税收抑制企业借贷: 来自私营企业的证据
Taxes Depress Corporate Borrowing: Evidence from Private Firms
Review of Economic Studies · 2025 · [{"name": "Ivan Ivanov", "affiliation": ["Federal Reserve Bank of Chicago"]}, {"name": "Luke Pettit", "affiliation": ["George Mason University"]}, {"name": "Toni M. Whited", "affiliation": ["University of Michigan"]}]
中文摘要
摘要 我们利用各州企业所得税税率的差异，重新考察税收与企业杠杆之间的关系。与以往研究相反，小型私营企业在减税后杠杆率上升。一个经估计的动态均衡模型表明，减税提高了资本的生产率，并刺激了杠杆的使用。减税还带来了更远的违约阈值和更低的信用利差。这些效应超过了较低利息税收抵扣的影响，并导致更高的最优杠杆选择，尤其是对于投资政策灵活的企业而言。利息税收抵扣的存在在均衡中提高了消费者福利。
Abstract
Abstract We use variation in state corporate income tax rates to re-examine the relation between taxes and corporate leverage. Contrary to prior research, corporate leverage rises after tax cuts for small private firms. An estimated dynamic equilibrium model shows that tax cuts make capital more productive and spur the use of leverage. Tax cuts also produce more distant default thresholds and lower credit spreads. These effects outweigh the lower interest tax deduction and lead to higher optimal leverage choices, especially for firms with flexible investment policies. The presence of the interest tax deduction raises consumer welfare in equilibrium.
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