Their results are similar to ours in that they conclude that these tax benefits act as a non-debt tax shield and affect leverage.
他们得出了这些税务优惠可以充当非债税务屏障和杠杆的结论，这个结果和我们的相似。
The inspiration from the theory of modern capital structure is that indebtedness can bring tax avoidance and income from financial leverage to electric enterprises.
通过分析现代资本结构理论，得到了负债经营可为电力企业带来避税效应和财务杠杆利益的启示。
The empirical studies show that: (1) asset liquidity, growth, collateral and non-debt tax shields are negatively related to leverage;
资产流动性、成长性、资产担保价值、非债务税盾与杠杆负相关；
The empirical studies show that: (1) asset liquidity, growth, collateral and non-debt tax shields are negatively related to leverage;
资产流动性、成长性、资产担保价值、非债务税盾与杠杆负相关；
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