Taxes and Private Firms’ Capital Structure Choices

Using limitations to the deductibility of interest payments triggered by the introduction of interest ceiling rules globally, we show that affected private firms reduce leverage relative to unaffected firms. In support of a causal effect of taxes on corporate capital structure choices, we show that针对全球范围内引入利息上限规则所引发的利息支出税前扣除限制，我们发现，受影响的私营企业相较于未受影响的企业，其杠杆率有所降低。为验证税收对企业资本结构选择的因果效应，我们证明了

搜集汇总

背景与挑战

背景概述

该数据集是NBER工作论文'Taxes and Private Firms’ Capital Structure Choices'，研究税收对私营企业资本结构的影响。通过分析全球利息上限规则，发现受影响企业会降低杠杆率，并在93个国家中验证了税率变化与企业杠杆调整的因果关系，即税率降低时企业减少杠杆，税率提高时增加杠杆。