The Impact of Taxation on Project Valuation for Alternative Depreciation Methods.
研究了公司税变化如何通过影响净经营现金流和折旧税盾来改变投资项目的净现值，并用模拟分析了直线折旧法、加速成本回收制度及1986年税改规则下的不同效果。
Abstract This article investigates the impact of corporate taxation on the net present value (NPV) of investment projects. This paper investigates the impact of corporate taxation on the NPV by examining the after-tax cash flow of the projects. The cash flows from a project can be separated into two components such as the net operating cash flow and the depreciation tax shield. Since a change in the corporate tax rate affects these components in opposite directions, the net effect of a change in the corporate tax rate on the NPV of a project is ambiguous. Simulation analysis is used to determine the effects of a tax rate change on NPV under the straight line method of depreciation, the Accelerated Cost Recovery System (ACRS) and the depreciation rules under the Tax Reform Act (TRA) of 1986. The remainder of this paper is organized into four sections. The second section presents the analytical framework. The third section describes the results of simulations that reflect the effects of changing corporate tax rates on the NPV of an investment project for straight-line and ACRS methods. The fourth section focuses on several policy implications of the study with specific reference to the capital consumption allowances permitted under the TRA of 1986. The last section summarizes the major conclusions that can be drawn from the simulations.