Capital Structure Equilibrium under Market Imperfections and Incompleteness
将米勒的供给侧均衡论证推广到其他形式的资本市场不完美和不完全性，指出企业作为金融中介的激励决定了整个企业部门的最优资本结构，但单个企业的资本结构无关紧要。
ABSTRACT This paper generalizes Miller's supply‐side equilibrium argument to other forms of capital market imperfections and incompleteness. If corporations possess a comparative advantage in dealing with these imperfections, they have an incentive to act as financial intermediaries. Corporations' attempts to profit from these intermediation activities dictate an optimal capital structure for the corporate sector as a whole, but in equilibrium the capital structure of any single firm is a matter of indifference. In addition, the positive role that corporate finance plays in completing the market restores standard perfect market results on asset pricing and the associated portfolio separation properties.