Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/75444


Title: 公司投資理財決策理論
The Theory of Financial and Investment Decision
Authors: 李宗培
Contributors: 林柏生
汪義育

李宗培
Keywords: 財務決策
投資決策
稅盾效果
破產成本
最適資本結構
financial decision
investment decision
tax shield effect
bankruptcy cost
optimal capital structure
Date: 1992
Issue Date: 2015-06-01 11:07:22 (UTC+8)
Abstract: 本文建立一公司稅、累進個人稅、非債稅盾和破產可能之不確定經濟模型,探討公司的投資理財決策行為。和以前文獻最大的不同點,在於公司風險債利率水準明顯且完全的內生化處理,此內生化利率不僅受公司舉債額度的財務決策影響,也會反應公司現行投資或資本存量的實質決策,模型中的財務和實質決策具有完全互動之特性。

累進個人稅下,只要存在一組投資人間的邊際稅率結構,能排除套稅資產配置,則市場無套稅價格和競爭均衡便存在。此一結果,使本文模型中的資產評價得以建立於競爭財務市場均衡的基礎。市場均衡下,公司債利率會隨公司舉債額度而同向、投資額度而反向調整,此時股東與債權人間的代理成本問題完全消失、市場具有公平保護債權人的機能。如果公司債利率外生而無法依市場均衡評價,則由於代理成本問題存在,使公司最適投資相對低於、舉債額度則高於利率內生之最適水準。另外,傳統一些稅制分析法的資本結構決定理論,只是本文之特例。

稅盾變化,如投資減免率或定額減免等,對公司最適投資和舉債的影響,除以前文獻之結果外,還包含一利率回饋效果,後者可能改變以前文獻之結論。例如,本文發現獎勵投資之折舊率或投資扣抵的政策美意,可能反而造成抑制投資的結果,本文這部分之結論,或可提供有關公司資本結構決定之實證研究新的詮釋,另外在稅制設計上亦具政策上的含意。
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Description: 博士
國立政治大學
經濟學系
000746824
81
Source URI: http://thesis.lib.nccu.edu.tw/record/#G0000746824
Data Type: thesis
Appears in Collections:[經濟學系] 學位論文

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