Optimal Financial Instruments
构建模型，将现金流和控制权内生分配给投资者，推导出债务和股权作为最优金融工具，并说明固定债务现金流可为股权投资者提供有效投资激励，控制权转移可缓解信息不对称对决策效率的影响。
Debt and equity are developed as optimal financial instruments in a model where cash flows and control rights are allocated to investors endogenously. When investment decisions must be made by a single party, the debtholder's cash flows are fixed in order to provide the equityholder with efficient incentives for investment. Ownership of control may be transferred to the debtholder to attenuate the impact of asymmetric information, concerning the investment opportunity, on the efficiency of the decision making.