TAX UNCERTAINTIES AND THE INVESTMENT DECISION
研究在非对称所得税结构下，税收法律的不确定性如何影响企业投资决策，发现税收不对称会加剧不确定性的抑制效应。
This paper investigates how the firm's investment decision is affected by uncertainties in the tax laws under an asymmetric structure of income taxation. Tax liability is modelled as a call option, and tax uncertainties are modelled as randomness in the exercise price of the call option. The effects on the investment decision are derived by evaluating the comparative statics of the optimal investment level with respect to the volatility of the exercise price. The central result is that the disincentive effects of the tax uncertainties are generally exacerbated under the tax asymmetry.