A theory of National Development Bank: long-term investment and the agency problem
运用契约理论研究国家开发银行在基础设施融资中的作用，发现政府通过财政资金与开发银行贷款的混合融资策略缓解建设中的代理问题，并用跨国面板数据检验模型预测。
Abstract This paper applies the contract theory to study the role of National Development Bank (NDB) in financing infrastructure investment. We first show that to mitigate overrun issues resulting from the agency problem during the infrastructure construction, the government uses mixed financing strategy combining fiscal funding with NDB loans. We then endogenize the NDB investment strategy to study the determinants of NDB profit and use cross-country panel data to empirically test our model predictions.