The Impact of Personal Taxes on the Firm’s Weighted Average Cost of Capital and Investment Behaviour: A Simplified Approach Using the Dempsey Discounted Dividends Model
扩展了Dempsey的折现股息模型，用于评估不规则现金流的投资机会的加权平均资本成本，并分析政府税收政策对公司投资行为的影响，结论与英国1950-1983年股息税改革的实证证据一致。
The discounted dividends model advanced by Dempsey (1996) is extended to provide a weighted average cost of capital (WACC) assessment of investment opportunities with irregular cash flows. Thereafter, the framework is extended to an assessment of the implications of government tax policy for the firm’s investment behaviour. The developed framework is consistent with the empirical evidence of Poterba and Summers (1985) which — over the period of UK tax history 1950–1983 encompassing four major tax on equity reforms — observes how the related dividend and investment politics of UK firms appear to be influenced by the level of dividend taxes.