Capital Structure Choice and Company Taxation: A Meta-Study
Capital Structure Choice and Company Taxation: A Meta-Study
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资本结构选择和公司税收：元研究
DOI：
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发表时间：
2011
期刊：
影响因子：
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通讯作者：
Michael Overesch
中科院分区：
文献类型：
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作者：
Lars P. Feld;Jost H. Heckemeyer;Michael Overesch
本文对税收对企业债务融资影响的实证文献进行了定量回顾。综合之前 46 项研究的证据，我们发现这种影响是巨大的。特别是，税率代理决定了初步分析的结果。模拟边际税率（Graham（1996a））等措施避免了债务对税收反应的估计出现向下偏差。此外，债务特征、计量经济规范和控制变量集都会影响税收效应。通过元回归来解释错误指定偏差，我们预测债务比率的边际税收效应为 0.3。
This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures like the simulated marginal tax rate (Graham (1996a)) avoid a downward bias in estimates for the debt response to tax. Moreover, debt characteristics, econometric specifications, and the set of control-variables affect tax effects. Accounting for misspecification biases by means of meta-regressions, we predict a marginal tax effect on the debt ratio of 0.3.