There has been one important innovation over the past two generations: businesses can now issue high-yield bonds. But, given the costs of the bankruptcy process, it has never been clear why a business would rather issue high-yield bonds (besides gaming the tax system), or why investors would rather buy them than take an equity stake.
其二，运转良好的金融-保险系统将大规模、低流动性的投资项目与相对较小、由看重流动性的个人储蓄者提供的资金组成的资金池匹配了起来。在过去两代人的时间里，有一项重要创新：现在，企业可以发行高收益债券。但是，处于破产过程成本的考虑，企业为什么喜欢发行高收益债券（除了与税收系统周旋的原因之外）、投资者为什么喜欢购买高收益债券，而不采用股票发行和购买的方式还并没有水落石出。