Tax Depreciation Policy and Investment Theory
Tax Depreciation Policy and Investment Theory
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税收折旧政策和投资理论
DOI：
10.2307/2525457
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发表时间：
1963
影响因子：
1.5
通讯作者：
V. Smith
中科院分区：
文献类型：
--
作者：
V. Smith
摘要：在企业投资理论的框架下，对税收折旧政策进行了探讨。自始至终都假定，对企业收入征税是可取的，其方式是最优投资决策规则的结构不会因税收而改变。作为一种动机论证，应该强调的是，投资决策的现值理论没有将折旧的概念作为一种注销现象，尽管可以根据这一理论解释解决所谓折旧问题的各种方法。免税投资理论将所有收入和支出视为在收到或支出的瞬间的现金流入和流出，并寻求最大化这种不连续的现金净流入的现值。沉没投资只有在以下情况下才会进入这一流：它们对当期收入、当期费用有贡献，并通过残值或转售提供一次性的撤资收入。沉没投资的资本支出不会进入未来的收入流，不会影响投资决策。
Abstract : A discussion of tax depreciation policy within the framework of the theory of investment of a firm is presented. It is assumed throughout that it is desirable to impose taxes on business income in such a way that the structure of optimal investment decision rules is not altered by the tax. By way of motivational argument it should be emphasized that the present value theory of investment decisions makes no use of the concept of depreciation as a write-off phenomenon, though it is possible to interpret various approaches to the so- called depreciation problem in terms of this theory. Taxless investment theory treats all receipts and outlays as cash inflows and outflows at the instant received or expended, and seeks to maximize the present worth of this lumpy net cash inflow. Sunk investments enter this stream only to the extent that they contribute to current receipts, current expenses, and provide lump-sum disinvestment receipts through salvage or resale. The capital outlays for sunk investments do not enter the future income stream and do not affect investment decisions.