Critical Finance Review, Vol 8, 2019

企业税收与资本结构：长期历史视角

作者：Matthias Fleckenstein(University of Delaware)

Francis A. Longstaff(UCLA Anderson School of Management and the NBER)

Ilya A. Strebulaev(Stanford University)

摘要：我们使用从1926年至2013年向国税局提交的所有企业所得税数据集研究杠杆率与企业税率之间的时间序列关系。该数据集包括数百万私营和上市公司的财务报表数据。我们发现强有力的证据表明，除了最小的公司外，公司杠杆率的变化与公司税率的变化直接相关。这些结果在控制了金融危机成本、公司流动性、资本市场和宏观经济条件之后依然是稳健的。此外，这一结果对于金融和非金融企业，以及采用不同的企业杠杆率和边际企业所得税率度量指标都成立。边际企业税率提高1%，意味着企业杠杆率增加0.15%，根据当前价值计算，总杠杆增加1320亿美元。

Corporate taxes and capital structure: a long-term historical perspective

Matthias Fleckenstein(University of Delaware) Francis A. Longstaff，(UCLA Anderson School of Management and the NBER)，Ilya A. Strebulaev(Stanford University)

ABSTRACT

We study the time series relation between leverage and corporate tax rates using an extensive data set constructed from all corporate income tax returns filed with the IRS from 1926 to 2013. This data set includes financial statement data from millions of private and public corporations. We find strong evidence that changes in corporate leverage are directly related to changes in corporate tax rates for all but the smallest firms. These results are robust to the inclusion of control variables for the costs of financial distress, corporate liquidity, and capital market and macroeconomic conditions. Furthermore, the results hold for both financial and nonfinancial firms as well as for different measures of firm leverage and the marginal corporate income tax rate. An increase in the marginal corporate tax rate of one percent translates into a 0.15-percent increase in corporate leverage, representing a $132 billion increase in aggregate leverage based on current values.

原文链接：

http://cfr.ivo-welch.info/readers/2019/fleckenstein-longstaff-strebulaev.pdf

翻译：董宇佳