Depreciation, inflation and capital replacement*
依据加拿大税法，研究折旧、税收和通货膨胀如何影响资产最优重置时机，发现资本成本补贴率和通胀率对重置时机的影响取决于其水平高低，并用数值例子说明模型应用。
Abstract. This paper examines the effects of depreciation, taxes and inflation on the optimal timing of asset replacement in accordance with the Canadian tax laws. The main findings are that an increase in the capital cost allowance rate will delay (accelerate) replacement of fixed assets at low (high) levels of capital cost allowance rates, and that an increase in the annual inflation rate will delay (accelerate) replacement of fixed assets at low (high) levels of inflation. The applications of the replacement model are illustrated with numerical examples.