資源描述：
《在通貨膨脹下企業(yè)稅制改革對(duì)中小企業(yè)投資決策的影響【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
1、原文：EffectsofCorporateTaxReformsonSMEs’InvestmentDecisionsundertheParticularConsiderationofInflationCorporatetaxreformscarriedoutinEUcountriessince1980entaillowerstatutorytaxratesandreductionsingeneroustaxdepreciationprovisions.Severalcountriesincludingthe
2、UKhavereducedtaxratesforsmallandmediumsizedenterprises(SMEs).ThisstudycomparesincentiveeffectsofsuchreformsontheSMEs’investmentdecisionsadoptingasimplepresentvaluemodel.Ceterisparibus,taxratesanddepreciationrulesvaryinthemodelsimulation,whiletheapplicatio
3、nofhistoricalcostaccountingmethodininflationaryphasesleadstofictitiousincreasesinnominalnetpresentvalue.Apartfromtheconstructionofinternationalranking,country-specificpatternsofreformeffectsarealsoillustrated.Thevastmajorityoffirmsthatoperateinadvancedcou
4、ntriesaresmallandmedium-sizedenterprises(SMEs).Therefore,SMEs’competitivenesssignificantlyaffectsthecompetitivepositionofacountry’seconomyasawhole.TheconcentrationofSMEs’activitiesondomesticmarketleadstoaboundedbusinessvision.Combinedwiththeasymmetricinfo
5、rmationaboutprofitopportunitiesabroad,thisfacttendstolimitthediversificationofSMEs’investmentsinaninternationalcontext.Consequentlytheyappeartobemoredirectlyaffectedbythenationalcorporatetaxreformthanisthecasewithlargemultinationalfirms.Ontheotherhand,SME
6、shavequiteoftenbeentheprimarytargetgroupofsuchaninvestmentpromotionpolicy(Chenetal.,2002;Devereuxetal.,2004;Hendricksetal.,1997).AccordingtoCoyne(1995),SMEsaregenerallymoreresponsivetodomestictaxincentivesthanlargeones.Taxesmayplayamoreimportantroleinthec
7、oststructureofSMEsbecausetheydonothavethefinancialandhumancapacitytodevelopedsophisticatedtaxavoidancestrategies.SomeEUcountriesincludingtheUKhavetraditionallyhadlowertaxratesforSMEs,whereassuchacorporatetaxreductiondoesnotexistincountrieslikeAustria,Finl
8、andandGermanyatall.Althoughitisdisputable,thosecountriesthatprovidefiscalincentivesandpreferentialtaxtreatmenttoSMEsclaimthatthey(1)createalargenumberofjobsand(2)enhancethelevelofentrepreneurship,whichimpliesflexibi
