The Tax Advantages of Refund
指出，文献认为税收优势是债务契约中加入赎回条款的主要动机之一。先前研究表明，出于税收原因，发行可赎回债务优于不可提前赎回的债务。但企业通过在债务契约中加入促进替代性再融资机制的条款，也可能获得类似的税收优惠。
A tax advantage is one of the major motivations cited in the literature for including a call provision in a debt indenture. Previous studies have demonstrated that, for tax reasons, issuing callable debt dominates issuing debt that cannot be prematurely retired. However, similar tax benefits may also be obtained when firms include in the debt indenture provisions that facilitate alternative refunding mechanisms.