外文翻译---在通货膨胀下企业税制改革对中小企业投资决策的影响(编辑修改稿)

外文翻译---在通货膨胀下企业税制改革对中小企业投资决策的影响(编辑修改稿)内容摘要：

s demonstrating the effect of tax on future expected earnings on a specific investment project. On the other hand, the calculation of average tax burden – for example, in terms of a proportion of aggregate tax revenue to profit or a certain macroeconomic tax base like a measure of the operating surplus of the economy (Mendoza et al., 1994) – is characterised to be backwardlooking since it captures „„the impact of tax on the returns in any period of the whole past history of a firm‟s investment decisions”(Devereux et al., 2020, p. 456). One reason for the low popularity of this method in the field of capital ine taxation is that apart from corporate ine taxes the aggregate tax revenue also includes, for instance, taxes on land, an immobile factor (Griffith and Klemm, 2020). However, the effects of taxation on such immobile factors and other input taxes for production are increasingly gaining importance for firms‟ investment decisions and location choices in the international context (Desai et al., 2020). A similar forwardlooking examination can also be carried out based on the present value model (Atkinson and Stiglitz, 1980。 Nam and Radulescu, 2020). In other words this study argues that discrete investment choices of profitmaximising SMEs are dependent on the posttax present value (NPV). Without taxation, NPV is equal to the present value of future gross return, discounted at an appropriate interest rate less investment cost. After the introduction of tax on corporate ine, the present value of the asset generated from an investment amounts to the sum of present value of return (gross return less taxes) and tax savings led by an incentive depreciation provision. An investment project is considered to be profitable when NPV is positive. Only in an exceptional case when tax depreciation corresponds to Samuelson‟s true economic depreciation and its calculation is based on current replacement cost of capital is the tax neutrality guaranteed in an inflationary phase. The superior features of such a dynamic investment decision model include, for example, that (1) one can adequately consider the development of gross return generated by an investment, (2) the true economic depreciation rate is not simply assumed but endogenously derived from the trend of gross return, (3) the impacts of adopting different accounting methods of tax depreciation can be well illustrated when inflation prevails, and (4) firms most widely apply this method in practice, especially when carrying out the socalled feasibility study for checking overall profitability of investment projects. Unlike a large number of previous studies Unlike a large number of previous studies mainly dealing with capital ine taxation of large multinational firms based on the user cost of capital approach, this study primarily examines adopting a simple present value model the incentive effect of corporate tax reforms on the SMEs‟ investment decisions under the particular consideration of inflation, which were carried out in selected EU nations since the beginning of 1980s. Ceteris paribus, (SMEspecific) corporate tax rates and depreciation rules vary in the model simulation carried out under the assumpti。