减税和就业法案:哪些公司赢了?失去了?

A. Wagner, R. Zeckhauser, Alexandre Ziegler
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引用次数: 13

摘要

《减税与就业法案》(TCJA)将企业的有效税率中位数从31.7%大幅削减至20.8%。然而,15%的公司经历了增长。五分之一的公司记录的非经常性税收成本或收益超过总资产的3%。现有研究用来评估TCJA影响的代理仅占实际影响的一半。在立法过程中,股票价格扣押了这些代理权。一旦公司公布了他们的财务状况,总影响就会在第二年被扣留。这些结果表明,由于不熟悉的事件,投资者很难预测公司现金流的变化,即使是大而直接的变化。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Tax Cuts and Jobs Act: Which Firms Won? Which Lost?
The Tax Cut and Jobs Act (TCJA) slashed corporations’ median effective tax rates from 31.7% to 20.8%. Nevertheless, 15% of firms experienced an increase. One fifth of firms recorded nonrecurring tax costs or benefits exceeding 3% of total assets. Proxies that existing studies employ to assess the TCJA’s impacts account for just half of actual impacts. Stock prices impounded those proxies during the legislative process. Total impacts were impounded the following year, once firms published their financials. These results indicate that investors find it hard to predict even large and immediate changes to company cash flows due to unfamiliar events.
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