Dynamic Contracting with Intermediation: Operational, Governance, and Financial Engineering
研究私募股权基金作为中介，通过运营、治理和金融工程影响投资组合公司绩效的动态代理模型，分析中介与公司经理的双层道德风险及激励设计。
ABSTRACT Private equity funds intermediate investment and affect portfolio firm performance by actively engaging in operational, governance, and financial engineering. We study this type of intermediation in a dynamic agency model in which an active intermediary raises funds from outside investors and invests in a firm run by an agent. Optimal contracting addresses moral hazard at the intermediary and firm levels. The intermediary's incentives to affect firm performance are strongest after poor performance, while the agent's incentives are strongest after good performance. We also show how financial engineering, that is, financial contracting with outside investors, interacts with operational and governance engineering.