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

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  • M. Ziliotti

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  • D. Benedetti
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    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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    File URL: http://swrwebeco.econ.unipr.it/RePEc/pdf/I_2007-02.pdf
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    Bibliographic Info

    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
    Date of revision:
    Handle: RePEc:par:dipeco:2007-ep02

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