Innovations in Corporate Financing: Tax-Deductible Equity
描述金融管理者为获得股权融资优势同时保留债务税收好处而设计的三种可抵税股权创新，以及监管机构如何应对，展示了监管辩证法的具体实例。
It is only natural that innovative financial managers, desiring the advantages of equity financing without having to give up the tax advantages of debt, will try to design financing methods that are equivalent to taxdeductible equity. It is also natural that alert tax authorities and other regulators will try to thwart them. The continuing interplay of financial managers and regulators leads to an ever-changing array of financing innovations. This process of action and reaction represents a specific instance of what has been termed the regulatory dialectic, in which those being regulated seek new loopholes while the regulators endeavor to close the most heavily exploited ones.I In this paper, we first describe three recent attempts to gain the advantages of tax-deductible equity, which