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首页> 外文学位 >AN ANALYSIS OF THE EFFECT OF TAX LAW INSTABILITY AND PREFERENTIAL CAPITAL GAIN TREATMENT ON INVESTMENT IN RISKY ASSETS (CAPITAL GAINS).
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AN ANALYSIS OF THE EFFECT OF TAX LAW INSTABILITY AND PREFERENTIAL CAPITAL GAIN TREATMENT ON INVESTMENT IN RISKY ASSETS (CAPITAL GAINS).

机译：税法不稳定性和优先资本收益处理对风险资产（资本收益）投资的影响分析。

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摘要

In recent years, tax law changes have become increasingly frequent: more new tax laws were passed in the 1980's than in any previous decade. Tax law instability creates uncertainty for taxpayers regarding effective tax rates to be used for economic decision-making. Such uncertainty may reduce a taxpayer's willingness to undertake risky investment.; Preferential capital gain treatment is frequently mentioned as a means of encouraging such risky investment. Yet, the existing literature does not provide conclusive support for this viewpoint. The effects of preferential capital gain treatment and tax law instability on risky investment may also depend on the type of asset being considered.; This study examines the hypotheses that tax law instability reduces risky investment and preferential capital gain treatment increases risky investment. It also addresses the question of whether the impact of instability in the tax law and preferential capital gain treatment depends on the riskiness of the investment opportunity.; A laboratory experiment was conducted to test these hypotheses. Student subjects participated in two computerized investment games in which they allocated points between risky and riskless assets. The different tax environments were simulated by using a management fee assessed on investment earnings. The variance of the management fee was manipulated to represent tax law stability.; Subjects were also assigned to one of two conditions representing a level of taxing capital gains. Capital gains taxation was simulated by manipulating the mean management fee. A mean management fee of 15 percent on investment earnings represented preferential capital gain treatment, whereas a mean management fee of 33 percent indicated taxation of capital gains at regular rates.; The study examined two levels of risky investment. Subjects were randomly assigned to investment games where the risky asset had either a high or moderate level of risk.; Data collected from the experiment were analyzed with a randomized block design. The blocking variable was the subject's attitude toward risk. The results found instability in the tax law and preferential capital gain treatment did not significantly affect risky investment. However, the subject's attitude toward risk and the riskiness of the investment opportunity were found to influence investment decisions.
机译：近年来，税法的变更变得越来越频繁：1980年代通过的新税法比以前任何十年都要多。税法的不稳定性给纳税人带来了不确定的有效税率，以用于经济决策。这种不确定性可能降低纳税人进行风险投资的意愿。经常提到优惠的资本收益待遇，以鼓励这种风险投资。但是，现有文献并未对此观点提供结论性支持。优惠的资本收益待遇和税法的不稳定性对风险投资的影响还可能取决于所考虑的资产类型。这项研究检验了以下假设：税法不稳定性会减少风险投资，而优惠资本收益待遇会增加风险投资。它还解决了税法不稳定和优惠的资本收益待遇的影响是否取决于投资机会的风险的问题。进行了实验室实验以检验这些假设。学生科目参加了两个计算机化的投资游戏，他们在有风险和无风险资产之间分配分数。通过使用根据投资收益评估的管理费来模拟不同的税收环境。管理费的差异被用来代表税法的稳定性。受试者还被分配到代表征税资本收益水平的两个条件之一。通过操纵平均管理费来模拟资本收益税。投资收益的平均管理费为15％代表优惠的资本收益处理，而平均收益的33％表示按固定税率征税资本收益。该研究检查了两个级别的风险投资。将受试者随机分配到风险资产具有高或中等风险水平的投资游戏。使用随机区组设计分析从实验收集的数据。阻碍变量是受试者对风险的态度。结果发现，税法的不稳定和优惠的资本利得待遇并未对风险投资产生重大影响。但是，发现对象对风险的态度和投资机会的风险会影响投资决策。

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  • 作者

    ANDERSON, SUSAN ELAINE G.;

  • 作者单位

    THE UNIVERSITY OF TEXAS AT ARLINGTON.;

  • 授予单位 THE UNIVERSITY OF TEXAS AT ARLINGTON.;
  • 学科 Business Administration Accounting.; Economics Finance.
  • 学位 PH.D.
  • 年度 1991
  • 页码 146 p.
  • 总页数 146
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;财政、金融;
  • 关键词

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