Оценка влияния налогообложения прибыли на инвестиции российских компаний

Lack of investments in fixed assets which stimulate economic growth is one of the problems of the modern Russian economy. According to the main hypothesis of the research, that corporate profit taxation decreases companies’ investment level, we aimed to assess the level of impact of profit taxation on investments in fixed assets. To test the hypothesis, we estimate the empirical investment equation, using the indicator of tax burden as one of the factors affecting investment. The theoretical basis of the research is the neoclassical cash-flow model. The marginal effective tax rate (METR) was used as an indicator of the tax burden. The empirical equation was estimated using a random effects model on the panel microdata, which includes financial statistics of 4,000 Russian companies for the period 2014–2018. The sample companies represent 78 regions of Russia and about 50 types of economic activity. We assumed heterogeneous effect of profit taxation and estimated the model separately for each of the three groups of companies differing in the degree of financial constraints. According to the results obtained, for the entire sample, for the entire period under review, we observe a negative impact of the marginal effective rate on the level of investment, significant at the 1% level. In aggregate, if the marginal effective tax rate falls by 1 percentage point, the investment level will increase by 0.05 percentage points. We obtained the following main results: profit taxation has a significant negative effect on the level of investment for companies that are not financially constrained, and the effect is not observed for financially constrained companies; younger companies are more sensitive to changes in profit taxation. However, general sensitivity of investment to profit taxation is quite modest.For citationBelev S.G., Matveev E.O., Moguchev N.S. Estimation of Profit Taxation Effect on Russian Companies’ Investments. Journal of Tax Reform. 2022;8(2):127–139. https://doi.org/10.15826/jtr.2022.8.2.112Article infoReceived April 22, 2022; Revised June 17, 2022; Accepted July 25, 2022Одной из самых острых проблем современной российской экономики является низкий уровень инвестиционной активности бизнеса. Согласно неоклассической теории инвестиций, низкая инвестиционная активность российских компаний может объясняться высокой налоговой нагрузкой. В данной работе оценивается масштаб влияния налогообложения прибыли на инвестиции в основные фонды. Основная гипотеза заключается в том, что налогообложение прибыли снижает уровень инвестиций. Теоретической основой исследования является неоклассическая модель потоков денежных средств. В качестве индикатора налоговой нагрузки для эмпирической оценки инвестиционной функции использовалась предельная эффективная ставка налога (METR), которая представляет собой ставку налога на предельную единицу прибыли и позволяет оценить влияние налогообложения прибыли на интенсивное развитие компании, в том числе на наращивание инвестиционной активности. Эмпирическое уравнение оценивалось с помощью модели случайных эффектов на панельных микроданных по финансовым показателям 4000 российских компаний за период 2014-2018 гг. В предположении о неоднородности эффекта налогообложения прибыли, модель оценивалась отдельно для трех групп компаний, различающихся степенью финансовых ограничений. Получены следующие основные результаты: налогообложение прибыли оказывает значимое отрицательное влияние на уровень инвестиций компаний, не ограниченных в финансовых ресурсах; инвестиции финансово ограниченных компаний оказываются не чувствительны к изменению налоговой нагрузки; более молодые компании чувствительнее к изменениям в налогообложении прибыли. Однако общая чувствительность инвестиций к налогообложению прибыли достаточно умеренная.Для цитированияBelev S.G., Matveev E.O., Moguchev N.S. Estimation of Profit Taxation Effect on Russian Companies’ Investments. Journal of Tax Reform. 2022;8(2):127–139. https://doi.org/10.15826/jtr.2022.8.2.112Информация о статьеДата поступления 22 апреля 2022 г.; дата поступления после рецензирования 17 июня 2022 г.; дата принятия к печати 25 июля 2022 г

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Microsteam turbine implementation for combustion engine exhaust gases heat recovery and subsequent acquisition of additional power is being investigated in many developed countries of the world. The results of such studies have already found application in some trucks. But this type of turbines is very weak in the Russian market. Turbine installation behind the combustion engine works under conditions of low volumetric flow of work fluid. This leads to a decrease in the height of the blade and vane wheels flow passage and an increase of the relative values of the gaps in the seals which are the reasons for the growth of the working fluid leakages. High degree of pressure reduction when selecting single-stage turbine leads to a supersonic velocity in the flow passage and an increase of the losses due to powerful shock waves. The efficiency of the turbine installation under these operating conditions is low and requires additional investigations. In this work, the working fluids which can give the greatest efficiency of the turbine installation were investigated. It was shown that not only thermodynamic but also hazardous and economic parameters must be taken into consideration. Working fluid with the high thermodynamic efficiency was compared with the one that profitable from economic point of view. The most appropriate substance was chosen and implemented in the microsteam turbine. The turbine stage which allows increasing economy and ecological compatibility of the combustion engine was developed and optimized by analytical methods

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