个人所得税和企业投资

Q4 Social Sciences British Tax Review Pub Date : 2010-10-01 DOI:10.2139/ssrn.1024530
Murray Z. Frank, Rajdeep Singh, T. Wang
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引用次数: 6

摘要

在本文中,我们研究了自1980年以来美国主要股息税变化对公司投资的影响。我们发现,股息税对企业层面的投资有显著影响,而这种影响关键取决于企业的现金丰富程度。股息税的削减倾向于刺激现金匮乏的公司的投资。但对于现金充裕的公司来说,这种刺激效应减弱了。现金最充裕的公司甚至可以在股息税削减后减少投资,这可能是由于他们在预期税收变化时进行跨期税收套利的动机。我们的研究表明,未来股利税收政策的制定和政策影响的实证评估应认真考虑企业现金状况的异质性。在短期内,增加股息税可能对总投资影响不大。但它可能会对初创公司和快速成长的年轻公司造成不成比例的伤害,从而对长期经济增长产生负面影响,因为这些公司可能缺乏现金。
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Personal Income Taxes and Corporate Investment
In this paper we examine the impact of major dividend tax changes in the U.S. since 1980 on corporate investment. We find that dividend taxation has a significant effect on firm-level investment, and the effect crucially depends on the firm's cash-richness. A dividend tax cut tends to stimulate cash-poor firms' investment. But such stimulating effect weakens for firms that are cash-rich. The most cash-rich firms can even decrease their investment following a dividend tax cut, which may be due to their incentive for inter-temporal tax arbitrage in anticipation of tax changes. Our study suggests that future policy making on dividend taxation and the empirical assessment of the policy impact should take into serious consideration the heterogeneity in firms' cash positions. Dividend tax increases may generate little impact on aggregate investment in the short run. But it may have negative impact on the long-run economic growth by disproportionately harming startup firms and fast-growing young firms that are likely to be cash-poor.
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来源期刊
British Tax Review
British Tax Review Social Sciences-Law
CiteScore
0.40
自引率
0.00%
发文量
7
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Personal Income Taxes and Corporate Investment
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