全球智库信息集成服务系统(G2TT): Do Taxes Affect Corporate Debt Policy? Evidence from US Corporate Tax Return Data

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w7433
来源ID	Working Paper 7433
	Do Taxes Affect Corporate Debt Policy? Evidence from US Corporate Tax Return Data
	Roger H. Gordon; Young Lee
发表日期	1999-12-01
出版年	1999
语种	英语
摘要	Past attempts to measure the impact of taxes on corporate debt policy have focused on larger firms. Given that the top statutory corporate tax rate has varied little in recent years, tax incentives vary among these firms, almost entirely due to current or prospective tax losses. Results are inevitably mixed, given that firms with losses or nondebt tax shields may have different propensities to borrow even ignoring taxes. This paper uses US Statistics of Income balance sheet data on all corporations, to compare the debt policies of firms of different sizes. Given the progressivity in the corporate tax schedule, small firms face very different tax rates than larger firms. Relative tax rates have also changed frequently over time. Our results suggest that taxes have had a strong and statistically significant effect on debt levels. In particular, the difference in corporate tax rates currently faced by the largest vs. the smallest firms (35% vs. 15%) is forecast to induce larger firms to finance an additional 8% of their assets with debt, compared with smaller firms.
主题	Public Economics ; Taxation ; National Fiscal Issues
URL	https://www.nber.org/papers/w7433
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/564973
推荐引用方式 GB/T 7714	Roger H. Gordon,Young Lee. Do Taxes Affect Corporate Debt Policy? Evidence from US Corporate Tax Return Data. 1999.

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文件名称/大小	资源类型	版本类型	开放类型	使用许可
w7433.pdf（1560KB）	智库出版物		限制开放	CC BY-NC-SA	浏览