文章基本信息

标题：Capital Budgeting: a Tax Shields’ “Mirage”?
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作者：Dragotă, Victor ; Tatu, Lucian
期刊名称：Theoretical and Applied Economics
印刷版ISSN：1841-8678
电子版ISSN：1844-0029
出版年度：2011
卷号：XVIII(2011)
期号：3(556)
页码：31-40
出版社：Asociatia Generala a Economistilor din Romania - AGER
摘要：The mainstream in Finance studies recognizes the impact of tax shields on capital budgeting. This study offers some evidences regarding a bias in direct investment projects valuation in the case of taking into account of the allowance of recovery of the losses recorded in the past financial exercises from future profits as long as the classical indicators (e.g., Net Present Value) are used. Also, this tax regime seems to favour the adoption of less-performer projects by lessperformer companies, as long as these projects should be otherwise rejected by a performer company.
关键词：capital budgeting; tax shields; recovery of losses; net present value; cash flows.