The tax shield increases the interest rate
研究公司税盾在一般均衡中对利率的影响，发现税盾降低企业税后借款利率的效果被税前利率上升部分抵消。
We study the general equilibrium implications of the corporate tax shield in a growth economy that taxes household income and firm profits and redistributes tax revenues. Our stylized model predicts that in general equilibrium the tax shield's reduction of the corporate after-tax borrowing rate is counteracted (but not fully eliminated) by an increase in the pre-tax rate.