| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13277
|
| DP13277 Valuation in the Public and Private Sectors: Tax, Risk, Debt Capacity, and the Cost of Capital |
| Ian Cooper; Michel Habib
|
| 发表日期 | 2018-10-23
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | The public and private sector costs of capital differ in the presence of taxes, because taxes are a cost to the private but not the public sector. We use a quasi-arbitrage approach to show how to include taxes in a comparison of capital costs. We find that taxes induce distortions that generate a systematic private sector preference for assets with rapid tax depreciation, high debt capacity, and low risk. We examine the implications of that preference for privatization, government outsourcing, and regulation. Our approach facilitates the analysis of transactions such as pure risk transfers, otherwise difficult using standard discounting methods. |
| 主题 | Financial Economics
|
| 关键词 | Public sector
Private sector
Cost of capital
Valuation
Tax
Risk
Debt capacity
|
| URL | https://cepr.org/publications/dp13277
|
| 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/542087
|
推荐引用方式
GB/T 7714 |
Ian Cooper,Michel Habib. DP13277 Valuation in the Public and Private Sectors: Tax, Risk, Debt Capacity, and the Cost of Capital. 2018.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
