Cooperatives' Tax “Advantages”: Growth, Retained Earnings, and Equity Rotation
推导了完全税收一体化降低合作社股权资本成本的条件，并建立模型分析税收与股权轮换对合作社增长路径的影响。对100家最大合作社财务数据的检验表明，当前财务实践下合作社可实现极高短期增长率，但不可持续。
Abstract Cooperatives are subject to full tax integration for the bulk of their income, while corporations' net income is subject to what is known as a classical form of taxation. This paper derives the condition under which full tax integration gives the cooperative a lower cost of equity capital and develops a model to examine the effect of taxation, together with equity rotation, on the growth path of cooperatives. An examination of some financial data of the largest 100 cooperatives supports our conclusion that cooperatives, under current financial practices, are capable of extremely high short‐term growth rates, but they are not sustainable.