Efekt tarczy podatkowej w kształtowaniu struktury kapitału przedsiębiorstwa

• Autorzy: Jolanta Iwin-Garzyńska

Warianty tytułu

Effects of Tax to Capital Structure Changes

• Języki publikacji: PL

Abstrakty

Celem artykułu jest weryfikacja w warunkach polskich jednej z najistotniejszych teorii finansów przedsiębiorstw, teorii H. DeAngelo i R. Masulisa, dotyczącej wpływu pozaodsetkowych tarcz podatkowych na poziom zadłużenia przedsiębiorstwa i w konsekwencji na jego strukturę kapitału. Weryfikacja ta pozwoli na wskazanie cech swoistych dla gospodarki transformowanej - polskiej gospodarki. Tak postawiony cel, sprowadzający się do prześledzenia zależności między tarczą podatkową a poziomem zadłużenia polskich przedsiębiorstw i poziomem inwestycji rzeczowych, wskazuje, że nie można abstrahować od teoretycznego modelu DeAngelo i Modiglianiego. (fragment tekstu)

EN

The problem of the capital structure is fundamental in forming a modem conception of corporate finance. It is still being explored by theoreticians of that specialization. In Poland that problem is arousing more and more interest among scientists and practicians. This study compares incentive effects of tax. That aim, based on an analysis of relationship between depreciation of fixed assets of Polish enterprises and the level of fixed-capital investments, is the evidence that the theoretical model of deAngelo and Modigliani cannot be disregarded. The central issue is that the so-called historical cost accounting method, which is adopted in practice when calculating the corporate tax base, causes fictitious profits in inflationary phases that should also be taxed. The thesis resulting from the research of deAngelo and Masulis has not been confirmed in public enterprises; however, it has be found true that high depreciation deductions resulting from higher investment expenditures in private enterprises are not sufficient for financing their development. As it results from the presented models, tax savings coming from depreciation do not reduce debts of enterprises. The same conclusion has been made on the grounds of the analysis of the survey results. The following conclusion can be formed: in the Polish tax system that does not compensate inflation effects enterprises get indebted as a result of a decrease of a real value of the depreciation capital. Due to two factors: inflation and income tax the real value of the company capital is not sufficient for appropriate restitution of assets in kind. (original abstract)

Słowa kluczowe

PL

Finanse przedsiębiorstwa; Zadłużenie przedsiębiorstwa; Teoria finansów; Struktura kapitału przedsiębiorstwa

EN

Enterprise finance; Company indebtedness; Financial theory; Company capital structure

• Czasopismo: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia
• Rocznik: 2005
• Numer: nr 3
• Strony: 53-62

Twórcy

autor

Jolanta Iwin-Garzyńska

• Uniwersytet Szczeciński

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