How Taxation Affects Financial Decisions Of a Firm in an Open Economy

被引：0
|
作者：
Chernogorskiy, S. A. [1 ]
Shvetsov, K. V. [1 ]
Pokrovskaya, L. L. [1 ]
机构：
[1] Peter Great St Petersburg Polytech Univ, Grad Sch Econ & Engn, St Petersburg, Russia
来源：
INNOVATION MANAGEMENT AND EDUCATION EXCELLENCE THROUGH VISION 2020, VOLS I -XI | 2018年
关键词：
taxation; profit tax; income tax; loans; dividends; capital costs; corporate financial policy;
D O I：
暂无
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
The paper describes a comparative analysis of various ways for financing an enterprise's investments given profit and dividend taxation. Two mathematical models are considered to see how taxation affects corporate financial decisions. An analysis is carried out to see how investments are financed by using retained earnings or loans. It is shown that with the current tax rates in Russia, capital costs arc lower in case investments are made with the use of borrowed funds.
引用
收藏
页码：978 / 987
页数：10
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