English
Русский
Pages:
43-47
UDC Code:
336.22:336.647/648
Rubric:
Based on the conceptual theoretical provisions of the impact of taxation on the value and structure of capital, the article proposes in assessing the value of corporate capital to take into account the effect of tax correctors, which form the tax burden on the oil and gas corporation – tax correctors on the level of taxation on corporate income and personal income tax, tax corrector for the level of tax benefits received. Tax factors of the corporate capital value for corporate income tax and personal income tax are revealed. Proposed an algorithm for estimating the value of corporate capital, taking into account the impact of tax correctors.
Files:
References:
1. Modigliani F., Miller M. The Cost of Capital, Corporation Finance and the Theory of Investment // American Economic Review. 1958. Vol. 48. PP. 261-297.
2. Modigliani F., Miller M. Corporation Income Taxes and The Cost of Capital: A Correction // American Economic Review. 1963. Vol. 53. PP. 433-443.
3. Miller M. Debt and Taxes // Journal of Finance. 1977. Vol. 32. PP. 261-275.
4. Brennan M., Schwartz E. Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure // Journal of Business. 1978. Vol. 51, Iss. 1. RR. 103-114.
5. DeAngelo H., Masulis R. Optimal Capital Structure Under Corporate and Personal Taxation // Journal of Financial Economics. 1980. Vol. 8. PP. 3-29.
6. DeAngelo H., Masulis R. Leverage and Dividend Irrelevancy Under Corporate and Personal Taxation // Journal of Finance. 1980. Vol. 35. PP. 453-465.
7. Leland H. Corporate Debt Value, Bond Covenants, and Optimal Capital Structure // Journal of Finance. 1994. Vol. 49, no. 4. PR. 1213-1252.
8. Warner J. Bankruptcy Costs: Some Evidence // Journal of Finance. 1977. Vol. 32. PP. 337-347.
9. Bocharov V.V. Korporativnye finansy. SPb.: Piter, 2001. 256 s.
10. Rudyk N.B. Struktura kapitala korporaciy: teoriya i praktika. M.: Delo, 2004. 272 s.
2. Modigliani F., Miller M. Corporation Income Taxes and The Cost of Capital: A Correction // American Economic Review. 1963. Vol. 53. PP. 433-443.
3. Miller M. Debt and Taxes // Journal of Finance. 1977. Vol. 32. PP. 261-275.
4. Brennan M., Schwartz E. Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure // Journal of Business. 1978. Vol. 51, Iss. 1. RR. 103-114.
5. DeAngelo H., Masulis R. Optimal Capital Structure Under Corporate and Personal Taxation // Journal of Financial Economics. 1980. Vol. 8. PP. 3-29.
6. DeAngelo H., Masulis R. Leverage and Dividend Irrelevancy Under Corporate and Personal Taxation // Journal of Finance. 1980. Vol. 35. PP. 453-465.
7. Leland H. Corporate Debt Value, Bond Covenants, and Optimal Capital Structure // Journal of Finance. 1994. Vol. 49, no. 4. PR. 1213-1252.
8. Warner J. Bankruptcy Costs: Some Evidence // Journal of Finance. 1977. Vol. 32. PP. 337-347.
9. Bocharov V.V. Korporativnye finansy. SPb.: Piter, 2001. 256 s.
10. Rudyk N.B. Struktura kapitala korporaciy: teoriya i praktika. M.: Delo, 2004. 272 s.
