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題名 財富分配不均與財富組成—以遺產稅申報資料為例
Wealth inequality and wealth composition—evidence from estate tax returns作者 伍大開 貢獻者 陳國樑
伍大開關鍵詞 財富分配不均
財富組成
遺產稅
Wealth inequality
Wealth composition
Estate tax日期 2017 上傳時間 2-Oct-2017 10:20:18 (UTC+8) 摘要 本文藉由 2001 年至 2015 年遺產稅申報資料，並利用死亡率倒數法將死亡者的遺產，還原推算在世者財富分配情形，分析臺灣財富分配不均及財富組成情形，發現財富分配不均程度近年來逐漸增加，與金融資產集中於富人相關；除此之外，財富集中得分配不均情形，不僅發生在貧富之間，單就富人族群，也可觀察到財富集中化的現象。另一方面，財富組成部分則觀察到，相較於不動產與其他非金融資產，國人逐漸偏好金融資產，其可能原因在於，遺產稅有效稅率下降，減少持有不動產以規避租稅的誘因。雖然金融資產占財富總額比例增加，但土地仍為國人主要持有財產。本文另外以迴歸模型探討遺產稅有效稅率與財富組成的關係，其結果顯示，遺產稅有效稅率對於土地占財富總額比例為顯著正相關，對於存款與投資占財富總額比例則為顯著負相關，代表個體面對較高的租稅負擔，傾向利用稅制之下土地評價低估的方式獲取租稅利益。稅制扭曲個人對於資產種類的選擇，也影響個體資產配置的決策。
Based on estate tax returns from 2001 to 2015 and using the estate multiplier method to blow up the sample of decedents to represent the number of livings, this pa-per analyzes wealth inequality and wealth composition in Taiwan. The results suggest that the degree of wealth inequality has gradually increased in recent years, in accord-ance with the observation that financial assets became more concentrated in the rich. In addition, the concentration of wealth and the resulting inequality is not only between the rich and the poor, it also happens within the group of the rich. On the other hand, in wealth composition, the results suggest the tendency of holding more financial assets as opposed to real estates and other non-financial assets. One of the possible explanations is that the decreasing effective tax rate of the estate tax reduces incentives to hold real estates for tax benefits. Despite the increasing in the proportion of financial assets, land is still the major choice of property holdings as measured by the ratio of wealth.The second part of the study uses regression analyses to explore the relationship between the effective tax rate (of the estate tax) and the composition of wealth. Results show that the estate tax effective rate is positively correlated with the ratio of land to total wealth, and negatively correlated with the ratio of deposit and investment. These results represent that when facing a higher tax burden, individuals tend to take ad-vantage of the undervaluing of land in the current tax system to obtain tax benefits. This adds to existing evidence that tax distorts individuals’ choice of asset types, and affects individuals’ decisions on asset allocation.參考文獻 財政部賦稅署 (2012)，「財政部對於司法院釋字第705號解釋捐地列舉扣除金額認定標準違憲之說明」，財政部賦稅署 (2012/11/22)，取自http://www.dot.gov.tw/dot/home.jsp?mserno=200912140005&serno=200912140018&menudata=DotMenu&contlink=ap/news_view.jsp&dataserno=201211220000.。陳慧圈 (1997)，《影響台灣所得分配之因素的探討—兼論台灣的財富分配》，國立中正大學國際經濟研究所博士論文。銀慶貞、陶宏麟與洪嘉瑜 (2012)，「補習對考大學真的有用嗎？」，《經濟論文叢刊》，40，頁73–118。蔡文松 (2005)，《財富分配之理論研析與實際-以台灣國富調查為例》，國立政治大學經濟研究所碩士論文。