PRODUCTION LOANS
用简单模型分析股东与债权人之间的代理问题，发现非生产贷款债务融资会导致企业减产，而使用生产贷款可解决此问题。
In this paper, agency problems between stockholders and debtholders are considered in a simple model of the firm's optimal production decision. It is shown that in the presence of debt financing other than a production loan, the firm is motivated to underproduce, an agency problem analogous to Myers' classic underinvestment problem. If a production loan is employed in lieu of these other forms of debt, the underproduction problem is rectified.