Do Taxes Affect Corporate Financing Decisions?
用离散选择分析研究增量融资决策，发现税收对债务或股权发行选择有显著影响，澄清了税盾与债务政策的关系。
ABSTRACT This paper provides clear evidence of substantial tax effects on the choice between issuing debt or equity; most studies fail to find significant effects. The relationship between tax shields and debt policy is clarified. Other papers miss the fact that most tax shields have a negligible effect on the marginal tax rate for most firms. New predictions are strongly supported by an empirical analysis; the method is to study incremental financing decisions using discrete choice analysis. Previous researchers examined debt/equity ratios, but tests based on incremental decisions should have greater power.