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1、外文翻譯原文EffectsofCpateTaxRefmsonSMEs’InvestmentDecisionsundertheParticularConsiderationofInflationMaterialSource:SmallBusinessEconomics(2007)29:101–118Auth:ChangWoonNamDoinaMariaRadulescuABSTRACT.CpatetaxrefmscarriedoutinE

2、Ucountriessince1980entaillowerstatutytaxratesreductionsingeneroustaxdepreciationprovisions.SeveralcountriesincludingtheUKhavereducedtaxratesfsmallmediumsizedenterprises(SMEs).Thisstudycomparesincentiveeffectsofsuchrefmso

3、ntheSMEs’investmentdecisionsadoptingasimplepresentvaluemodel.Ceterisparibustaxratesdepreciationrulesvaryinthemodelsimulationwhiletheapplicationofhisticalcostaccountingmethodininflationaryphasesleadstofictitiousincreasesi

4、nnominalpresentvalue.Apartfromtheconstructionofinternationalrankingcountryspecificpatternsofrefmeffectsarealsoillustrated.KEYWDS:cpatetaxrefmEUcountriesinflationinvestmentdecisionSMEstaxbasedeterminationThevastmajityoffi

5、rmsthatoperateinadvancedcountriesaresmallmediumsizedenterprises(SMEs).TherefeSMEs’competitivenesssignificantlyaffectsthecompetitivepositionofacountry’seconomyasawhole.TheconcentrationofSMEs’activitiesondomesticmarketlead

6、stoaboundedbusinessvision.CombinedwiththeasymmetricinfmationaboutprofitopptunitiesabroadthisfacttendstolimitthediversificationofSMEs’investmentsinaninternationalcontext.Consequentlytheyappeartobemedirectlyaffectedbythena

7、tionalcpatetaxrefmthanisthecasewithlargemultinationalfirms.OntheotherhSMEshavequiteoftenbeentheprimarytargetgroupofsuchaninvestmentpromotionpolicyAccdingtoCoyne(1995)SMEsaregenerallymeresponsivetodomestictaxincentivestha

8、nlargeones.TaxesmayplayameimptantroleinthecoststructureofSMEsbecausetheydonothavethefinancialhumancapacitytodevelopedsophisticatedtaxavoidancestrategies.FurthermeitisageneralbeliefthatSMEshavelimitedaccesstocapitalanumbe

9、rofattemptstoestimatethecurrentvalueofacapitalgoodonthebasisofindexation.Suchamethodwouldprovidefequitableaccountingwhetherinflationrateswerehighlow.Butmanyagreethatitwouldbetoocomplicatedtocomputetherateofinflationfthem

10、ultitudeofdifferentassets.Theideaofusinganoverallindexwasrejectedonthegroundsthatsomeassetssuchascomputersactuallydeclineinpriceovertimethismethodwouldbiasinvestmenttowardsthoseassetsthatincreasedinprice.Thetaxratecutcum

11、basebroadeningrefmexperiencedinthedevelopedcountriesinlasttwodecadeshasinterestingeffectsonfirms’investmentincentives.Mostempiricalresearchontheimpactoftaxesoninvestmentmosttheeticalwkontaxcompetitionaimedatattractingmob

12、ilecapitalintheglobalcontexthasfocusedontheimpactoftaxesatthemargin.Typicallycpateincometaxesraisethecostofcapitaltherequiredrateofreturnonaninvestmenttherefeactasadisincentivetoinvest.Thetwoaspectsoftheserefmshaveoffset

13、tingeffectsonthisdisincentive:thelowertaxratetypicallyincreasestheincentivetoinvestwhilethelowerallowancedecreasesit.Thecombinedeffectdependsonthedetailsofeachrefm.Theresearchoftheeffectivecapitalincometaxratesbasedonthe

14、socalledusercostofcapitalapproachreceivedasignificantstimulusfromKingFullerton(1984).Thefollowupstudiesinthisareaoftensuggestedthat“thetaxsystemsofmostadvancedeconomieswereacterizedbyseriousnonneutralitiesintheearly1980s

15、reflectedinlargedifferencesinmarginaleffectivetaxratesoncapitalacrossdifferentassettypesmodesoffinanceinvestgroupstheiroverallburdenwasquitehighinparticularbecauseoffailuretoadjustthenominaltaxbasefinflation”.Triggeredby

16、theliberalizationofinternationalcapitalflowsinthe1980sAlwth(1988)Keen(1991)furtherdevelopedtheKingFullertonapproachiginallyfocusedondomesticinvestmentsfinancedbydomesticsavingstocapturetheaspectoftaxingmultinationalcompa

17、nies.ThestudiesmadebyDevereuxtogetherwithGriffithKlemmhavemadeadecisivecontributiontothegeneralizationexpansionofthesameapproachfestimatingaveragemarginaleffectivetaxratesondomesticfeigninvestmentintheEUOECDcountries.Acc

18、dingtotheseinternationalstudiesofeffectivetaxratesfeigninvestmentislikelytobeovertaxedinrelationtothedomestictypeduetoincompletealleviationofinternationaldoubletaxation.Yetanoverestimationofthetaxburdencanemergesincetheo

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