Implicit benefits and financing
研究了借款人与贷款人之间的隐性收益和还款执行成本如何影响信贷分配、成本和重新谈判，发现隐性收益融资可降低融资成本、提高管理者努力水平，并解释替代融资和内部债务的扩张。
Social relationship and business connections create implicit benefits between borrowers and lenders. We model how implicit benefits and repayment enforcement costs influence credit allocation, cost, and renegotiation. The optimal solution illustrates that financing with implicit benefits may achieve lower financing costs, higher managerial effort, and better outcomes for both borrowers and lenders. This result is consistent with the continuing expansion of alternative financing despite formal financial intermediation, the rise of corporate insider debt, and joint ownership of debt and equity. The growing size and complexity of projects and changes in community relationships can explain expansion of financing with standard intermediation.