Capital Structure and Dividend Irrelevance with Asymmetric Information
证明，在管理层薪酬最优设定下，信息不对称模型中资本结构与股利无关论依然成立，并指出企业应改进激励合同。
The Modigliani and Miller propositions on the irrelevancy of capital structure and dividends are shown to be valid in a large class of models with asymmetric information. The main assumption is that managerial compensation is chosen optimally. This differs from most of the recent articles on this topic, which impose by fiat a suboptimal contract. Even when imperfections internal to the firm preclude optimal investment, there is a separation between incentives and financing. We conclude that corporations should move toward contracts with better incentives, and that new models should be built that recognize the limitations to optimal contracting.