1、原文EFFECTSOFCORPORATETAXREFORMSONSMESINVESTMENTDECISIONSUNDERTHEPARTICULARCONSIDERATIONOFINFLATIONCORPORATETAXREFORMSCARRIEDOUTINEUCOUNTRIESSINCE1980ENTAILLOWERSTATUTORYTAXRATESANDREDUCTIONSINGENEROUSTAXDEPRECIATIONPROVISIONSSEVERALCOUNTRIESINCLUDINGTHEUKHAVEREDUCEDTAXRATESFORSMALLANDMEDIUMSIZEDENTER
2、PRISESSMESTHISSTUDYCOMPARESINCENTIVEEFFECTSOFSUCHREFORMSONTHESMESINVESTMENTDECISIONSADOPTINGASIMPLEPRESENTVALUEMODELCETERISPARIBUS,TAXRATESANDDEPRECIATIONRULESVARYINTHEMODELSIMULATION,WHILETHEAPPLICATIONOFHISTORICALCOSTACCOUNTINGMETHODININFLATIONARYPHASESLEADSTOFICTITIOUSINCREASESINNOMINALNETPRESENT
3、VALUEAPARTFROMTHECONSTRUCTIONOFINTERNATIONALRANKING,COUNTRYSPECIFICPATTERNSOFREFORMEFFECTSAREALSOILLUSTRATEDTHEVASTMAJORITYOFFIRMSTHATOPERATEINADVANCEDCOUNTRIESARESMALLANDMEDIUMSIZEDENTERPRISESSMESTHEREFORE,SMESCOMPETITIVENESSSIGNIFICANTLYAFFECTSTHECOMPETITIVEPOSITIONOFACOUNTRYSECONOMYASAWHOLETHECON
4、CENTRATIONOFSMESACTIVITIESONDOMESTICMARKETLEADSTOABOUNDEDBUSINESSVISIONCOMBINEDWITHTHEASYMMETRICINFORMATIONABOUTPROFITOPPORTUNITIESABROAD,THISFACTTENDSTOLIMITTHEDIVERSIFICATIONOFSMESINVESTMENTSINANINTERNATIONALCONTEXTCONSEQUENTLYTHEYAPPEARTOBEMOREDIRECTLYAFFECTEDBYTHENATIONALCORPORATETAXREFORMTHANIS
5、THECASEWITHLARGEMULTINATIONALFIRMSONTHEOTHERHAND,SMESHAVEQUITEOFTENBEENTHEPRIMARYTARGETGROUPOFSUCHANINVESTMENTPROMOTIONPOLICYCHENETAL,2002DEVEREUXETAL,2004HENDRICKSETAL,1997ACCORDINGTOCOYNE1995,SMESAREGENERALLYMORERESPONSIVETODOMESTICTAXINCENTIVESTHANLARGEONESTAXESMAYPLAYAMOREIMPORTANTROLEINTHECOSTS
6、TRUCTUREOFSMESBECAUSETHEYDONOTHAVETHEFINANCIALANDHUMANCAPACITYTODEVELOPEDSOPHISTICATEDTAXAVOIDANCESTRATEGIESSOMEEUCOUNTRIESINCLUDINGTHEUKHAVETRADITIONALLYHADLOWERTAXRATESFORSMES,WHEREASSUCHACORPORATETAXREDUCTIONDOESNOTEXISTINCOUNTRIESLIKEAUSTRIA,FINLANDANDGERMANYATALLALTHOUGHITISDISPUTABLE,THOSECOUN
