Taxes and the Capital Structure of Partnerships, REIT's, and Related Entities
证明在一般条件下，合伙企业和房地产投资信托基金的价值与杠杆无关，这与现有文献结论相悖，并采用类似莫迪利亚尼-米勒的证明方法，同时考察了现实世界不完美因素的影响。
ABSTRACT Academic finance has explored the effect of taxes on corporate capital structure in great detail. By contrast, the effect of taxes on the capital structure of partnerships, REIT's, and related entities has received little attention. The present paper shows that, under general conditions, the values of partnerships and REIT's are invariant to leverage, contradicting the sparse literature in the area. A proof similar to that of Modigliani‐Miller is employed. The effect of real world imperfections is also examined.