文档介绍：外文原文:
Effects of Corporate Tax Reforms on SMEs’ Investment Decisions under the Particular Consideration of Inflation
Corporate tax reforms carried out in EU countries since 1980 entail lower statutory tax rates and reductions in generous tax depreciation provisions. Several countries including the UK have reduced tax rates for small and medium sized enterprises (SMEs). This pares incentive effects of such reforms on the SMEs’ investment decisions adopting a simple present value model. Ceteris paribus, tax rates and depreciation rules vary in the model simulation, while the application of historical cost accounting method in inflationary phases leads to fictitious increases in present value. Apart from the construction of international ranking, country-specific patterns of reform effects are also illustrated.
The vast majority of firms that operate in advanced countries are small and medium-sized enterprises (SMEs). Therefore, SMEs’ competitiveness significantly affects petitive position of a country’s economy as a whole. The concentration of SMEs’ activities on domestic market leads to a bounded business vision. Combined with the asymmetric information about profit opportunities abroad, this fact tends to limit the diversification of SMEs’ investments in an international context. Consequently they appear to be more directly affected by the national corporate tax reform than