外文翻譯-詳細(xì)的稅務(wù)籌劃對投資決定有價(jià)值嗎

PAGE中小企業(yè)融資稅務(wù)籌劃策略研究翻譯（1）題目詳細(xì)的稅務(wù)籌劃對投資決定有價(jià)值嗎PAGE1Dr.DeborahKnirsch,DepartmentofTaxationandAccounting,UniversityofGraz,Univer-sitDr.DeborahKnirsch,DepartmentofTaxationandAccounting,UniversityofGraz,Univer-sit?tsstrasse15/FE,8010Graz,Austria,Emailknirsch@uni-graz.at.—數(shù)據(jù)來自于德國現(xiàn)實(shí)的稅收制度扭曲了投資和融資決策。因此，稅收被納入資本預(yù)算模型。然而，這些模型使用非常簡單的稅基。投資者通常假定稅基等于現(xiàn)金流量減折舊免稅額。本論文分析從這樣一個投資獎勵簡化稅收籌劃。分析是基于隨機(jī)模擬經(jīng)營申請?jiān)诘聡餍袠I(yè)的經(jīng)驗(yàn)數(shù)據(jù)模型。用蒙特卡洛方法計(jì)算，涵蓋各種各樣的業(yè)務(wù)發(fā)展。產(chǎn)生的現(xiàn)金流量減去折舊免稅額作為稅基按照詳細(xì)的稅基與偏差相比，投資規(guī)劃與現(xiàn)行稅法?；诤喕馁Y本預(yù)算模型，預(yù)期公司的未來值可能過高或過低，取決于公司的法律結(jié)構(gòu)和產(chǎn)業(yè)。只用現(xiàn)金流量作為稅基，導(dǎo)致預(yù)期價(jià)值過高。但是，這些偏差與利率的預(yù)測誤差相比較來說是小稅率。例如，如果所得稅率降低到37％，而預(yù)期的稅率是42％，或者如果利率提高3個百分點(diǎn)，未來值和偏差遠(yuǎn)高于稅基誘導(dǎo)偏差。因此，投資者應(yīng)該更加重視利率和稅收的預(yù)測值，而不是產(chǎn)生一個更加詳細(xì)的投資項(xiàng)目稅基?，F(xiàn)實(shí)的稅收制度與投資和財(cái)務(wù)決策相比是非中性的。由于其非中立性，當(dāng)考慮到含稅的詳細(xì)投資計(jì)劃時，不同的投資選擇的稅前排名可能會改變。因此，投資和財(cái)務(wù)決策通常含稅。任何應(yīng)用投資模型都應(yīng)整合在非常詳細(xì)的稅法的級別。但在研究和商業(yè)實(shí)踐，應(yīng)用模型常常包含一個非常簡單的稅基。對于及其簡單的稅制和高稅收籌劃成本，簡化投資模式必要的。必須權(quán)衡必要的簡化以降低成本，和足夠的精度確保模型有效性。如果模型過于簡單，投資決策可能是錯誤的，投資計(jì)劃將是毫無價(jià)值的。通常，行之有效的投資模型考慮現(xiàn)金流，同時也考慮折舊問題。為了簡化起見，忽略其他預(yù)提的稅收制度。實(shí)證研究表明，這些模型通常在商業(yè)慣例的資本預(yù)算中使用，然而另一種常見的模型是更簡單的一種：它使用的現(xiàn)金流量作為稅基，沒有進(jìn)行任何修改。到現(xiàn)在為止，從如此簡單的稅收計(jì)劃中降低稅收負(fù)擔(dān)的錯誤的大小是未知的。為了分析使用這些簡化的投資模型對經(jīng)濟(jì)的影響，本論文發(fā)展業(yè)務(wù)模型通過采用從德國的經(jīng)驗(yàn)數(shù)據(jù)進(jìn)行模擬。模擬量化來自不同行業(yè)和不同的法律結(jié)構(gòu)與公司的預(yù)測誤差?？紤]不同行業(yè)和法律結(jié)構(gòu)在內(nèi)，分析預(yù)期稅基的簡化對不同企業(yè)的影響不同。因此，模擬認(rèn)為，工業(yè)制造，能源和水的供應(yīng)，建筑行業(yè)，交通運(yùn)輸，批發(fā)和零售貿(mào)易。隨機(jī)企業(yè)的發(fā)展說明了蒙特卡羅模擬手段。首先，從一個簡化的稅務(wù)規(guī)劃模型的預(yù)測誤差計(jì)算。第二個步驟，是多種多樣的其他參數(shù)，如稅率和利率。由于與簡化稅基的錯誤相比，從參數(shù)的變化所造成的。本文開發(fā)的商業(yè)模式模擬再現(xiàn)的現(xiàn)金流量公司的供應(yīng)，生產(chǎn)，銷售和融資的過程。詳細(xì)的10年期間的稅前現(xiàn)金流量計(jì)算，以及稅務(wù)和損益表。由此看來，可以得出納稅。被認(rèn)為是公司和股東的稅。稅后投資的未來值，推導(dǎo)出的，因?yàn)樗梢宰鳛橐粋€投資者的目標(biāo)數(shù)字。本文開發(fā)的商業(yè)模式模擬再現(xiàn)的現(xiàn)金流量公司的供應(yīng)，生產(chǎn)，銷售和融資的過程。在10年期間的稅前現(xiàn)金流量計(jì)算中的細(xì)節(jié)，以及稅后利潤損益表。由此看來，可以得出納稅。企業(yè)和被視為股東稅。稅后投資的未來價(jià)值推導(dǎo)，因?yàn)樗梢宰鳛橐粋€投資者的目標(biāo)圖。一個明確的聯(lián)系以后期間實(shí)現(xiàn)計(jì)算利息目前的現(xiàn)金在手，并在銀行前納稅?！岸唐冢ㄩL期）信用利率為2％（4％）;短期（長期）借記利率是8％（6％）。