Alesina, A. and D. Rodrik (1994), “Distributive Politics and Economic Growth,” Quar-terly Journal of Economics, 109(2), 465–490.Atkinson, A. B. (1975), “The Distribution of Wealth in Britain in the 1960s - the Estate Duty Method Reexamined,” in J. D. Smith (ed.), the Personal Distribution of In-come and Wealth, 277–319, New York: Columbia University Press.Atkinson, A. B. (1997), “Bringing Income Distribution in from the Cold,” The Eco-nomic Journal, 107(441), 297–321.Dabla-Norris, E., K. Kochhar, F. Ricka, N. Suphaphiphat, and E. Tsounta, (2015), Causes and Consequences of Income Inequality: A Global Perspective, Washington, D.C.: International Monetary Fund.Feldstein, M. (1976), “Personal Taxation and Portfolio Composition: An Econometric Analysis,” Econometrica, 44(4), 631–650.Galor, O. and J. Zeira (1993), “Income Distribution and Macroeconomics,” The Review of Economic Studies, 60(1), 35–52.Heckman, J. J. (1979), “Sample Selection Bias as a Specification Error,” Econometrica, 47(1), 153–161.Hubbard, R. G. (1985), “Personal Taxation, Pension Wealth, and Portfolio Composition,” The Review of Economics and Statistics, 67(1), 53–60.Johnson, B., B. Raub, and J. Newcomb. (2010), “A Comparison of Wealth Estimates for America’s Wealthiest Decedents Using Tax Data and Data from The Forbes 400,” paper presented at Annual Conference of the National Tax Association, Chicago, November 18–20.Keister, L. A. and S. Moller (2000), “Wealth Inequality in the United States,” Annual Review of Sociology, 26, 63–81.King, M. A. and J. I. Leape (1998), “Wealth and Portfolio Composition: Theory and Evidence,” Journal of Public Economics, 69(2), 155–193.Kopczuk, W. (2015), “What Do We Know about the Evolution of Top Wealth Shares in the United States,” Journal of Economic Perspectives, 29(1), 47–66.Kopczuk, W. and E. Saez (2004), “Top Wealth Shares in the United States, 1916–2000: Evidence from Estate Tax Returns,” National Tax Journal, 57(2), 445–488.Lazear, E. P. and S. Rosen (1981), “Rank-Order Tournaments as Optimum Labor Con-tracts,” Journal of Political Economy, 89(5), 841–864.Lucas, R. E. (2004), “The Industrial Revolution: Past and Future,” Annual Report of the Federal Reserve Bank of Minneapolis, 5–20.Mallet, B. (1908), “A Method of Estimating Capital Wealth from Estate Duty Statis-tics,” Journal of the Royal Statistical Society, 71(1), 65–101.OECD (2015), In It Together: Why Less Inequality Benefits All, Paris: OECD Publishing.OECD (2016), Tax Policy Reforms in the OECD 2016, Paris: OECD Publishing.Piketty, T., G. Postel-Vinay and J. L. Rosenthal (2006), “Wealth Concentration in a De-veloping Economy: Paris and France, 1807–1994,” American Economic Review, 96(1), 236–256.Saez, E. (2006), “Income and Wealth Concentration in a Historical and International Perspective,” in A. J. Auerbach, D. Card, and J. M. Quigley (eds.), Public Policy and the Income Distribution, 221–258, New York: Russell Sage Foundation Press.Saez, E. and G. Zucman (2014), “Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data,” NBER Working Paper, No. 20625.Sandmo, A. (2013), “the Principal Problem in Political Economy: Income Distribution in the History of Economic Thought”, in A. B. Atkinson and F. Bourguignon (eds.), Handbook of Income Distribution, 3–62, Amsterdam: North Holland Publishing Company.Wolff, E. N. (1995), “The Rich Get Increasingly Richer: Latest Data on Household Wealth during the 1980s,” in R.E. Ratcliff, M.L. Oliver, and T.M. Shapiro (eds.), Research in Politics and Society, 