Home >> Working Paper
Financing Structure,Assets Pricing and Moral Hazard: A Survey of Dynamic Financial Contract
Read        DownLoad
TitleFinancing Structure,Assets Pricing and Moral Hazard: A Survey of Dynamic Financial Contract  
AuthorZheng Jun, Li Zhongfei, Ding Jie  
OrganizationSchool of Finance, Guangdong University of Finance and Economics;Sun Yat-sen Business School, Sun Yat-sen University,;; 
Key WordsFinancing Structure; Dynamic Moral Hazard; Contract Design; Assets Pricing 
AbstractDebt default, enterprise capital chain rupture and bankruptcy, as well as financial crisis have prompted economists to reflect on the efficiency and risk of financial contract. The traditional general equilibrium theory cannot explain the fundamental cause of such events, so scholars have tried to find the micro-factors that caused the above economic problems from the perspective of contract design, it is generally believed that the moral hazard caused by the asymmetric information is an important factor in triggering such events. Taking the development of contract theory and technology as a logical clue, and the optimal contract design and optimization of financing structure in the asymmetric information finance environment as key research object, combining the inherent relationship between financing structure, asset pricing and moral risk, this paper makes a systematically review of the research methods and results of dynamic financial contract theory, and refines the ideas of constructing the unified theoretical system of research on corporate finance and asset pricing. Based on the theoretical development path, the paper discusses the future development direction of the dynamic financial contract theory, and gives the application prospect of the theory according to the characteristics of China's economic structure. 
Serial NumberWP1339 
  • Institute of Economics, Chinese Academy of Social Sciences
  • Copyright Economic Research Journal
  • The uploaded articles by this website express the authors’ views, not necessarily the views of this website.
  • Perennial Legal Counsel: Lu Kang (Chong Guang Law Office)
  • ISSN 0577-9154 CN 11-1081/F Postal Distribution Code 2-25l (Domestic) M16 (Overseas)
  • ICP 10211437 (Beijng)
  • No.2,Yuetan Bei Xiaojie, Xicheng District, Beijing 100836, P. R. China
  • Phone/Fax: (+8610) 68034153