外文翻譯---在通貨膨脹下企業(yè)稅制改革對(duì)中小企業(yè)投資決策的影響-全文預(yù)覽
【正文】 ibus, tax rates and depreciation rules vary in the model simulation, while the application of historical cost accounting method in inflationary phases leads to fictitious increases in nominal present value. Apart from the construction of international ranking, countryspecific patterns of reform effects are also illustrated. The vast majority of firms that operate in advanced countries are small and mediumsized enterprises (SMEs). Therefore, SMEs? petitiveness significantly affects the petitive position of a country?s economy as a whole. The concentration of SMEs? activities on domestic market leads to a bounded business vision. Combined with the asymmetric information about profit opportunities abroad, this fact tends to limit the diversification of SMEs? investments in an international context. Consequently they appear to be more directly affected by the national corporate tax reform than is the case with large multinational firms. On the other hand, SMEs have quite often been the primary target group of such an investment promotion policy (Chen et al., 2020。 Sinn, 1987). Furthermore, their generosity has been extended to stimulate private investment. On the other hand, depreciation based upon historical cost is undervalued during inflationary phases, as the real cost of depreciation of today?s assets is underestimated when the asset base is measured in nominal terms (Cohen and Hasset, 1999。 Hulten and Wykoff, 1996). The research of the effective capital ine tax rates based on the socalled user cost of capital approach received a significant stimulus from King and Fullerton (1984). The followup studies in this area often suggested that ??the tax systems of most [advanced] economies were characterized by serious nonneutralities in the early and mid1980s, [...] reflected in large differences in marginal effective tax rates on capital across different asset types, modes of finance, and investor groups, [and] their overall burden was quite high, in particular because of failure to adjust the nominal tax base for inflation?. Triggered by the liberalization of international capital flows in the1980s, Alworth (1988) and Keen (1991) further developed the KingFullerton approach – originally focussed on domestic investments financed by domestic savings – to capture the aspect of taxing multinational panies. The studies made by Devereux together with Griffith and Klemm (including Devereux and Griffith, 1998, 2020。 Grubert, 1998, 2020, 2020。 Kay, 1977). As a consequence in period with inflation generous tax concession measures do not provide incentive effects as initially designed, since such fictitious gains prevail (Nam and Radulescu, 2020). In spite of the fact that the inflation rate has been gradually decreased in Europe the low rate still appears to matter for the calculation of the tax base and SMEs? investment decisions. The agenda of study is as follows. Section 2 briefly explains the recent evolution of corporate tax system in selected EU countries. Section 3 technically describes the major nature of present value model applied for the calculation of true investment promotion effects of tax policy measures. Section 4 illustrates the empirical resu
畢業(yè)設(shè)計(jì)相關(guān)推薦
鄂ICP備17016276號(hào)-1