International Capital Structure Equilibrium
在考虑公司税和个人税的国际背景下，发展了资本结构理论，将米勒分析推广到存在国际税收差异和通货膨胀的国际均衡，并阐述了税收套利交易机制及其对资本结构、国际费雪效应和收益率差异的影响。
ABSTRACT This paper develops a theory of capital structure in an international setting with corporate and personal taxes. We generalize the Miller analysis to an international equilibrium characterized by differential international taxation and inflation in otherwise perfect international capital markets. Our analysis highlights the key role that corporate tax arbitrage plays in generating an international capital structure equilibrium, and we set forth a number of mechanisms for tax arbitrage transactions. We close the paper by outlining some implications of our analysis for national differences in capital structure, the International Fisher Effect, and international tax effects on yield differentials.