How Big Are the Tax Benefits of Debt?
估计债务的资本化税收优惠占公司价值的9.7%（个人税后低至4.3%），发现大型、盈利、低困境成本的公司反而保守使用债务，产品市场因素和增长机会等导致保守债务政策。
I integrate under firm‐specific benefit functions to estimate that the capitalized tax benefit of debt equals 9.7 percent of firm value (or as low as 4.3 percent, net of personal taxes). The typical firm could double tax benefits by issuing debt until the marginal tax benefit begins to decline. I infer how aggressively a firm uses debt by observing the shape of its tax benefit function. Paradoxically, large, liquid, profitable firms with low expected distress costs use debt conservatively. Product market factors, growth options, low asset collateral, and planning for future expenditures lead to conservative debt usage. Conservative debt policy is persistent.