税
分类标准：容易实证
按行业分
按不同的公司分
The central difference between the models is whether the competition is between conduit entities that must compete for funds or is between the ultimate investors themselves. When the competition is between conduits that raise the funds to invest, competitiveness neutrality requires that the tax cost of the investment be the same across entities. In contrast, when the competition is between investors who invest their own money, then neutrality does not require that the tax cost be equal across the investors. Instead, when investors are investing their own money, competitiveness neutrality requires only that tax incentives have the same dollar value for all competitors.
When analyzing tax policy, the choice of model can lead to different prescriptions. When the competition is among conduits, the conduit through which the tax burden is lowest has a competitiveness advantage. Thus, competitiveness neutrality requires that the tax cost of funds
to all conduits is equal. In contrast, when the competition is among investors, a difference in tax
burdens generally does not affect competitiveness. That is because the benefit of a low tax rate is
the same on the candidate and alternative investments.
If funding is coming from outside sources, then the conduit model is appropriate. In contrast, if
funding is coming from the investor directly, then the investor model is appropriate.
A. The Conduit (or New Money) Model
Consider a simple example. Andrew is looking to invest $1000 in a project that will pay
$1100 in one year. Andrew can make the investment through either one of two entities. If he
makes the investment through entity A, he will pay tax on his income from the project at 20
percent; if he makes the investment through entity B, he will be taxed at 40 percent. Obviously, assuming all else were equal, Andrew will choose entity A, which will leave him with $1080,over entity B, which will leave him with only $1060.In this situation, where an investor is choosing between conduits, the investor would prefer to invest through the conduit that minimizes taxes. Of course, there might be other, non-tax reasons that would cause an investor not to use the most tax-efficient vehicle. However,looked at solely from a tax perspective, we would expect the investor to choose the vehicle that minimizes taxes.
I use the term conduit to mean an investment vehicle rather than the ultimate investor.
Specifically, I am not using the term conduit, as it is often used in the tax literature, as a synonym
for an investment entity that is not obligated to pay taxes itself. I refer to an entity that does not
have an obligation to pay tax on its own behalf as a pass-through entity
B. The Investor (or Old Money) Model
Returning to the example, assume that Andrew will be taxed at 20 percent if he makes the
investment. Consider a second potential investor, Betty, who is also looking at the same 22
investment. Betty is taxed at 40 percent. Assume further that there is only one unit of the 23
investment available and that the unit cannot be divided. If Andrew acquires the investment for
$1000, he will end up with $1080 after paying taxes; if Betty acquires the investment for $1000,
she will end up with $1060 after paying taxes.
It might be thought that Betty is at a tax-induced competitiveness disadvantage relative to
Andrew because she is taxed at a higher rate (40 percent as opposed to 20 percent). After all,
Andrew ends up with $1080, whereas Betty ends up with only $1060 from that same investment.
Furthermore, it is often implicitly assumed, and sometimes explicitly stated, that Andrew will
outbid Betty because he ends up with more than she does after paying taxes. That, however, does
not follow.
【Taxes and Competitiveness，Michael S. Knoll，University of Pennsylvania】不好实证
按税种分 直接和流转
按税制要素 如所得税，抵扣项问题。债务利息支出可以抵扣，股利分配支出不可以抵扣，影响企业行为。
按时间分
影响
分类标准：容易实证
企业绩效
企业竞争力
当然是假设其他条件不变，但是如果税只能和另外一个因素结合才能产生明显效果时，这种实证方法就不好了。
税收组合影响法 那税和其他什么因素组合可以产生明显效果呢？税收征收的严格性，政府办公的公正性，经济环境，特别是外部需求状况，信贷环境，行业竞争程度，投资者个性
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