DEBT AND TAXES: EMPIRICAL EVIDENCE
通过工业企业截面数据检验资本结构理论，发现企业价值在无杠杆成本时与杠杆无关，但广泛范围内可能负相关。
The literature currently proposes several capital structure theories whose predictions are generally mutually exclusive. Empirical testing to date has been subject to serious conceptual and econometric problems. The present study, which is carried out on a cross‐section of industrial firms, attempts to overcome several deficiencies in earlier studies. Although the results are more consistent with Miller's 1977 hypothesis that the value of the firm is independent of leverage in the absence of leverage‐related costs than they are with those theories which predict a value‐maximizing optimum debt level, there is significant evidence that the value of the firm may be negatively related to leverage over a broad range of debt usage.