| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7440
|
| DP7440 Impact of Paternal Temporary Absence on Children Left Behind |
| Alison Booth; Yuji Tamura
|
| 发表日期 | 2009-09-06
|
| 出版年 | 2009
|
| 语种 | 英语
|
| 摘要 | In the absence of financing frictions, profit taxes reduce investment by their effect on the user cost of capital. With finance constraints due to moral hazard, investment becomes sensitive to cash-flow and own equity of firms. We propose a corporate finance model of investment and derive three central results: (i) Even small taxes impose first order welfare losses on financially constrained firms; (ii) ACE and cash-flow tax systems, which are investment neutral in the neoclassical model, are no longer neutral when firms are finance constrained. (iii) When banks are active and provide external finance together with monitoring services, the two systems not only reduce investment, but are also no longer equivalent. With active banks, investment is subject to double moral hazard and the timing of tax payments becomes important. The ACE system gives tax relief at the return stage and provides better incentives than a cash-flow tax which gives tax relief upfront. |
| 主题 | Public Economics
|
| 关键词 | Ace tax
Cash-flow tax
Finance constraints
Profit tax
|
| URL | https://cepr.org/publications/dp7440
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536276
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推荐引用方式
GB/T 7714 |
Alison Booth,Yuji Tamura. DP7440 Impact of Paternal Temporary Absence on Children Left Behind. 2009.
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