Effects of corporate tax reform on optimum debt maturity

被引：2

作者：

Nam C.W. ^{[1
]}

Radulescu D.M. ^{[2
]}

机构：

[1] Ifo Institute for Economic Research, 81679 Munich

[2] Centre for Economic Studies, Ludwig Maximilian University of Munich, 80539 Munich

来源：

Annals of Finance | 2010年 / 6卷 / 3期

关键词：

Corporate tax; Investment decision; Net present value; Optimum debt maturity;

D O I：

10.1007/s10436-009-0126-x

中图分类号：

学科分类号：

摘要：

This study investigates effects of selecting maturity years on investment decisions. Ceteris paribus an optimum debt maturity (ODM) maximising net present value exists and its change correlates positively with corporate tax rates but negatively with real interest rates, while its relationship with inflation rate is conditional. Furthermore depreciation does not matter at all. A model simulation carried out for seven selected EU countries demonstrates the most significant role of real interest rate for determining ODM in the period of 1981-2004. Yet corporate tax rate will gain in importance since interest and inflation rates are more rapidly converging in the EMU. © 2009 Springer-Verlag.

引用

页码：369 / 389

页数：20

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