7、TRIESTHATPROVIDEFISCALINCENTIVESANDPREFERENTIALTAXTREATMENTTOSMESCLAIMTHATTHEY1CREATEALARGENUMBEROFJOBSAND2ENHANCETHELEVELOFENTREPRENEURSHIP,WHICHIMPLIESFLEXIBILITY,SPEED,RISKTAKINGANDINNOVATIONCHENETAL,2002AFURTHERREASONFORTHETAXPOLICYATTENTIONPAIDTOSMESISTHATTHEYREPRESENTANIMPORTANTBREEDINGGROUNDF
8、ORLARGE,PROFITABLE,TAXPAYINGEMPLOYERSOFTHEFUTUREANDEXPERIENCEHIGHGROWTHRATESINCOMPARISONTOLARGEENTERPRISESHENDRICKSETAL,1997,P1ACCORDINGTOSANTARELLIANDVIVARELLI2002,HOWEVER,THOSELESSEFFICIENTSMESTENDTOHAVEAHIGHEREXPECTEDPROBABILITYTOEXITFROMTHEMARKETTHANLARGERFIRMSDOANDFORTHISREASONITISOPTIMALFORTHE
9、MTOINVESTMOREGRADUALLYINTHECOURSEOFTIME,SINCEENTRYANDOTHERINVESTMENTCOSTSMADEATTHESETTINGUPPHASEARESUNKINTHISCONTEXTAGOVERNMENTSUBSIDYMAYREDUCEDIFFERENCESBETWEENTHEEFFICIENTANDTHEINEFFICIENTFIRMS,ANDCONSEQUENTLYDISTURBNOTONLYINVESTMENTDECISIONSBUTALSOMARKETSELECTIONASWELLASTHELEARNINGPROCESSUNDERGON
10、EBYENTREPRENEURSTHESTATUTORYCORPORATETAXRATEISCLEARLYIMPORTANTINCALCULATINGTHEOVERALLTAXBURDENHOWEVER,THISTAXRATEDOESNOT,INITSELF,ESTABLISHTHEULTIMATETAXBURDENONAFIRMSINVESTMENTACTIVITYEQUALLYCRUCIALARETHEEFFECTSOFDEPRECIATIONANDOTHERINVESTMENTPROMOTIONPROVISIONSTHATDETERMINETHETAXBASE2004INTHEPRACT
11、ICEOFCORPORATETAXPOLICYDIFFERENTTAXDEPRECIATIONRULESAREEMPLOYEDTHATDONOTTYPICALLYENSURETHESOCALLEDTRUEECONOMICDEPRECIATIONSAMUELSON,1964SINN,1987FURTHERMORE,THEIRGENEROSITYHASBEENEXTENDEDTOSTIMULATEPRIVATEINVESTMENTONTHEOTHERHAND,DEPRECIATIONBASEDUPONHISTORICALCOSTISUNDERVALUEDDURINGINFLATIONARYPHAS
12、ES,ASTHEREALCOSTOFDEPRECIATIONOFTODAYSASSETSISUNDERESTIMATEDWHENTHEASSETBASEISMEASUREDINNOMINALTERMSCOHENANDHASSET,1999HAUFLERANDSCHJELDERUP,2000OTT,1984THEREHAVEBEENANUMBEROFATTEMPTSTOESTIMATETHECURRENTVALUEOFACAPITALGOODONTHEBASISOFINDEXATIONFELDSTEIN,1979FELDSTEINANDSUMMERS,1979HULTENANDWYKOFF,19
13、96THERESEARCHOFTHEEFFECTIVECAPITALINCOMETAXRATESBASEDONTHESOCALLEDUSERCOSTOFCAPITALAPPROACHRECEIVEDASIGNIFICANTSTIMULUSFROMKINGANDFULLERTON1984THEFOLLOWUPSTUDIESINTHISAREAOFTENSUGGESTEDTHATTHETAXSYSTEMSOFMOSTADVANCEDECONOMIESWERECHARACTERIZEDBYSERIOUSNONNEUTRALITIESINTHEEARLYANDMID1980S,REFLECTEDINL
