Debt Versus Equity under Asymmetric Information
在信息不对称下，只有内部人了解企业质量，债务比外部股权更有利，因为发行债务对劣质企业吸引力较小，能阻止其进入市场，从而提高市场平均质量。
In a world of asymmetric information in which only the insiders know the quality of the firm, it is claimed that debt, even if it is risky, is more advantageous than outside equity because issuance of debt is less attractive to inferior firms. The advantage to debt arises from the fact that it can keep unprofitable firms out of the market, thus improving the average quality of firms in the market. This advantage exists even if the firms cannot be perfectly sorted in the signaling equilibrium.