經(jīng)過10年的模擬期間，清算的公司被認(rèn)為是最佳的。因此，當(dāng)前和最終納稅考慮在模型中。這種方法可以分析不同的會計(jì)準(zhǔn)則計(jì)算的利潤。未來的投資價(jià)值組成的稅后現(xiàn)金流量，從該公司的清算，并從其他金融資產(chǎn)的股東。公司的清算價(jià)值的計(jì)算方法是總結(jié)了該公司的有形資產(chǎn)和無形資產(chǎn)的凈值減去負(fù)債和規(guī)定。被撤銷的金額由業(yè)主或企業(yè)所得稅和營業(yè)稅的考慮后向股東派發(fā)。此后，必須扣除個人所得稅。在虧損的情況下，發(fā)揚(yáng)，扁平率值調(diào)整假設(shè)：虧損結(jié)轉(zhuǎn)的企業(yè)所得稅和交易稅出售其標(biāo)稱值的20％，而個人所得稅的損失進(jìn)行失去其標(biāo)稱值的一半。未來價(jià)值的第二個組成部分，業(yè)主的其他金融資產(chǎn)，包括積累和再投資的提款和股息。在每年年底，伙伴關(guān)系的業(yè)主撤回資金或股東從公司獲得的股息，并再投資，他們?yōu)榻鹑谫Y產(chǎn)。他們承擔(dān)利率年息2％個人所得稅。模型中的經(jīng)驗(yàn)數(shù)據(jù)，從德國中央銀行和歐盟的巴赫數(shù)據(jù)庫應(yīng)用。它們包含財(cái)務(wù)報(bào)表不同行業(yè)的德國公司。由于權(quán)威的原則，90％財(cái)務(wù)報(bào)表是為稅務(wù)目的而作出的類似。作為開始的商業(yè)模式模擬值的經(jīng)驗(yàn)數(shù)據(jù)。此外，不同項(xiàng)目的資產(chǎn)負(fù)債表和損益表的年增長率都來自經(jīng)驗(yàn)數(shù)據(jù)。為此，年均增長率超過五年。公司的發(fā)展是不確定條件下的復(fù)制。在蒙特卡羅模擬，增長率與高斯變量實(shí)施和，高斯變量的預(yù)期值是經(jīng)驗(yàn)的平均值。復(fù)發(fā)的人數(shù)是25000每一個法律的結(jié)構(gòu)和部門。在模擬應(yīng)用的每一個隨機(jī)數(shù)產(chǎn)生，只有一次。因此，在納稅和未來值的差異只出現(xiàn)由于不同的決定，在計(jì)算應(yīng)納稅所得額的，不會因?yàn)椴煌碾S機(jī)變量。業(yè)務(wù)模型模擬運(yùn)行有關(guān)的損失抵消規(guī)則下的兩個不同的假設(shè)。在一審中，虧損抵銷根據(jù)法律法規(guī)的實(shí)施。在第二，這個假設(shè)改變。在虧損的情況下，立即退稅假設(shè)。這使得分離的兩個經(jīng)濟(jì)效應(yīng)：一方面，從不同的計(jì)算應(yīng)納稅所得額所產(chǎn)生的效果可以暴露;另一方面，由于限制在彌補(bǔ)虧損的影響，可以證明。如上所述，融入在一個不確定的公司發(fā)展方面的模式不確定性。但是，這是唯一的不確定性，集成該模式。一旦業(yè)務(wù)發(fā)展計(jì)劃，將不會有進(jìn)一步的從計(jì)劃的偏差。的不確定性影響的規(guī)劃過程中，但該計(jì)劃將實(shí)現(xiàn)無差異。該公司的損益表顯示表1中表1：業(yè)務(wù)模型模擬的損益賬銷售*增加/減少成品和工作進(jìn)展+其他營銷收入*材料成本*人員開支：工資及薪金*人員開支：有關(guān)退休金計(jì)劃及雇員福利開支*有形資產(chǎn)和無形資產(chǎn)折舊其他運(yùn)營成本*+來自聯(lián)營公司股息+利息收入金融資產(chǎn)折舊利息開支收入稅=今年的凈收益/虧損凈額項(xiàng)目的銷售，其他經(jīng)營收入，材料成本，人員開支，及其他經(jīng)營開支增加有其特定的年均增長率在上所述。從聯(lián)營公司，利息收入，利息支出，增加或減少成品和工作進(jìn)展，并規(guī)定費(fèi)用的股息將于推導(dǎo)出內(nèi)源性的。對于無形資產(chǎn)和有形資產(chǎn)，假定根據(jù)經(jīng)驗(yàn)數(shù)據(jù)出發(fā)賬面凈值和折舊免稅額。年度凈資產(chǎn)的投資可以產(chǎn)生內(nèi)源性。資產(chǎn)負(fù)債表項(xiàng)目的金融資產(chǎn)，應(yīng)收款項(xiàng)和其他資產(chǎn)，存貨，根據(jù)規(guī)定，負(fù)債及應(yīng)計(jì)及遞延項(xiàng)目的價(jià)值經(jīng)驗(yàn)數(shù)據(jù)。其賬面價(jià)值與經(jīng)驗(yàn)的增長，每年增加率。從商品和服務(wù)的應(yīng)收款項(xiàng)每年與部門注銷具體費(fèi)率。股東權(quán)益及手頭現(xiàn)金及銀行存款派生內(nèi)源性。經(jīng)驗(yàn)的賬面價(jià)值進(jìn)行調(diào)整，總在期末的資產(chǎn)負(fù)債表t=0時等于10,000,000€表2中指出該公司的資產(chǎn)負(fù)債表。表2：業(yè)務(wù)模型模擬資產(chǎn)負(fù)債表資產(chǎn)負(fù)債及股東權(quán)益固定資產(chǎn)Ⅰ.