Payout Policy and Tax Deferral
指出，即使税收递延能完全避税，价值最大化的公司仍会进行应税权益派息，因为市场会抵消税收递延优势，促使公司同时提供应税派息和资本利得。
ABSTRACT Equilibrium in the standard finance model implies that value‐maximizing firms make taxable equity payouts, even when deferral effectively allows complete tax escape. Since tax deferral and consumption deferral are inherently jointly supplied goods, an excess aggregate supply of future consumption would result if firms followed conventional wisdom and adopted low or zero payout policies to capture tax deferral benefits. The market provides incentives for firms to supply both taxable payouts and capital gains by overriding any tax deferral advantage, just as it provides incentives for equity financing by overriding the corporate tax advantage of debt in “Debt and Taxes.”