Zastosowanie modelu struktury kapitalu Mertona Howarda Millera w warunkach zmiennooeci polityki fiskalnej w Polsce w latach 2018–2019
Application of Merton Howard Miller’s capital structure model in the conditions of the volatility of fiscal policy in Poland in the years 2018–2019

Summary/Abstract: An essential condition for the proper functioning of Polish enterprises is the stability of tax solutions. However, over the years 2018–2019, several variants of tax changes appeared, which may have a significant impact on the capital structure of enterprises. The implementation of one of the variants will create specific preferences for the use of equity or foreign capital. The purpose of the papers is to analyse the impact of possible changes in the tax rates on the decisions of management boards of enterprises regarding the methods of financing Polish enterprises and shaping their capital structure. To achieve the research goal, the paper presents the capital structure and the evolution of theoretical concepts regarding the preferences for financing enterprises with shares or bonds. Particular attention was paid to Merton Howard Miller’s model, which argued that enterprises can use interest tax shields that reduce the basis for calculating income tax. The analytical-descriptive and comparative methods were used. Scenarios of changes in taxation were presented and preferences for the use of equity or foreign capital were demonstrated using the Miller model. The research results indicate that in the current legal situation there are preferences for financing an entity with corporate bonds and if the most realistic scenario of liquidating the tax levied on interest paid to bond holders plays out, these preferences will further increase.

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