Optimal Capital Structure in Various Tax Systems

摘要：

This study provides a theoretical examination of the optimal capital structure under personal and corporate taxation for various tax systems. In the imputation system, the firms are willing to supply the lowest rates of return, the fewest bonds and the shareholders require the lowest cost of capital before taxes in the optimal capital structure. On the other hand, in the two-rate system,the firms shall select the most bonds and the shareholders require the highest cost of capital before taxes. Furthermore, we also discuss the degree of bondholder taxes burdens under various systems, and demonstrate that the imputation system had the smallest tax rate in comparison with another system.

关键词： Capital structure Imputation system Classical tax system Two-rate system

作者: Tsai-Yen Chung Sheng-Te Chou

作者单位: Ac counting Department, Yuan Ze University, Taoyuan, Taiwan Graduate School of Management, Yuan Ze University, Taoyuan, Taiwan

会议类型: 国际会议

会议名称: 第六届管理学国际会议(Proceedings of ICM2007 the 6th International on Management)

会议地点: 武汉

会议语种:英文

页码: 2078-2083

在线出版日期: 2007-08-03（万方平台首次上网日期，不代表论文的发表时间）