33–68, Greenwich: JAI Press.Wolff, E. N. (1998), “Recent Trends in the Size Distribution of Household Wealth,” Journal of Economic Perspectives, 12(3), 131–150.Wooldridge, J. M. (1995), “Score diagnostics for linear models estimated by two stage least squares,” in G. S. Maddala, C. B. Phillips, and T. N. Srinivasan (eds.), Ad-vances in Econometrics and Quantitative Economics: Essays in Honor of Professor C. R. Rao, 66–87, Oxford: Wiley.Wooldridge, J. M. (2002), Economic Analysis of Cross Section and Panel Data, Cam-bridge: MIT Press.Rosen, H. S. and T. Gayer (2014), Public Finance, New York: McGraw-Hill Education Press. 描述 碩士
國立政治大學
財政學系
104255015資料來源 http://thesis.lib.nccu.edu.tw/record/#G1042550151 資料類型 thesis dc.contributor.advisor 陳國樑 zh_TW dc.contributor.author (Authors) 伍大開 zh_TW dc.creator (作者) 伍大開 zh_TW dc.date (日期) 2017 en_US dc.date.accessioned 2-Oct-2017 10:20:18 (UTC+8) - dc.date.available 2-Oct-2017 10:20:18 (UTC+8) - dc.date.issued (上傳時間) 2-Oct-2017 10:20:18 (UTC+8) - dc.identifier (Other Identifiers) G1042550151 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/113310 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 104255015 zh_TW dc.description.abstract (摘要) 本文藉由 2001 年至 2015 年遺產稅申報資料，並利用死亡率倒數法將死亡者的遺產，還原推算在世者財富分配情形，分析臺灣財富分配不均及財富組成情形，發現財富分配不均程度近年來逐漸增加，與金融資產集中於富人相關；除此之外，財富集中得分配不均情形，不僅發生在貧富之間，單就富人族群，也可觀察到財富集中化的現象。另一方面，財富組成部分則觀察到，相較於不動產與其他非金融資產，國人逐漸偏好金融資產，其可能原因在於，遺產稅有效稅率下降，減少持有不動產以規避租稅的誘因。雖然金融資產占財富總額比例增加，但土地仍為國人主要持有財產。本文另外以迴歸模型探討遺產稅有效稅率與財富組成的關係，其結果顯示，遺產稅有效稅率對於土地占財富總額比例為顯著正相關，對於存款與投資占財富總額比例則為顯著負相關，代表個體面對較高的租稅負擔，傾向利用稅制之下土地評價低估的方式獲取租稅利益。稅制扭曲個人對於資產種類的選擇，也影響個體資產配置的決策。 zh_TW dc.description.abstract (摘要) Based on estate tax returns from 2001 to 2015 and using the estate multiplier method to blow up the sample of decedents to represent the number of livings, this pa-per analyzes wealth inequality and wealth composition in Taiwan. The results suggest that the degree of wealth inequality has gradually increased in recent years, in accord-ance with the observation that financial assets became more concentrated in the rich. In addition, the concentration of wealth and the resulting inequality is not only between the rich and the poor, it also happens within the group of the rich. On the other hand, in wealth composition, the results suggest the tendency of holding more financial assets as opposed to real estates and other non-financial assets. One of the possible explanations is that the decreasing effective tax rate of the estate tax reduces incentives to hold real estates for tax benefits. Despite the increasing in the proportion of financial assets, land is still the major choice of property holdings as measured by the ratio of wealth.The second part of the study uses regression analyses to explore the relationship between the effective tax rate (of the estate tax) and the composition of wealth. Results show that the estate tax effective rate is positively correlated with the ratio of land to total wealth, and negatively correlated with the ratio of deposit and investment. These results represent that when facing a higher tax burden, individuals tend to take ad-vantage of the