Financing Value-Added Tax Cash Flows.
研究了不同增值税形式对企业现金流的融资成本差异，发现没有一种增值税在所有中性视角下都是中性的，对政策制定者和企业有参考价值。
Abstract Despite the numerous value-added tax (VAT) proposals considered by Administrative and Congressional policy makers, no prior empirically-based comparative study has been made of the cash-flow effects of a broad range of VATs on individual companies. Furthermore, economists and accountants have not analyzed the effects that financing those cash flows may have on neutrality. This study develops a VAT cost-of-financing (COF) model for evaluating VAT proposals from three interrelated neutrality perspectives. The analysis, which uses 1977-82 financial data, reveals that VAT forms can have markedly different COFs, can vary in the equality of their distribution of COF among companies, and can provide differential incentives for companies to after their production functions. Some forms give companies financing benefits, but no one VAT form is found to be neutral from all perspectives. Implications for tax policy and future research are discussed.