無形資產(chǎn)*Ⅱ.有形資產(chǎn)*土地及建筑廠房及機(jī)械機(jī)器廠房及設(shè)備存款支付/在建工程Ⅲ.金融資產(chǎn)1.投資*2.證券，股票和債券*3.其他長期應(yīng)收賬款*B.流動資產(chǎn)Ⅰ.存貨1.原料及耗材*2.在制品*3.成品*4.已付按金Ⅱ.應(yīng)收賬款及其他資產(chǎn)1.從商品和服務(wù)的應(yīng)收款項(xiàng)*2.其他短期應(yīng)收賬款*Ⅲ.手頭現(xiàn)金及銀行存款C.應(yīng)計(jì)項(xiàng)目*A.股東權(quán)益1.注冊資本2.應(yīng)計(jì)利潤3.一年凈收入/凈虧損B.規(guī)定1.退休金的條文*2.其他條文*C.負(fù)債1.貿(mào)易應(yīng)付*2.短期資金負(fù)債*3.長期資金負(fù)債*D.遞延項(xiàng)目*總資產(chǎn)總負(fù)債及股東權(quán)益現(xiàn)金流量表中的項(xiàng)目是來自經(jīng)驗(yàn)的資產(chǎn)負(fù)債表和損益表。為簡化的原因，傳入和傳出的支付，納稅，抽逃資金或分配股利假設(shè)要在每年年底舉行。提款和股息被定義為一個使用的詳細(xì)稅基的應(yīng)稅收入的百分比率。該文件顯示，在理論模型和業(yè)務(wù)實(shí)踐中，資本預(yù)算需要的地方在稅收的考慮。但通常包括一個非常簡單的應(yīng)用模型稅基。采取行之有效的投資模型的現(xiàn)金流以及折舊考慮，或者他們假定稅基等于現(xiàn)金流量。資本預(yù)算，應(yīng)更多地關(guān)注利率和稅率的預(yù)測，同時應(yīng)注意少音響的投資模式更詳細(xì)的稅基。Isadetailedtaxplanningforinvestmentdecisionworthwhile?–EvidencefromGermanyReal-worldtaxsystemsdistortinvestmentand?nancingdecisions.Therefore,taxesareintegratedintocapitalbudgetingmodels.However,thesemodelsuseverysimplifiedtaxbases.Investorstypicallyassumetaxbasestobeequaltocash?owsminusdepreciationallowances.Ianalysetheinvestmentincentivesresultingfromsuchasimplifiedtaxplanning.TheanalysisisbasedonastochasticbusinesssimulationmodelapplyingempiricaldatafromvariousindustriesinGermany.UsingMonteCarlosimulations,Icoverawidevarietyofbusinessdevelopments.Ishowthatusingcash?owsminusdepreciationallowancesasataxbasegeneratesdeviationscomparedtoinvestmentplanningwithadetailedtaxbaseinaccordancewithcurrenttaxlaws.Basedonthesimpli?edcapitalbudgetingmodel,theanticipatedfuturevaluesofcompaniescanbetoohighortoolow,dependingonthecompany’slegalstructureandindustry.Usingonlycash?owsasataxbaseleadstoananticipatedfuturevaluewhichisalwaystoohigh.Butthesedeviationsaresmallcomparedtoforecasterrorsconcerninginterestratesortaxrates.Forexample,iftheincometaxrateisreducedto37%,whiletheanticipatedtaxrateis42%,oriftheinterestratesincreaseby3percentagepoints,thefuturevaluesandthedeviationsaremuchhighercomparedtotaxbase-induceddeviations.Hence,investorsshouldpaymoreattentiontotheforecastofinterestratesandtaxrates,asopposedtoreproducingamoredetailedtaxbaseofinvestmentprojects.Real-worldtaxsystemsarenon-neutralwithrespecttoinvestmentand?nancedecisions1.Duetotheirnon-neutrality,thepre-taxrankingofdifferentinvestmentalternativesmightchangewhenconsideringadetailedinvestmentplanningincludingtaxes.Therefore,investmentand?nancedecisionsareusuallymadeinconsiderationoftaxes.Anyappliedinvestmentmodelshouldintegratethetaxlawonaverydetailedlevel.Butinresearchandbusinesspractice,theappliedmodelsusuallycompriseaverysimpli?edtaxbase.Duetotheextremecomplexityoftaxsystemsandhighresultingtaxplanningcosts,thesimpli?cationofinvestmentmodelsisnecessary.Theremustbeatrade-offbetweennecessarysimpli?cationstocutcosts,andenoughaccuracytoguaranteeusefulnessofthemodel.Ifthemodelisover-simpli?ed,theinvestmentdecisionmightbemistakenandtheinvestmentplanningwouldbeworthless.Usually,well-establishedinvestmentmodelstakecash?owsaswellasdepreciationintoaccount.Forreasonsofsimpli?cation,otheraccrualsofthetaxsystemsareignored.Empiricalstudiesshowthatthesemodelsareoftenusedforcapitalbud-getinginbusinesspractice.Yetanothercommonmodelisevensimpler:itusescash?owsasataxbasewithoutconductinganymodi?cations.Untilnow,thesizeoftheerrorofthededucedtaxburdenresultingfromsuchasimplifiedtaxplanningisnotknown.Inordertoanalysetheeconomiceffectsofusingthesesimpli?edinvestmentmodels,IdevelopabusinessmodelsimulationbyapplyingempiricaldatafromGermany.Thesimulationquanti?estheforecasterrorsofcompaniesfromdifferentindustriesandwithdifferinglegalstructures.Theanalysistakesseveralindustriesandlegalstructuresintoaccount,asthesimoli?cationoftheanticipatedtaxbaseaffectsdifferentcompaniesdifferently.Hence,thesimulationconsiderstheindustriesmanufacturing,energyandwatersupply,thebuildingsector,transport,wholesaleandretailtrade.Stochasticenterprisedevelop-mentsareillustratedbymeansofaMonteCarlosimulation.Thebusinessmodelsimulationdevelopedinthispaperreproducesthecashflowsofacompany’ssupply,production,sales,andthe?nancingprocess.Thepre-taxcash?owsofa10yearperiodarecomputedindetail,aswellasthetaxpro?tandlossstatement.Fromthis,taxpaymentscanbederived.Bothcorporateandshareholdertaxesareconsidered.Theafter-taxfuturevalueoftheinvestmentisdeduced,becauseitcanserveasatarget?gureoftheinvestor.Anexplicitlinkageofsubsequentperiodsisrealisedbycalculatingtheinterestonthecurrentcashinhandandatbanksthatdependonpriortaxpayments.Theshort-term(long-term)creditinterestrateamountsto2%(4%);theshort-term(long-term)debitinterestrateis8%(6%).Afterasimulationperiodof10years,liquidationofthecompanyisassumedtobeoptimal.Thus,bothcurrentandfinaltaxpaymentsaretakenintoaccountinthemodel.Thisapproachallowstheanalysisofdifferentaccountingrulesforcomputingprofits.Thefuturevalueoftheinvestmentiscomposedofafter-taxcash?owsthatresultfromthecompany’sliquidation,andfromother?nancialassetsoftheshareholders.Thevalueofthe?rm’sliquidationisderivedbysummingupthenetvalueofthetangibleandintangibleassetsofthecompany,minusliabilitiesandprovisions.Theamountiswithdrawnbytheownersordistributedtotheshareholdersafterconsiderationofthecorporateincometaxandtradetax.Thereafter,thepersonalincometaxmustbededucted.Incaseofalosscarryforward,a?at-ratevalueadjustmentisassumed:Thelosscarryforwardofthecorporateincometaxandthetradetaxissoldfor20%ofitsnominalvalue,whilethelosscarryforwardofthepersonalincometaxlooseshalfofitsnominalvalue.Thesecondcomponentofthefuturevalue,theother?nancialassetsoftheowners,consistofaccumulatedandreinvestedwith-drawalsanddividends.Attheendofeachyear,theownersofpartnershipswithdrawfundsortheshareholdersreceivedividendsfromthecompany,andreinvesttheminto?nancialassets.Theybear2percentinterestp.a.andaresubjecttopersonalincometaxation.Inthemodel,empiricaldatafromtheGermanCentralBankandtheBACH-databaseoftheEuropeanUnionareapplied.Theycontain?nancialstatementsofGermancompaniesofdiffrentsectors.Duetotheauthoritativeprinciple,90%ofthe?nancialstatementsaresimilartothosemadefortaxpurposes11.Theempiricaldataareusedasstartingvaluesofthebusinessmodelsimulation.Moreover,theannualgrowthratesofdifferentitemsofthebalancesheetandtheincomestatementarederivedfromtheempiricaldata.Forthispurpose,themeanannualgrowthrateisdeterminedoveraperiodof?veyears.Thedevelopmentofacompanyisreproducedunderuncertainty.IntheMonteCarlosimulation,thegrowthratesareimplementedasGaussianvariableswithwheretheexpectedvalueoftheGaussianvariableistheempiricalmeanvalue.Thenumberofrecurrencesis25,000foreverylegalstructureandsector.Eachrandomnumberappliedinthesimulationisproducedonlyonce.Asaconsequence,differencesintaxpaymentsandfuturevaluesoccuronlyduetodifferentdeterminationsofthetaxableincome,notbecauseofdifferentrandomvariables.Thebusinessmodelsimulationsarerunundertwodifferentassumptionsconcerningthelossoffsetrules.Inthe?rstinstance,thelossoffsettingisimplementedaccordingtolegalregulations.Inthesecond,thisassumptionisaltered.Incaseoflosses,animmediatetaxrefundisassumed.Thisallowstheseparationoftwoeconomiceffects:Ontheonehand,theeffectresultingfromdifferentcomputationsoftaxableincomecanbeexposed;ontheotherhand,theeffectduetolimitationsinthelossoffsettingcanbeshown.Asmentionedabove,uncertaintyisintegratedintothemodelintermsofanuncertaindevelopmentofthecompany.Butthisistheonlyuncertaintyintegratedintothemodel.Oncethebusinessdevelopmentisplanned,therewillbenofurtherdeviationfromtheplan.Uncertaintyaffectstheplanningprocess,buttheplanwillberealisedwithoutvariations.Theincomestatementofthecompanyisshownintable1.Table1:Pro?tandlossaccountofthebusinessmodelsimulationSalesIncrease/decreasein?nishedgoodsandwork-in-progress+OtheroperatingincomeCostofmaterialsPersonnelexpenses:WagesandsalariesPersonnelexpenses:expensesrelatingtopensionplansandemployeebene?ts¤DepreciationoftangibleandintangibleassetsOtheroperatingexpenses+Dividendsfromassociatedcompanies+InterestincomeDepreciationof?nancialassetsInterestexpensesTaxesonincome=Netincome/NetlossfortheyearTheitemssales,otheroperatingincome,costofmaterials,personnelexpenses,andotheroperatingexpensesincreasewiththeirspeci?cannualgrowthrateasexplainedinsection.Dividendsfromassociatedcompanies,interestincome,interestex-penses,increasesordecreasesinfinishedgoodsandwork-in-progress,andexpensesforprovisionswillbededucedendogenously.Forintangibleandtangibleassets,thestartingnetbookvaluesanddepreciationallowancesareassumedaccordingtotheempiricaldata.TheannualnetinvestmentinassetscanbederivedendogenouslyThebalancesheetitems?nancialassets,receivablesandotherassets,inventories,provisions,liabilities,andaccruedanddeferreditemsarevaluedaccordingtotheempiricaldata.Theirbookvaluesincreaseannuallywiththeempiricalgrowthrate.Thereceivablesfromgoodsandservicesarewrittenoffannuallywithsector-speci?crates.Shareholder’sequityandcashinhandandatbanksarederivedendogenouslyTheempiricalbookvaluesareadjustedsuchthatthetotalofthebalancesheetattheendofperiodt=0equals10,000,000€.Thecompany’sbalancesheetisstatedintable2.Table2:BalancesheetofthebusinessmodelsimulationAssetsLiabilitiesandshareholders’equityA.FixedassetsI.Intangibleassets*II.Tangibleassets*1.Landandbulidings2.Plantandmachinery3.Plantandequipment4.Depositspaid/constructioninprogressIII.Financial