Project risk and the bank monitored credit line
研究了监控型信用额度在管理企业流动性需求和影响项目风险中的作用，构建理论模型分析信息不对称下的道德风险问题。
Abstract In this paper we investigate the role a monitored credit line plays in managing a firm's liquidity needs and influencing the firm's project risk. We develop a theoretical model where a firm finances a risky project that is subject to a liquidity shock. External lenders are imperfectly informed about both project risk and the firm's liquidity, which leads to moral hazard. We identify conditions under which it is optimal for the firm to fund the project using a term loan from a less informed lender and manage liquidity using a line of credit from an informed lender.