[rat_1234]

Fair point!

I think a way to look at it is what earnings multiples companies trade at signals to companies how much money they can raise in an IPO or follow on equity issues.

For example, if Boeing is trading at 5X EBITDA then it signals to other aerospace and defense companies that they can expect to raise capital at a similar multiple.

It's indirect, but it still provides a service: creating a predictable, liquid securities market which firms can use to raise capital.