| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3222 |
| 来源ID | Working Paper 3222 |
| Effects of the Tax Reform Act of 1986 on Corporate Financial Policy and Organizational Form | |
| Roger H. Gordon; Jeffrey K. MacKie-Mason | |
| 发表日期 | 1990 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | We examine the effects of the Tax Reform Act of 1986 on the financial decisions made by firms. We review the theory and empirical predictions of prior literature for corporate debt policy, for dividend and equity repurchase payouts to shareholders, and for the choice of organizational form. We then compare the predictions to post-1986 experience. The change in debt/value ratios has been substantially smaller than expected. Dividend payouts increased as predicted, but stock repurchases increased even more rapidly which was unexpected and is difficult to understand. Based on very scant data, it appears that some activities have shuffled among organizational forms; in particular, loss activities may have been moved into corporate form where they are deducted at a higher tax rate, while gain activities may have shifted towards noncorporate form, to be taxed at the lower personal rates. In addition, several interesting new issues are raised. One concerns previously neglected implications for the effective tax on retained earnings that follow from optimal trading strategies when long- and short-term capital gains are taxed at different rates. Also, new interest allocation rules for multinational corporations provide a substantial incentive for many firms to shift their borrowing abroad. |
| 主题 | Macroeconomics ; Financial Economics |
| URL | https://www.nber.org/papers/w3222 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560508 |
| 推荐引用方式 GB/T 7714 | Roger H. Gordon,Jeffrey K. MacKie-Mason. Effects of the Tax Reform Act of 1986 on Corporate Financial Policy and Organizational Form. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3222.pdf（706KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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