Debt Financing, Corporate Financial Intermediaries and Firm Valuation
研究金融中介在公司与项目估值中的作用，指出若企业能作为金融中介并利用未使用的债务能力获取税收优惠，证券价格应反映已用和未用债务能力，并探讨分离融资与经营风险为何能提升公司价值。
ABSTRACT In this paper we consider the role of financial intermediaries in the valuation of firms and projects. We show that security prices should reflect both used and unused debt capacity if some corporations can act as financial intermediaries and can capture the tax benefits of debt capacity unused by the operating firm. We also provide some reasons why the value of the firm might be increased if the financing and operating risks of the firm are separated and financial intermediaries issue debt rather than the unit operating the asset.