LBOs and Taxes: No One to Blame but Ourselves?
研究发现公司税节省解释了典型杠杆收购80%以上的价值创造，税收制度（允许债务利息税前扣除）是LBO的主要驱动力，而1986年税改进一步加剧了极端杠杆，使经济更易受衰退冲击。
Corporate tax savings explain more the 80% of the value created by the typical LBO. Our tax system, which allows firms to deduct payments to bondholders but not to stockholders, provides a primary impetus to the LBO movement. The 1986 Tax Reform Act further increased the benefits to extreme leverage. While privately profitable, LBOs have created an economy much more at risk to even moderate economic downturns. The culprits are not the corporate raiders, but rather ourselves—by creating a tax code which virtually requires firms to use leverage.