Debt and Taxes and Uncertainty
Miller曾证明累进个人税制下企业部门整体存在均衡债务供给；本文引入不确定性，发现每个企业有唯一债务权益比且与经营风险相关，但若企业为避税而并购分立，则只有企业部门整体才有意义。
With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.