14、ARGEDIFFERENCESINMARGINALEFFECTIVETAXRATESONCAPITALACROSSDIFFERENTASSETTYPES,MODESOFFINANCE,ANDINVESTORGROUPS,ANDTHEIROVERALLBURDENWASQUITEHIGH,INPARTICULARBECAUSEOFFAILURETOADJUSTTHENOMINALTAXBASEFORINFLATIONTRIGGEREDBYTHELIBERALIZATIONOFINTERNATIONALCAPITALFLOWSINTHE1980S,ALWORTH1988ANDKEEN1991FUR
15、THERDEVELOPEDTHEKINGFULLERTONAPPROACHORIGINALLYFOCUSSEDONDOMESTICINVESTMENTSFINANCEDBYDOMESTICSAVINGSTOCAPTURETHEASPECTOFTAXINGMULTINATIONALCOMPANIESTHESTUDIESMADEBYDEVEREUXTOGETHERWITHGRIFFITHANDKLEMMINCLUDINGDEVEREUXANDGRIFFITH,1998,2003DEVEREUXETAL,2002DEVEREUX,2004HAVEMADEADECISIVECONTRIBUTIONTO
16、THEGENERALISATIONANDEXPANSIONOFTHESAMEAPPROACHFORESTIMATINGAVERAGE1ANDMARGINALEFFECTIVETAXRATESONDOMESTICANDFOREIGNINVESTMENTINTHEEUANDOECDCOUNTRIESEUROPEANCOMMISSION,2001OECD,1991ACCORDINGTOTHESEINTERNATIONALSTUDIESOFEFFECTIVETAXRATES,FOREIGNINVESTMENTISLIKELYTOBEOVERTAXEDINRELATIONTOTHEDOMESTICTYP
17、EDUETOINCOMPLETEALLEVIATIONOFINTERNATIONALDOUBLETAXATIONYETANOVERESTIMATIONOFTHETAXBURDENCANEMERGESINCETHEOPENECONOMYKINGFULLERTONFRAMEWORKDOESNOTALLOWFORALLTHEIMPORTANTPOSSIBILITIESFORTAXPLANNINGAVAILABLETOMULTINATIONALCOMPANIES,WHICHINCLUDETAXATIONOFROYALTIES,USEOFTAXHAVENSFORFINANCINGSUBSIDIARIES
18、,ALLOCATIONOFPARENTINTERESTEXPENSETOFOREIGNINCOME,SHIFTINGOPTIONSFORDEBTTOHIGHTAXFOREIGNLOCATIONSORTHEHOMECOUNTRY,ETCALTSHULERANDGRUBERT,2003GRUBERT,1998,2003,20042004THEEFFECTIVEMARGINALANDAVERAGECORPORATETAXRATESAREOFTENDEFINEDASFORWARDLOOKINGMEASURESDEMONSTRATINGTHEEFFECTOFTAXONFUTUREEXPECTEDEARN
19、INGSONASPECIFICINVESTMENTPROJECTONTHEOTHERHAND,THECALCULATIONOFAVERAGETAXBURDENFOREXAMPLE,INTERMSOFAPROPORTIONOFAGGREGATETAXREVENUETOPROFITORACERTAINMACROECONOMICTAXBASELIKEAMEASUREOFTHEOPERATINGSURPLUSOFTHEECONOMYMENDOZAETAL,1994ISCHARACTERISEDTOBEBACKWARDLOOKINGSINCEITCAPTURESTHEIMPACTOFTAXONTHERE
