LIFO Adoption and the Tax Shield Substitution Effect.
研究发现1974年采用后进先出法的公司，其销售成本变化与利息费用变化呈负相关，而采用先进先出法的公司则无此现象，表明资本结构与存货计价方法选择并非独立。
Abstract Consistent with the tax shield substitution effect, this study documents that firms that adopted LIFO in 1974 exhibit a negative association between the post-adoption change in their cost of goods sold and the post-adoption change in their interest expense. This negative association Is not observed for firms that retain FIFO. These results suggest that the capital structure and LIFO/FIFO choices are not independent of each other. A contribution of this study is that it investigates the response of tax shields to the change in a non-investment tax shield (i.e., cost of goods sold), thus providing evidence concerning the generalizability of the substitution effect.