Valuation, Capital Structure, and Shareholder Unanimity for Depository Financial Intermediaries
指出公司金融理论不直接适用于金融中介，因为中介提供流动性和便利等服务且面临不完全市场。作者构建了一个不完全市场模型，推导出股东认可的资本结构决策规则。
ABSTRACT The theory of corporate finance is not directly applicable to financial intermediary decision‐making. The lack of applicability stems largely from the particular conditions that distinguish intermediary operations from those of the nonfinancial firm. First, when intermediaries accept deposit financing, they must produce services such as liquidity and convenience at considerable expense for real resources. Second, the introduction of intermediation is likely to be accompanied by incomplete markets so that shareholder unanimity is not in general valid. In this paper, a model with incomplete markets is developed and a shareholder approved rule for intermediary capital structure decisions is derived.