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Tassazione Delle Imprese Ed Effetti Distorsivi Sul Leverage Finanziario: Una Analisi Teorica Del Caso Italiano

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Author Info
M. Ziliotti ()
D. Benedetti
Abstract

Obiettivo del lavoro è verificare se, ed in quale misura, alcune norme fiscali introdotte nel periodo 1996 – 2006 (“Visco” Vs. “Tremonti”) abbiano determinato per le imprese un incentivo al finanziamento tramite ricorso all'indebitamento, ovvero tramite equity. Dopo una breve disamina generale degli effetti della variabile impositiva sulle scelte di struttura finanziaria delle imprese, si descrivono, per ciascuno dei due filoni di intervento di riforma, le linee guida e le misure di maggiore impatto sulle decisioni relative al leverage. Viene calcolato il valore dello scudo fiscale come proposto da Miller [1977] facendo ricorso alle aliquote d'imposta osservate nel periodo considerato (secondo l'approccio proposto da Dessy [2000]). Al fine di valutare l'impatto dell'Imposta Regionale sulle Attività Produttive e della c.d. thin capitalization, difficilmente valutabile per mezzo dello scudo fiscale, si simulano le variazioni del carico impositivo e del costo del capitale che intervengono in ogni periodo di imposta in caso di aumento del livello di indebitamento, pervenendo a talune conclusioni significative rispetto agli obiettivi di ricerca.

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Paper provided by Department of Economics, Parma University (Italy) in its series Economics Department Working Papers with number 2007-EP02.

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Length: 33 pages
Date of creation: 2007
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Handle: RePEc:par:dipeco:2007-ep02

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Postal: Via J.F. Kennedy 6, 43100 PARMA (Italy)
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Web page: http://economia.unipr.it/de
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Find related papers by JEL classification:
H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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This page was last updated on 2008-11-13.

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