20、TURNSINANYPERIODOFTHEWHOLEPASTHISTORYOFAFIRMSINVESTMENTDECISIONS”DEVEREUXETAL,2002,P456ONEREASONFORTHELOWPOPULARITYOFTHISMETHODINTHEFIELDOFCAPITALINCOMETAXATIONISTHATAPARTFROMCORPORATEINCOMETAXESTHEAGGREGATETAXREVENUEALSOINCLUDES,FORINSTANCE,TAXESONLAND,ANIMMOBILEFACTORGRIFFITHANDKLEMM,2004HOWEVER,T
21、HEEFFECTSOFTAXATIONONSUCHIMMOBILEFACTORSANDOTHERINPUTTAXESFORPRODUCTIONAREINCREASINGLYGAININGIMPORTANCEFORFIRMSINVESTMENTDECISIONSANDLOCATIONCHOICESINTHEINTERNATIONALCONTEXTDESAIETAL,2004ASIMILARFORWARDLOOKINGEXAMINATIONCANALSOBECARRIEDOUTBASEDONTHEPRESENTVALUEMODELATKINSONANDSTIGLITZ,1980NAMANDRADU
22、LESCU,2005INOTHERWORDSTHISSTUDYARGUESTHATDISCRETEINVESTMENTCHOICESOFPROFITMAXIMISINGSMESAREDEPENDENTONTHEPOSTTAXNETPRESENTVALUENPVWITHOUTTAXATION,NPVISEQUALTOTHEPRESENTVALUEOFFUTUREGROSSRETURN,DISCOUNTEDATANAPPROPRIATEINTERESTRATELESSINVESTMENTCOSTAFTERTHEINTRODUCTIONOFTAXONCORPORATEINCOME,THEPRESEN
23、TVALUEOFTHEASSETGENERATEDFROMANINVESTMENTAMOUNTSTOTHESUMOFPRESENTVALUEOFNETRETURNGROSSRETURNLESSTAXESANDTAXSAVINGSLEDBYANINCENTIVEDEPRECIATIONPROVISIONANINVESTMENTPROJECTISCONSIDEREDTOBEPROFITABLEWHENNPVISPOSITIVEONLYINANEXCEPTIONALCASEWHENTAXDEPRECIATIONCORRESPONDSTOSAMUELSONSTRUEECONOMICDEPRECIATI
24、ONANDITSCALCULATIONISBASEDONCURRENTREPLACEMENTCOSTOFCAPITALISTHETAXNEUTRALITYGUARANTEEDINANINFLATIONARYPHASETHESUPERIORFEATURESOFSUCHADYNAMICINVESTMENTDECISIONMODELINCLUDE,FOREXAMPLE,THAT1ONECANADEQUATELYCONSIDERTHEDEVELOPMENTOFGROSSRETURNGENERATEDBYANINVESTMENT,2THETRUEECONOMICDEPRECIATIONRATEISNOT
25、SIMPLYASSUMEDBUTENDOGENOUSLYDERIVEDFROMTHETRENDOFGROSSRETURN,3THEIMPACTSOFADOPTINGDIFFERENTACCOUNTINGMETHODSOFTAXDEPRECIATIONCANBEWELLILLUSTRATEDWHENINFLATIONPREVAILS,AND4FIRMSMOSTWIDELYAPPLYTHISMETHODINPRACTICE,ESPECIALLYWHENCARRYINGOUTTHESOCALLEDFEASIBILITYSTUDYFORCHECKINGOVERALLPROFITABILITYOFINV
26、ESTMENTPROJECTSUNLIKEALARGENUMBEROFPREVIOUSSTUDIESUNLIKEALARGENUMBEROFPREVIOUSSTUDIESMAINLYDEALINGWITHCAPITALINCOMETAXATIONOFLARGEMULTINATIONALFIRMSBASEDONTHEUSERCOSTOFCAPITALAPPROACH,THISSTUDYPRIMARILYEXAMINESADOPTINGASIMPLEPRESENTVALUEMODELTHEINCENTIVEEFFECTOFCORPORATETAXREFORMSONTHESMESINVESTMENT
