In The Cost of Debt (NBER Working Paper No. 16023), co-authors Jules van Binsbergen, John Graham, and Jie Yang use a financial model to estimate the marginal cost curve for corporate debt, including in their model such financial characteristics as asset collateral, firm size, book-to-market ratio, asset tangibility, cash flow, and dividend payouts. They also estimate the marginal net tax benefit of corporate debt -- debt typically produces tax savings because interest on it is deductible. By considering both the costs and benefits, the authors' can approximate the optimal capital structure for a given firm.
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机译：在《债务成本》（NBER工作文件第16023号）中，Jules van Binsbergen，John Graham和Jie Yang的合著者使用财务模型来估算公司债务的边际成本曲线，包括模型中的资产等财务特征。抵押品，公司规模，账面市值比率，资产有形性，现金流量和股息支出。他们还估计了公司债务的边际净税收收益-债务通常会产生税收节省，因为其利息可抵扣。通过同时考虑成本和收益，作者可以近似得出给定公司的最佳资本结构。
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