Tax‐Adjusted Discount Rates with Investor Taxes and Risky Debt
推导了在恒定杠杆比例、投资者税和风险债务下的税收调整折现率公式，分析了两种极端假设对利息税盾折现率的影响，并讨论了实际应用中的正确处理方法。
This paper derives a tax‐adjusted discount rate formula with a constant proportion leverage policy, investor taxes, and risky debt. The result depends on an assumption about the treatment of tax losses in default. We identify the assumption that justifies the textbook approach of discounting interest tax shields at the cost of debt. We contrast this with an alternative assumption that leads to the Sick (1990) result that these should be discounted at the riskless rate. These two approaches represent polar cases. Each generates its results by using a different simplifying assumption, and we explain what determines the correct treatment in practice. We also discuss implementation of the valuation procedure using the capital asset pricing model.