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-文庫吧資料
2025-05-22 10:19本頁面
【正文】 lude taxation of royalties, use of tax havens for financing subsidiaries, allocation of parent interest expense to foreign ine, shifting options for debt to hightax foreign locations or the home country, etc. (Altshuler and Grubert, 2020。 Devereux et al., 2020。 Feldstein and Summers, 1979。 Haufler and Schjelderup,2020。 Hendricks et al., 1997). According to Coyne (1995), SMEs are generally more responsive to domestic tax incentives than large ones. Taxes may play a more important role in the cost structure of SMEs because they do not have the financial and human capacity to developed sophisticated tax avoidance strategies. Some EU countries including the UK have traditionally had lower tax rates for SMEs, whereas such a corporate tax reduction does not exist in countries like Austria, Finland and Germany at all. Although it is disputable, those countries that provide fiscal incentives and preferential tax treatment to SMEs claim that they (1) create a large number of jobs and (2) enhance the level of entrepreneurship, which implies flexibility, speed, risktaking and innovation (Chen et al., 2020). A further reason for the tax policy attention paid to SMEs is that they represent ??an important breeding ground for large, profitable, taxpaying employers of the future and [experience] high growth rates in parison to large enterprises?? (Hendrickset al., 1997, p. 1). According to Santarelli and Vivarelli (2020), however, those lessefficient SMEs tend to have a higher expected probability to exit from the market than larger firms do and for this reason it is optimal for them to invest more gradually in the course of time, since entry and other investment costs made at the settingup phase are sunk. In this context a government subsidy may reduce differences between the efficient and the inefficient firms, and consequently disturb not only investment decisions but also market selection as well as the learning process undergone by entrepreneurs. The statutory corporate tax rate is clearly important in calculating the overall tax burden. However, this tax rate does not, in itself, establish the ultimate tax burden on a firms? investment activity. Equally crucial are the effects of depreciation and other investment promotion provisions that determine the tax base (2020). In the practice of corporate tax policy different tax depreciation rules are employed that do not typically ensure the socalled true economic depreciation (Samuelson,1964。原文 ： Effects of Corporate Tax Reforms on SMEs’ Investment Decisions under the Particular Consideration of Inflation Corporate tax reforms carried out in EU countries since 1980 entail lower statutory tax rates and reductions in generous tax depreciation provisions. Several countries including the UK have reduced tax rates for small and medium sized enterprises (SMEs). This study pares incentive effects of such reforms on the SMEs? investment decisions adopting a simple present value model. Ceteris paribus, 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 const
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