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The Value Maximizing Mix of Internal and External Debt
出版SSRN, 2019
URLhttp://books.google.com.hk/books?id=hDPezQEACAAJ&hl=&source=gbs_api
註釋We study the capital structure of multinationals and expand previous theory by incorporating international debt tax shield effects from both internal and external capital markets. We show that: (i) multinationals' firm value is maximized if both internal and external debt are used to save tax; (ii) the use of internal and external debt is independent of each other; (iii) multinationals have a tax advantage over domestic firms, which cannot shift debt across international borders. We test our model using a large panel of German multinationals and find that internal and external debt shifting are of about equal importance.