Estimating the Tax Advantage of Corporate Debt
利用美国财政部公司税模型，估算企业因利息抵扣获得的实际税收价值，发现不同行业因应税收入不足或非债务税盾导致实际税负差异很大。
ABSTRACT This paper presents estimates of the effective tax value of incremental interest deductions for corporations taking into account that they may not be able to utilize all their interest deductions fully because of either insufficient taxable income or the availability of nondebt tax shields. After describing particular features of the tax code which may drive a wedge between statutory and effective tax rates for debt finance, we present estimates using the Treasury Corporate Tax Model of effective tax rates for a variety of industry groupings. Our estimates suggest that the after‐tax cost of debt varies widely across industries.