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首页> 外文期刊>Review of quantitative finance and accounting >Dividend taxation and corporate investment: a comparative study between the classical system and imputation system of dividend taxation in the United States and Australia
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Dividend taxation and corporate investment: a comparative study between the classical system and imputation system of dividend taxation in the United States and Australia

机译：股利税和公司投资：美国和澳大利亚的股利税经典制度与估算制度之间的比较研究

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摘要

In recent times a number of countries have initiated some important tax reforms to eliminate the distortions of double taxation. In this context, Australia adopted a dividend imputation system in 1987, while the US employed the 1986 Tax Reform Act (TRA). The analysis in this paper examines the effects on the level of corporate capital investment, on proxies for corporate tax rates, financial leverage, liquidity, capital intensity and firm size after controlling for the tax reforms. The empirical results provide evidence that: (1) dividend imputation as introduced in Australia is an effective way to reduce the distortions caused by the traditional system of taxation. (2) Compared with the TRA, dividend imputation has been better able to positively stimulate corporate capital investment. (3) TRA effect on corporate investment is more pronounced in the US for firms having a net operating loss. (4) Individual tax rates play a role in corporate investment decisions in both the US and Australia.
机译：最近，许多国家已经发起了一些重要的税制改革，以消除双重征税的扭曲。在这种情况下，澳大利亚于1987年采用了股息分配制度，而美国则采用了1986年《税收改革法案》（TRA）。本文的分析研究了税制控制后对公司资本投资水平，公司税率，财务杠杆，流动性，资本强度和公司规模的代理的影响。实证结果提供了证据：（1）澳大利亚引入的股息估算是减少传统税收制度造成的扭曲的有效方法。 （2）与TRA相比，股息估算法能够更好地积极刺激企业资本投资。 （3）对于有净经营亏损的公司，TRA对公司投资的影响在美国更为明显。 （4）在美国和澳大利亚，个人税率在公司投资决策中都起着作用。

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