折旧资本作为矿业公司经营活动的融资来源

IF 2.4 Q2 ECONOMICS Contemporary Economics Pub Date : 2021-12-24 DOI:10.5709/ce.1897-9254.458
Agata Sierpińska-Sawicz, Maria Sierpińska
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引用次数: 1

摘要

由于某些资产的确认及其折旧的变化,本文所讨论的问题在经济实践中具有高度相关性和时效性。笔者的研究表明,折旧冲销在财务上是由折旧和税盾效应两部分构成的资本。相对于其他税盾而言,非税盾更为重要,因为原材料行业的绝大多数实体都拥有资产,这些资产在资产负债表会计和税务会计中都是折旧的。作为成本折旧,一方面降低了财务结果,另一方面产生了额外的经营性现金流量。可折旧资产占煤炭企业资产的很大一部分。此外,由于国际财务报告准则第16号对租赁的实施,其份额增加,折旧金额也增加。因此,它在波兰煤炭公司运营现金流中的份额略高于在全球公司中的份额。由于在资产负债表中报告的资产中包含基于租赁、贷款或租赁合同使用的资产而产生的绝大部分额外折旧,并不减少计税基础,也不构成税盾。因此,它造成了毛利润/亏损和应税收入之间的差距,从而增加了有效税率。煤炭公司折旧水平的提高有助于维持流动性,为投资项目提供资金,并改善偿债能力,特别是在煤炭价格低、财务业绩下降的时候。
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Depreciation Capital as a Source of Financing of Mining Companies Activities
The issue discussed in the paper is highly relevant and topical in economic practice because of changes in the recognition of certain assets and their depreciation. The author’s research established that depreciation write-off in financial terms constitute capital comprising two components: depreciation and the tax shield effect. The non-tax shield is more important relative to other tax shields because the vast majority of entities in the raw materials industry own assets which are depreciated for the purposes of balance sheet accounting and tax accounting. As a cost depreciation, on the one hand, reduces the financial result and on the other, generates additional operating cash flows. Depreciable assets account for a large portion of coal companies’ assets. In addition, due to the implementation of IFRS 16 on leasing their share increased as did the amount of depreciation. Hence, its share in operating cash flows in Polish coal companies is slightly higher than in global companies. An overwhelming part of the additional depreciation arising from the inclusion in the assets reported in the balance sheet of assets used based on contracts of lease, lending or rental does not reduce the tax basis and does not constitute a tax shield. Consequently, it creates a disparity between the gross profit/loss and taxable income, thereby increasing the effective tax rate. An increase in the depreciation level in coal companies facilitates maintenance of liquidity and provides financing for investment projects and improves debt servicing, especially in times of declining financial result when coal prices are low.
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来源期刊
CiteScore
3.70
自引率
9.50%
发文量
0
审稿时长
24 weeks
期刊介绍: The mission of the Contemporary Economics is to publish advanced theoretical and empirical research in economics, finance, accounting and management with the noticeable contribution and impact to the development of those disciplines and preferably with practice relevancies. All entirety of methods is desirable, including a falsification of conventional understanding, theory building through inductive or qualitative research, first empirical testing of a theory, meta-analysis with theoretical implications, constructive replication that clarifies the boundaries or range of a theory for theoretical research as well as qualitative, quantitative, field, laboratory, meta-analytic, and combination for an empirical research. This clear priority for comprehensive manuscripts containing a methodology-based theoretical and empirical research with implications and recommendations for policymaking does not exclude manuscripts entirely focused on theory or methodology. Manuscripts that raise significant, actual topics of international relevance will be highly appreciated. The interdisciplinary approach including – besides economic, financial, accounting or managerial –also other aspects, is welcomed.
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