Inflation, taxes, and the composition of business investment
Inflation, taxes, and the composition of business investment
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通货膨胀、税收和商业投资的构成
DOI：
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发表时间：
1981
期刊：
影响因子：
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通讯作者：
P. Corcoran
中科院分区：
文献类型：
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作者：
P. Corcoran
在过去的二十年里，企业固定投资的构成已经急剧转向不太耐用的资产。短期设备支出的投资份额大幅上升，而长期结构的支出份额则大幅下降（图1）。这种缩短的投资期限对国家的资本存量产生了重要影响，损害了其生产力，并降低了其增长，因为越来越多的支出份额用于替代。这种资本支出分配变化的根源之一是商业税制度和歧视长期投资的通货膨胀环境。
The composition of business fixed investment has shifted dramatically toward less durable assets over the past two decades. The investment share for shortlived equipment outlays has raced ahead, while the spending share of long-lived structures has plummeted (Chart 1). This shortened investment horizon has important repercussions for the nation's capital stock, impairing its productivity and reducing its growth as an increasing share of outlays is devoted to replacement. Among the roots of this changing distribution of capital spending are a system of business taxes and an inflationary environment that have discriminated against long-lived investment.