Taxes and the Timing of Corporate Capital Expenditures.
研究发现，企业为了最大化投资相关的税收减免现值，倾向于在纳税年度的第四季度而非次年第一季度进行资本支出，且高税负企业的长期债务发行与资本支出时机一致。
Abstract Firms maximize the present value of their investment-related tax shields if capital investments that can be flexibly timed around the turn of the tax year are placed in service in the fourth quarter of the current year rather than in the first quarter of the following year. Thus, it is hypothesized that firms make more capital expenditures in the fourth quarter of their current tax year than in the first quarter of their subsequent tax year. This prediction is supported by empirical tests of 1979 through 1989 capital investment data. Further, this study finds that, as predicted by debt securability, high-tax firms issue long-term debt in a pattern that coincides with the timing of their capital expenditures.