Estimating the Tax Advantage of Corporate Debt
估计了企业利息扣除的实际税收价值，考虑企业因应税收入不足或非债务税盾而无法完全利用利息扣除的情况，发现不同行业的债务税后成本差异很大。
This paper presents estimates of the effective tax value of incremental interest deductions for corporations taking into account that they may not be able to utilize all their interest deductions fully because of either insufficient taxable income or the availability of nondebt tax shields. After describing particular features of the tax code which may drive a wedge between statutory and effective tax rates for debt finance, we present estimates using the Treasury Corporate Tax Model of effective tax rates for a variety of industry groupings. Our estimates suggest that the after-tax cost of debt varies widely across industries.