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Znaczenie nieodsetkowych osłon podatkowych dla finansowania dłużnego w warunkach przedsiębiorstw w Polsce

Author

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  • Anna Leszczyłowska

    (Uniwersytet Ekonomiczny w Poznaniu, Katedra Finansów Przedsiębiorstw)

Abstract

Celem artykułu jest ustalenie, czy, a jeśli tak, to w jaki sposób, korzystanie przez przedsiębiorstwo z nieodsetkowych osłon podatkowych wpływa na finansowanie długiem. Weryfikacji empirycznej są poddane hipotezy badawcze: występowanie nieodsetkowych osłon podatkowych prowadzi do ograniczenia finansowania przedsiębiorstwa kapitałem obcym; występuje więc możliwość substytucji odsetkowych osłon podatkowych osłonami nieodsetkowymi (H1) oraz: substytucja osłon podatkowych w kierunku zastępowania osłon odsetkowych osłonami nieodsetkowymi daje się wyraźniej zaobserwować w przedsiębiorstwach, w których potencjał wykorzystania odliczeń podatkowych jest bliski wyczerpaniu (H2). Wykorzystano analizę regresji KMNK. Dane dotyczą podatników podatku dochodowego od osób prawnych w Polsce i pochodzą ze sprawozdań finansowych za lata 2008–2016 (11 134 obserwacje roczne). Efekt substytucji daje się zaobserwować w przedsiębiorstwach, które są bliskie wyczerpaniu zdolności do wykorzystania odliczeń podatkowych. W sytuacji gdy nie jest brany pod uwagę potencjał do skorzystania z odliczeń podatkowych, widoczny jest efekt zabezpieczenia długu na aktywach.

Suggested Citation

  • Anna Leszczyłowska, 2018. "Znaczenie nieodsetkowych osłon podatkowych dla finansowania dłużnego w warunkach przedsiębiorstw w Polsce," Bank i Kredyt, Narodowy Bank Polski, vol. 49(4), pages 357-378.
    • Handle: RePEc:nbp:nbpbik:v:49:y:2018:i:4:p:357-378
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    References listed on IDEAS

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    More about this item

    Keywords

    podatek dochodowy; osłona podatkowa; tarcza podatkowa; dług; amortyzacja;
    All these keywords.

    JEL classification:

    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law

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