27、DECISIONSUNDERTHEPARTICULARCONSIDERATIONOFINFLATION,WHICHWERECARRIEDOUTINSELECTEDEUNATIONSSINCETHEBEGINNINGOF1980SCETERISPARIBUS,SMESPECIFICCORPORATETAXRATESANDDEPRECIATIONRULESVARYINTHEMODELSIMULATIONCARRIEDOUTUNDERTHEASSUMPTIONOFSELFFINANCE,WHILETHEAPPLICATIONOFHISTORICALCOSTACCOUNTINGMETHODININFL
28、ATIONARYPHASESLEADSTOFICTITIOUSINCREASESINNOMINALNPVDEVEREUXETAL,2002FELDSTEIN,1979KAY,1977ASACONSEQUENCEINPERIODWITHINFLATIONGENEROUSTAXCONCESSIONMEASURESDONOTPROVIDEINCENTIVEEFFECTSASINITIALLYDESIGNED,SINCESUCHFICTITIOUSGAINSPREVAILNAMANDRADULESCU,2004INSPITEOFTHEFACTTHATTHEINFLATIONRATEHASBEENGRA
29、DUALLYDECREASEDINEUROPETHELOWRATESTILLAPPEARSTOMATTERFORTHECALCULATIONOFTHETAXBASEANDSMESINVESTMENTDECISIONSTHEAGENDAOFSTUDYISASFOLLOWSSECTION2BRIEFLYEXPLAINSTHERECENTEVOLUTIONOFCORPORATETAXSYSTEMINSELECTEDEUCOUNTRIESSECTION3TECHNICALLYDESCRIBESTHEMAJORNATUREOFPRESENTVALUEMODELAPPLIEDFORTHECALCULATI
30、ONOFTRUEINVESTMENTPROMOTIONEFFECTSOFTAXPOLICYMEASURESSECTION4ILLUSTRATESTHEEMPIRICALRESULTSBASEDONTHECALCULATEDNOMINALNPVUNDERTHEPLAUSIBLEPARAMETERASSUMPTIONSANDCOMPARESTHECHANGESININTERNATIONALCOMPETITIVENESSOFINDIVIDUALCOUNTRIESLEDBYTHENUMEROUSCORPORATETAXREFORMSTHEFINALSECTIONSUMMARISESTHEMAJORFI
31、NDINGSOFTHESTUDYANDCONCLUDESFORTHESELECTEDSIXEUCOUNTRIESTHISSTUDYEXAMINESUNDERTHEPARTICULARCONSIDERATIONOFINFLATIONTHEEFFECTSOFCORPORATETAXREFORMSONSMESINVESTMENTDECISIONSIMPLEMENTEDSINCETHEBEGINNINGOFTHE1980SBYANDLARGECORPORATETAXREFORMSCARRIEDOUTINTHEINVESTIGATEDCOUNTRIESHAVEENTAILEDLOWERSTATUTORY
32、TAXRATESACCOMPANIEDBYAREDUCTIONINGENEROUSTAXDEPRECIATIONPROVISIONSAMONGTHEMTHEUKHASTRADITIONALLYHADTHESMESPECIFIC,REDUCEDTAXRATESYETTHETIMINGANDDIRECTIONOFCHANGINGINDIVIDUALTAXPOLICYMEASURESDIDNOTALWAYSTAKEPLACESIMULTANEOUSLYANDCOHERENTLYUNLIKEALARGENUMBEROFPREVIOUSSTUDIESONMEASURINGEFFECTIVEMARGINA
