Debt and Taxes and Uncertainty
Miller指出在累进个人税制下企业部门存在均衡债务供给；引入不确定性后，每个企业有唯一债务权益比，且该比率与经营风险相关。但若企业为税收激励而并购分立，则只有企业部门才有意义。
ABSTRACT With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage‐free pricing theory.