A Multiperiod Theory of Corporate Financial Policy Under Taxation
研究在仅存在税收这一市场不完善因素时，公司多期财务政策如何决定资本结构和债务期限结构，发现存在一组债务资产比率可使公司价值最大化，且债务期限结构与公司价值无关。
This paper examines multiperiod corporate financial policy in a world where the only market imperfection is taxation. The optimal financial policy determines the firm's capital structure and debt maturity structure. Two implications of this policy are: (1) there can be a set of debt-asset ratios that is consistent with firm value maximization, and (2) debt maturity structure is irrelevant to firm value.