International Capital Structure Equilibrium
International Capital Structure Equilibrium
复制标题
国际资本结构均衡
DOI：
10.1111/j.1540-6261.1990.tb03725.x
复制
发表时间：
1990
影响因子：
8
通讯作者：
Lemma W. Senbet
中科院分区：
文献类型：
--
作者：
James E. Hodder;Lemma W. Senbet
本文发展了一个资本结构理论，在国际环境中与公司和个人税收。推广了M. M.米勒（1987）的国际均衡的特点是不同的国际税收和通货膨胀，否则完美的国际资本市场。作者的分析强调了企业税收套利在产生国际资本结构均衡中的关键作用，并提出了一些税收套利交易的机制。在论文的结尾，他们概述了他们对资本结构的国家差异、国际费雪效应和国际税收对收益率差异的影响的分析的一些含义。版权所有1990年美国金融协会。
This paper develops a theory of capital structure in an international setting with corporate and personal taxes. The authors generalize the analysis of M. M. Miller (1987) to an international equilibrium characterized by differential international taxation and inflation in otherwise perfect international capital markets. The authors' analysis highlights the key role that corporate tax arbitrage plays in generating an international capital structure equilibrium, and they set forth a number of mechanisms for tax arbitrage transactions. They close the paper by outlining some implications of their analysis for national differences in capital structure, the international Fisher effect, and international tax effects on yield differentials. Copyright 1990 by American Finance Association.