We examine the causes of spacing dependence of the nulling bias voltage in the vibrating capacitor contact potential measurement technique. In addition to effects already recognized in the literature, namely, nonuniform work functions, nonparallel surfaces, fringe fields, and capacitive coupling to distant surfaces, we investigate the effects of finite gain and spurious signals in feedback loop systems. We argue that much of the spacing dependence reported in the literature may be due to microphonic signals, which are very difficult to eliminate. We also discuss the means by which existing spacing dependence can be minimized.