北京大学新结构经济学研究院江深哲与徐佳君两位老师合作的应用理论文章《一个关于国别开发银行的理论：基于长期投资与代理问题的视角》（“A theory of National Development Bank: long-term investment and the agency problem”），被国际一流经济学期刊Economic Theory录用发表，论文的其他合作者包括中央财经大学的夏俊杰老师、中国农业大学的颜建晔老师。文章信息如下：
一个关于国别开发银行的理论：基于长期投资与代理问题的视角
A theory of National Development Bank: long-term investment and the agency problem
江深哲、夏俊杰、徐佳君、颜建晔
Shenzhe Jiang, Junjie Xia, Jiajun Xu, Jianye Yan
Abstract
这篇论文应用合约理论研究了在基础设施投资中国别开发银行的角色。我们首先展示了，为解决基础设施建设中的拖延等道德风险问题，政府会采取财政资金与国别开发银行贷款共同投资的投资策略。我们进一步内生化了国别开发银行的投资策略，研究国别开发银行利润的影响因素。我们同时使用了跨国的面板数据实证检验了我们模型的预测。
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.
Keywords
代理成本、动态契约、国别开发银行、基础设施
Agency cost; Dynamic contract; National Development Banks; Infrastructure
Article link
https://link.springer.com/article/10.1007/s00199-023-01484-2