33、LTAXRATETHISFORWARDLOOKINGSTUDYMEASURESTHETAXINCENTIVEAND/ORBURDENONINVESTMENTACTIVITYINTERMSOFNOMINALNETPRESENTVALUENPVUNDERTHESPECIFICASSUMPTIONSOFRELEVANTPARAMETERSANDSELFFINANCEINPARTICULARITHIGHLIGHTSTHEFACTTHATTHEAPPLICATIONOFTHEHISTORICALCOSTACCOUNTINGSYSTEMINSTEADOFTHECURRENTCOSTACCOUNTINGME
34、THODINTHEINFLATIONARYECONOMYWHENCALCULATINGTAXDEPRECIATIONAMOUNTSCREATESTHEFICTITIOUSGAININNOMINALNPVFGGDD,ALTHOUGHTHEEQUITYOFTAXDEPRECIATIONANDTEDTHEIMPORTANTCONDITIONFORTAXNEUTRALITYISASSUMEDINGENERALTHISTYPEOFGAINDECREASEDGRADUALLYINTHEPERIODBETWEEN19802003,SINCETHECORPORATETAXRATEANDTHEINFLATION
35、RATECONTINUEDTOSINKINTHEINVESTIGATEDEUNATIONSSOURCECHANGWOONNAMDOINAMARIARADULESCU,2007“EFFECTSOFCORPORATETAXREFORMSONSMESINVESTMENTDECISIONSUNDERTHEPARTICULARCONSIDERATIONOFINFLATION”SMALLBUSINESSECONOMICS,VOL41,NO4,OCTOBER,PP101105译文在通货膨胀下企业税制改革对中小企业投资决策的影响自1980年以来欧盟国家公司税制改革，公司承担较低的法定税率、大幅度降低税收折旧的
36、规定。包括英国的很多国家都降低了中小企业的税率。这一改革在中小企业简单投资模型中起到很好的激励效果。于其它条件不变、税率和折旧规则在模型中有所改变，然而历史成本会计的方法在通货膨胀时期应用增加虚假名义净现值。除了国际排名,国家建设模式的改革效应也做了说明。在先进国家经营的大多数公司都是中小企业。中小企业的竞争明显作为一个整体影响着一个国家的经济竞争地位。中小企业在本国的经济活动导致了有限的商业前景。结合国外不对称的获取利润机会的信息，这一事实将会限制中小企业在国际环境下的各式各样的投资。因此，他们比起大型跨国公司似乎更容易直接被公司税制改革影响。中小企业比起大企业对国内税收优惠更有响应。税收可
37、能在中小企业的成本结构中起到重要作用因为他没有融资和人们发展复杂的避税策略。因此，一般认为中小企业接触资本市场是有限制的，包括本国的和外国的市场，部分原因可能是更高的感性危险，信息障碍，以及参与小项目等等。结果是，中小企业在一些债务方面和大部分传统的自由资金的投资活动中经常很难获得长期的资金。公司税制度鼓励债务融资并且反对一些经济合作及发展组织国家中的中小企业，因为公司支付的利息可以在税前扣除，因此这种税在融资方式中更受大公司的青睐，是他更容易获得银行贷款。包括英国的一些欧盟国家对中小企业都有低的税率，然而这样的企业减税根本就不会存在在奥地利、芬兰、德国这些国家。但是这些国家提供财政激励和中小
38、企业税收优惠待遇声称，他们1创造了大量的就业机会和2提高企业家的水平,这暗示的灵活性、速度、冒险和创新。中小企业注意税收政策另一个原因就在于它是“一个内在滋生大、有利可图,与大公司相比是未来的税收筹划者和高增长率”。根据桑塔瑞里和温雅丽2002，然而，那些低效能的中小企业比大企业有预期较高的概率从市场中退出，也正是这原因经过一段时间慢慢的投资是最理想的，因为刚进入市场和投资的其他费用在建立阶段被减免。在此背景下,政府补助,可能会降低高效率和低效率的公司之间的差异,因此搅乱企业家的投资决策,市场选择以及学习过程经历。法定的公司税率计算企业整体的纳税负担是明确而又重要的，然而,这种税率,在企业的投
