Does financing for private corporations must flow through financial intermediaries?

No, financing for private corporations does not necessarily have to flow through financial intermediaries. Corporations can raise capital directly by issuing equity or debt securities to investors, such as through private placements. Additionally, they can seek funding from venture capitalists, angel investors, or through crowdfunding platforms, bypassing traditional intermediaries like banks. However, financial intermediaries often play a crucial role in facilitating access to broader markets and providing expertise in the financing process.