Reformulating Tax Shield Valuation: A Note
指出，当企业维持恒定市场价值杠杆比率时，债务融资的边际价值远低于公司税率，并推导出与恒定杠杆假设一致的卸杠杆程序。
ABSTRACT Standard financial theory (in the absence of agency costs and personal taxes) implies that each dollar of debt contributes to the value of the firm in proportion to the firm's tax rate. To derive this result, incremental debt is assumed permanent. This paper shows that when the firm acts to maintain a constant market value leverage ratio, the marginal value of debt financing is much lower than the corporate tax rate. Since Hamada's [2] unlevering procedure for observed equity betas was derived under the assumption of permanent debt, we derive an unlevering procedure consistent with the assumption of a constant leverage ratio.