39、资活动中活动中本身并不建立最终的税务负担。同样重要的的影响计税基础的是折旧和其它招商引资的条款。在实践中企业税收政策不同的税收折旧规则通常都不会被雇佣的保证,所谓的真实经济折旧。此外,他们的慷慨一直延续到刺激私人投资。另一方面,在通货膨胀阶段折旧基于历史成本被低估了，因为如今资产折旧的真实成本以名义价值计算时被低估。那儿有很多的方法能以基础数据估算现今资产的价值，这种方法可以证明通货膨胀率是高还是低。然而对于很多不同的资产因太复杂而不能计算通货膨胀率。资本收益的税率研究根据一个叫资本成本的方法取得了很重要的激励。接下来这方面的研究表明“大多数经济先进国家的税收系统具有很严重的不公平的特征在19
40、80年早期和中期”，反映在实际边际有效税率有巨大差异的不同的资产类型，经济模型以及投资组织，他们的整体负担是相当高的，尤其是因为错误的调整了名义税基通货膨胀率。在80年代引发的国际资本流动的自由化，奥斯和肯进一步发展了肯浮尔顿的方法原来把注意力集中在国内投资国内储蓄资金方面,捕捉税务跨国公司。研究由格里菲斯和克了姆一起取得了决定性的贡献以及扩展的种估算同样的方法和边际有效税率对国内和外国投资在欧盟与OECD国家。根据这些有效的税率的国际研究，外国投资者根据本国不完整的税收政策可能会承担比国际更重的俩倍的税收。然而估计过高的税收负担揭示了经济型最棒的浮尔顿的框架不允许跨国企业发展税收筹划价值的重
41、要潜力，包括税务提成费，为融资的企业建立了“避税天堂”，给国外的收入分配利息费用，以及选择高税收负担债务的外国地点或的母国。有效公司税率通常定义为一种方法证明了税收在未来预期特别的投资项目中是有影响的。另一方面，以平均的税收负担的计算为例，根据一项比例的总税收利益或某宏观经济的税基测量贸易盈余,特点是其改革向后看,因为它抓住报酬过去的一整个历史税的影响的公司投资决定”。低的原因之一,验证了该方法的普及,在这一领域的资本所得税,也包括企业所得税总税收，例如，税收在陆地上,一个固定的因素，然而,在国际背景下税收对这样的影响因素就无法计算用于生产重要性日益增加企业的投资决策中的税收。类似的前瞻性考试
42、也可以进行根据现值模型，换句话说,本研究认为,有些投资中小企业利润最大化的选择依赖于净现值NPV而没有征税,净现值是公平的未来的收益,以一个适当的利率计算投资成本。将税收引入企业收入之后,税收对企业资产的现值产生一个额达，总的净现值税收受着折旧的限制。一个被认为是有利可图的投资项目的现值是正的，只有在例外的情况下，当税收折旧与经济性贬值的计算是基于当前的更换资金成本的的通货膨胀的阶段。有优越特征的动态投资决策模型包括,（1）能充分考虑总回报的发展所产生的一项投资,（2）真正的经济折旧率不仅仅是来源于内在明显的回报,3影响会计处理的方法采用不同的税收折旧在通货膨胀时能够获利,（4）企业最广泛的在
43、实践中应用该方法,特别是在执行所谓的总体盈利的可行性研究的投资项目。与以前许多的研究，跨国公司的资本所得税基于用户资本成本的方法,本研究采用一种简单主要检视现值模型对决策人激励企业税收改革中小企业在通货膨胀下考虑的投资决策,在方法选定自应用于欧盟20世纪80年代初。其他条件不变，企业税率和折旧规则模型模拟在经费的假定下进行，而该情况下的历史成本会计方法会引起通货膨胀阶段增加虚拟名义净现值。由于在通货膨胀时期大度的税收让步措施并不能取得最初计划好的激励效果,因为这样的虚拟获得收益。然而事实是通货膨胀率已逐渐减少欧洲较低水平和中小企业的投资决策中计算的税基。会议议程的学习是这样的，第二节阐述了企业
44、税收系统在选定的欧盟国家的演化。第三节阐述现值模型计算在真正的投资决策下税收政策措施的应用。第四节说明实证结果，在假设参数变化下计算名义NPV和比较各个国家的国际竞争力的众多领导的企业所得税改革。最后一段的主要总结了研究出的结论。在本次研究中选定的六个欧洲国家，主要考虑通货膨胀对企业所得税改革的影响,中小企业投资决策从八十年代初起实施。大企业的税收改革,调查表明国家带来更低的法定税率的同时实施降低的税收折旧的规定。在英国传统上,降低税率。然而时间和方向改变个人所得税的政策措施并不能总是同时进行。与大量的以前的研究对这和/或负担方面投资活动的标称净现值NPV，于先前研究的大量的测量税率边际有效性不同，这次前瞻性研究实施税收减免政策或者在特定的有关参数和经费的假设下承担以名义净现值计算的投资活动的税收。它尤其强调以历史成本核算通货膨胀的经济，在计算折旧税收时创造大量虚假的名义净现值,虽然在税收中假定税收的股权折旧和特德重要的条件。通常,这种形式的获得在19802003年之间逐渐下降，企业税率和通货膨胀率继续在欧盟成员国中调查。出处德瑟泊凯瑞汉纳，在通货膨胀下企业税制改革对中小企业投资决策的影响,公共税务财政第41卷（4），2007（8）427431
