英文文献：Firm Valuations, the Cost of Capital and the Tax Treatment of Capital Gains-公司估价，资本成本和资本利得的税收处理
英文文献作者：Chris Jones
英文文献摘要：
By recognising the cash flow characteristics of personal taxes on dividends Auerbach, Bradford and King find they reduce the current value of a firm’s equity without affecting the marginal cost of capital funded from retained earnings. This paper draws on work by Boadway and Bruce to show why personal taxes levied on realized capital gains have the same effects, where the common practice of approximating them with accrual based taxes set at lower rates is misleading. We use these findings to recommend reforms to dividend imputation schemes that would convert progessive personal taxes on (taxed) equity income into accrual based taxes.

通过认识到对股息征收的个人所得税的现金流特征，布拉德福德和金发现，他们降低了公司股本的当前价值，而不影响由留存收益资助的资本的边际成本。本文利用Boadway和Bruce的研究来说明为什么对已实现的资本利得征收个人所得税会产生同样的效果，而用基于应计税设定的较低税率来近似它们的通常做法是具有误导性的。我们利用这些发现来建议对股息估算方案进行改革，该方案将对(已纳税的)股权收入征收的进行性个人所得税转换为应计税。