We study properties of transfer matrices in the sl(N) spin chain models. The transfer matrices with an infinite dimensional auxiliary space are factorized into the product of N commuting Baxter Q-operators. We consider the transfer matrices with auxi
liary spaces of a special type (including the finite dimensional ones). It is shown that they can be represented as the alternating sum over the transfer matrices with infinite dimensional auxiliary spaces. We show that certain combinations of the Baxter Q-operators can be identified with the Q-functions which appear in the Nested Bethe Ansatz.
We develop an approach for constructing the Baxter Q-operators for generic sl(N) spin chains. The key element of our approach is the possibility to represent a solution of the the Yang Baxter equation in the factorized form. We prove that such a repr
esentation holds for a generic sl(N) invariant R-operator and find the explicit expression for the factorizing operators. Taking trace of monodromy matrices constructed of the factorizing operators one defines a family of commuting (Baxter) operators on the quantum space of the model. We show that a generic transfer matrix factorizes into the product of N Baxter Q-operators and discuss an application of this representation for a derivation of functional relations for transfer matrices.
