外文翻譯---在通貨膨脹下企業(yè)稅制改革對中小企業(yè)投資決策的影響-在線瀏覽
2025-07-31 10:19本頁面
【正文】 on provision. An investment project is considered to be profitable when NPV is positive. Only in an exceptional case when tax depreciation corresponds to Samuelson?s true economic depreciation and its calculation is based on current replacement cost of capital is the tax neutrality guaranteed in an inflationary phase. The superior features of such a dynamic investment decision model include, for example, that (1) one can adequately consider the development of gross return generated by an investment, (2) the true economic depreciation rate is not simply assumed but endogenously derived from the trend of gross return, (3) the impacts of adopting different accounting methods of tax depreciation can be well illustrated when inflation prevails, and (4) firms most widely apply this method in practice, especially when carrying out the socalled feasibility study for checking overall profitability of investment projects. Unlike a large number of previous studies Unlike a large number of previous studies mainly dealing with capital ine taxation of large multinational firms based on the user cost of capital approach, this study primarily examines adopting a simple present value model the incentive effect of corporate tax reforms on the SMEs? investment decisions under the particular consideration of inflation, which were carried out in selected EU nations since the beginning of 1980s. Ceteris paribus, (SMEspecific) corporate tax rates and depreciation rules vary in the model simulation carried out under the assumption of selffinance, while the application of historical cost accounting method in inflationary phases leads to fictitious increases in nominal NPV (Devereux et al., 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 results based on the calculated nominal NPV under the plausible parameter assumptions and pares the changes in international petitiveness of individual countries led by the numerous corporate tax reforms. The final section summarises the major findings of the study and concludes. For the selected six EU countries this study examines under the particular consideration of inflation the effects of corporate tax reforms on SMEs? investment decisions implemented since the beginning of the 1980s. By and large corporate tax reforms carried out in the investigated countries have entailed lower statutory tax rates acpanied by a reduction in generous tax depreciation provisions. Among them the UK has traditionally had the SMEspecific, reduced tax rates. Yet the timing and directi
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