Specialization, Productivity, and Financing Constraints
研究了当投资的专业化程度可内生决定时，最优金融契约如何设计。专业化降低资产清算价值但提升长期生产率，前者使融资更难，后者通过改善企业家还款激励缓解融资约束，整体影响取决于哪种效应更占主导。
We analyze optimal financial contracts when the specificity of investments is endogenous. Specialization decreases the liquidation value of assets, but improves the asset's long-term productivity. While the former is known to make financing more difficult, we show that the latter can ease financing constraints and increase financing capacity by improving an entrepreneur's incentive to repay. The overall impact of specialization on the terms of financing depends on which effect is more important. Specialization decisions interact with the nature of investments, their timing, the need for outside financing, and an entrepreneur's ability to commit to a level of specialization.