Taxes,unequal access,public debt and corporate financial policy in the United Kingdom |
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| Institution: | 1. School of Management, Wenzhou Business College, Wenzhou, 325035, Zhejiang, China;2. School of Urban Economics and Public Administration, Capital University of Economics and Business, Beijing, 100000, China;3. School of Economics, Shanghai University of Finance and Economics, Shanghai, 200000, China;4. School of Business and Management, Jilin University, Changchun, 130012, Jilin, China;1. ICAR-Indian Agriculture Research Institute, New Delhi, 110012, India;2. ICAR-Indian Grassland and Fodder Research Institute, Jhansi, Uttar Pradesh, 284003, India;3. ICAR- Indian Institute of Millets Research, Rajendra Nagar, Hyderabad, 500030, Telangana, India;1. CAS Key Laboratory of Urban Pollutant Conversion, Department of Applied Chemistry, University of Science and Technology of China, Hefei, 230026, China;2. State Key Laboratory of Separation Membranes and Membrane Processes, Tianjin Polytechnic University, Tianjin, 300387, China;1. School of Economics, Zhejiang University, Hangzhou, Zhejiang 310000, China;2. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190, China;3. School of Business, Central South University, Changsha 410083, China;4. Wealth Management Department of GF Securities, 510075, China;1. Department of Bioresource Engineering, Macdonald Campus, McGill University, 21111 Lakeshore Road, Sainte-Anne-de-Bellevue, Québec H9X 3V9, Canada;2. National Research Council of Canada, 6100 Royalmount Avenue, Montreal, Québec H4P 2R2, Canada |
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| Abstract: | The effect of corporate and personal taxes on the capital structure of the firm has been a subject of intense research in finance over several decades. However, specific features of tax systems are often overlooked in order to retain analytical tractability. The exclusion of public debt is another simplifying feature used in the modelling of the capital structure problem. In this paper we present a general equilibrium analysis of capital structure theory incorporating the impacts of the specific tax features of Government debt and financial intermediation in the United Kingdom. The implications of our model are shown to be consistent with the recent situation in the United Kingdom. That is, companies were not borrowing via the corporate debenture market; corporate borrowing was effected by the medium of bank loans. |
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