one interpretation, the specialist is a financial intermediary. The firm's choice is shown to depend upon the firm's credit rating, the accuracy of financial indicators of the firm's condition, the loss from premature liquidation of the firm's project, and the cost of monitoring.