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Infláció, tőkeköltség és a magyar tulajdonosok versenyhátránya
[Inflation, capital costs and the competitive disadvantage of Hungarian owners]

Author

Listed:
  • Radó, Márk

Abstract

A várható infláció és az elvárt hozamok közti viszony leírására általánosan használt Fisher-képlet teljesen eltekint az adóhatásoktól, emiatt nem tekinthető általános érvényűnek. A valóságos viszony leírására alkalmasabbak lehetnek más, az adóhatásokat explicit módon figyelembe vevő elméletek. Az adóhatások nem egyenlő mértékben érintik a Magyarországon működő vállalatokat és azok tulajdonosait. A magyar tulajdonosok számára olyan adóköteles inflációs árfolyamnyereség keletkezik, amely a külföldi tulajdonosoknál nem jelentkezik. Ennek következtében a befektetők szintjén megegyező adózott reálhozam-követelmény ellenére a különböző tulajdonosi összetételű vállalatok eltérő tőkeköltséggel szembesülhetnek, a magyar tulajdonosi háttér esetén a vállalatok egyértelmű versenyhátrányban vannak. A jelenség az infláció nagyságával arányos, és az infláció csökkenésével fokozatosan eltűnik - becsléseink szerint a kilencvenes évek eleje óta a tőkeköltségbeli különbség 2-3 százalékról mintegy 0,5 százalékra csökkent, ami a magyar tulajdonú vállalatok e téren jelentkező versenyhátrányát jelentősen mérsékelte. Az inflációs árfolyamnyereség megadóztatásának kérdése azonban továbbra is jelen van a magyar adórendszerben. Ennek a problémának a megoldása pozitívan járulna hozzá a magyar tőkeakkumulációhoz.* Journal of Economics Literature (JEL) kód: G31 G3, H21.

Suggested Citation

  • Radó, Márk, 2003. "Infláció, tőkeköltség és a magyar tulajdonosok versenyhátránya [Inflation, capital costs and the competitive disadvantage of Hungarian owners]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 964-987.
    • Handle: RePEc:ksa:szemle:647
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G3 - Financial Economics - - Corporate Finance and Governance
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation

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