Please use this identifier to cite or link to this item:
https://ah.lib.nccu.edu.tw/handle/140.119/75444
題名: | 公司投資理財決策理論 The Theory of Financial and Investment Decision |
作者: | 李宗培 | 貢獻者: | 林柏生<br>汪義育 李宗培 |
關鍵詞: | 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 |
日期: | 1992 | 上傳時間: | 1-六月-2015 | 摘要: | 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。\n\n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。\n\n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。 | 參考文獻: | 陳明道、李宗培和林綸,"稅對資本結構之影響—臺灣稅制的探討," 未發表,(民80年)\n\nAlberts, W. A.,and Hite, G. L., "The Modigliani - Miller Leverage Equation Considered in a Product Market Context," Journal of Financial and Quantitative Analysis, (December 1983), pp.425-37.\n\nBaxter, N., "Leverage, Risk of Ruin and Cost of Capital," Journal of Finance, (September 1967), pp.395-403.\n\nBhattacharya, S.,"Corporate Finance and the Legacy of Miller and Modigliani," Journal of Economic Perspectives, (Fall 1988), pp.135-47.\n\nBlazenko, G.,"Managerial Preference, Asymmetric Information, and Financial Structure," Journal of Finance, (September 1987), pp.839-62.\n\nBrander, J., and Lewis, T.R., "Oligopoly and Financial Structure: The Limited Liability Effect," American Economic Review, (December 1986), pp.956-70.\n\nBrennan, M. J.,"Necessary Conditions for Aggregation in Securities Markets," Journal of Financial and Quantitative Analysis (September 1978), pp.407-18.\n\nBrennan, M. J., and Kraus, A., "Efficient Signalling under Asymmetric Information," Journal of Finance, (December 1987), pp.1225-43..\n\nConstantinides, G., "Capital Market Equilibrium with Personal Tax," Econnmetrica, (May 1983), pp.611-36.\n\nDammon, R. M., and Green, R. C., "Tax Arbitrage and Existence of Equilibrium Prices for Financial Assets," Journal of Finance, (December 1987), pp.1143-66.\n\nDeAngelo, H., and Masulis, R.W., "Optimal Capital Structure Under Corporate and Personal Taxation," Journal of Financial Economics, (March 1980), pp.3-29.\nDotan, A., and Ravid, S. A., "On the Interaction of Real and Financial Decisions of the Firm under Uncertainty," Journal of Finance, (June 1985), pp.501-17.\n\nFama, E. F., "The Effects of a Firm`s Investment and Financing Decisions on the Welfare of its Security Holders," American Economic Review, (June 1978), pp.272-84.\n\nFama, E. F., and Miller, M. H., The Theory of Finance, New York:Holt, Rhinhart and Winston, 1972.\n\nHarris, M., and Raviv, A., "The Theory of Capital Structure," Journal of Finance, (March 1991), pp.297-355.\n\nHite, G. L., "Leverage, Output Effects, and the M-M Theorems," Journal of Financial Economics, (March 1977), pp.177-202.\n\nIngersoll, Jonathan E., Jr., Theory of Financial Decision Making, Rowman & Littlefield:New Jersey, 1987.\n\nJensen, M., "Agency Cost of Free Cash Flow, Corporate Finance and Takeovers," American Economic Review, (May 1986), pp.323-29.\n\nJensen, M., and Meckling, W., "Theory of Firm:Managerial Behavior, Agency Cost, and Capital Structure," Journal of Financial Economics, (October 1976), pp.305-60.\n\nKraus, A., and Litzenberger, R., "A State Preference Model of Optimal Financial Leverage," Journal of Finance, (September 1973), pp.911-22.\n\nLeland, H., and Pyle, D., "Information Asymmetries, Financial Structure and Financial Intermediaries," Journal of Finance, (May 1977), pp.371-87.\n\nLewis. C. M., "A Multiperiod Theory of Corporate Financial Policy under Taxation," Journal of Financial and Quantitative Analysis, (March 1990), pp.25-43.\n\nModigliani, F., and Miller, M., "The Cost of Capital, Corporation Finance and the Theory of Investment," American Economic Review, (June 1958), pp.261-97.\n\nMiller, M., "The Modigliani - Miller Propositions After Thirty Years," Journal of Economic Perspectives, (Fall 1988), pp.99-120.\n\nModigliani, F., "MM - Past, Present, Future," Journal of Economic Perspectives, (Fall 1988), pp.149-58.\n\nMyers, S., "The Determinants of Corporate Borrowing," Journal of Economic Perspectives, (1977) ,pp.147-75.\n\n—, "Interaction of Corporate Financing and Investment Decisions — Implications for Capital Budgeting," Journal of Finance, (March 1974), pp.1-25.\n\nMyers, S., and Majluf, N., "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have," Journal of Financial Economics, (June 1984), pp.187-22.\n\nMyers, S., and Porgue, G., "A Programming Approach to Corporate Financial Management," Journal of Finance, (May 1974), pp.579-99.\n\nModigliani, F., and Miller, M., "The Cost of Capital, Corporate Finance and the Theory of Imvestment — A Correction," American Economic Review, (June 1963), pp.433-43.\n\nMiller, M., "Debt and Taxes," Journal of Finance, (May 1977), pp.261-75.\n\nObsterberg, W. P., "Tobin`s q, Investment,and the Endogeneous Adjustment of Financial Structure," Journal of Public Economics, (September 1989), pp.293-318.\n\nOhlson, J. A., The Theory of Financial Markets and Information, North-Holland:New York, 1987.\n\nRavid, S. A., "On Interactions of Production and Financial Decisions, "Financial Management, (Autumn 1988), pp.87-99.\nRoss, S. A., "The Arbitrage Theory of Capital Asset Pricing, "Journal of Economic Theory, (December 1976a), pp.343-62.\n\n—, "The Determination of Financial Structure:The Incentive Signalling Approach, "Bell Journal of Economics, (Spring 1977), pp.23-40.\n\n—, "A Simple Approach to the Valuation of Risky Streams, "Journal of Business, (1978), pp.452-75.\n\n—, "Arbitrage and Martingales with Taxation, " Journal of Political Economics, (April 1987), pp.371-93.\n\n—, "Comment on the Modigliani - Miller Propositions, "Journal of Economic Perspectives, (Fall 1988), pp.127-33.\n\nStiglitz, J. E., "A Re-Examation of the Modigliani - Miller Theorem, "Amercian Economic Review, (1969), pp.784-93.\n\n—, "Some Aspects of the Pure Theory of Corporate Finance:Bankruptcies and Take-Overs, "Bell Journal of Economics and Management Science, (Autumn 1972), pp.458-82.\n\n—, "On the Irrelevance of Corporate Financial Policy," Amercian Economic Review, (December 1974), pp.851-66.\n\n—, "Why Financial Structure Matters, "Journal of Economic Perspectives, (Fall 1988), pp.121-26.\n\nTakayama, Mathematical Economics, (1985).\n\nVarian, H. R.,Microeconomic Analysis, New York:W.W.Norton & Company, Inc.,(1984). | 描述: | 博士 國立政治大學 經濟學系 000746824 81 |
資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0000746824 | 資料類型: | thesis |
Appears in Collections: | 學位論文 |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
682401.pdf | 19.35 MB | Adobe PDF2 | View/Open |
Google ScholarTM
Check
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.