undervaluing of land in the current tax system to obtain tax benefits. This adds to existing evidence that tax distorts individuals’ choice of asset types, and affects individuals’ decisions on asset allocation. en_US dc.description.tableofcontents 第一章、緒論 1第一節、研究背景 1第二節、研究動機 3第三節、章節安排 6第二章、文獻回顧 7第一節、財富分配的衡量方式 7第二節、各國財富分配的變化 12第三節、租稅對財富組成的影響 15第三章、臺灣財富分配分析 17第一節、資料來源 17第二節、臺灣財富分配情形 19一、財富分配衡量指標 19二、財富分配情形 20三、影響財富組成之租稅因素 22四、各財富階層財富分配情形 27五、本章小節 33第四章、研究方法 36第一節、實證模型 36一、研究方法 36二、迴歸模型 39第二節、變數設定 41第五章、實證結果 44第一節、敘述統計 44第二節、迴歸結果 48第六章、結論與建議 52附錄 54附錄一、本文財富組成分析結果與國富統計比較 54附錄二、各財富階層的財富分配情形 56附錄三、敏感性分析 66附錄四、內生性問題檢定結果 69參考文獻 70 zh_TW dc.format.extent 1157044 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1042550151 en_US dc.subject (關鍵詞) 財富分配不均 zh_TW dc.subject (關鍵詞) 財富組成 zh_TW dc.subject (關鍵詞) 遺產稅 zh_TW dc.subject (關鍵詞) Wealth inequality en_US dc.subject (關鍵詞) Wealth composition en_US dc.subject (關鍵詞) Estate tax en_US dc.title (題名) 財富分配不均與財富組成—以遺產稅申報資料為例 zh_TW dc.title (題名) Wealth inequality and wealth composition—evidence from estate tax returns en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 財政部賦稅署 (2012)，「財政部對於司法院釋字第705號解釋捐地列舉扣除金額認定標準違憲之說明」，財政部賦稅署 (2012/11/22)，取自http://www.dot.gov.tw/dot/home.jsp?mserno=200912140005&serno=200912140018&menudata=DotMenu&contlink=ap/news_view.jsp&dataserno=201211220000.。陳慧圈 (1997)，《影響台灣所得分配之因素的探討—兼論台灣的財富分配》，國立中正大學國際經濟研究所博士論文。銀慶貞、陶宏麟與洪嘉瑜 (2012)，「補習對考大學真的有用嗎？」，《經濟論文叢刊》，40，頁73–118。蔡文松 (2005)，《財富分配之理論研析與實際-以台灣國富調查為例》，國立政治大學經濟研究所碩士論文。Alesina, A. and D. Rodrik (1994), “Distributive Politics and Economic Growth,” Quar-terly Journal of Economics, 109(2), 465–490.Atkinson, A. B. (1975), “The Distribution of Wealth in Britain in the 1960s - the Estate Duty Method Reexamined,” in J. D. Smith (ed.), the Personal Distribution of In-come and Wealth, 277–319, New York: Columbia University Press.Atkinson, A. B. (1997), “Bringing Income Distribution in from the Cold,” The Eco-nomic Journal, 107(441), 297–321.Dabla-Norris, E., K. Kochhar, F. Ricka, N. Suphaphiphat, and E. Tsounta, (2015), Causes and Consequences of Income Inequality: A Global Perspective, Washington, D.C.: International Monetary Fund.Feldstein, M. (1976), “Personal Taxation and Portfolio Composition: An Econometric Analysis,” Econometrica, 44(4), 631–650.Galor, O. and J. Zeira (1993), “Income Distribution and Macroeconomics,” The Review of Economic Studies, 60(1), 35–52.Heckman, J. J. (1979), “Sample Selection Bias as a Specification Error,” Econometrica, 47(1), 153–161.Hubbard, R. G. (1985), “Personal Taxation, Pension Wealth, and Portfolio Composition,” The Review of Economics and Statistics, 67(1), 53–60.Johnson, B., B. Raub, and J. Newcomb. (2010), “A Comparison of Wealth Estimates for America’s Wealthiest Decedents Using Tax Data and Data from The Forbes 400,” paper presented at Annual Conference of the National Tax Association, Chicago, November 18–20.Keister, L. A. and S. Moller (2000), “Wealth Inequality in the United States,” Annual Review of Sociology, 26, 63–81.King, M. A. and J. I. Leape (1998), “Wealth and Portfolio Composition: Theory and Evidence,” Journal of Public Economics, 69(2), 155–193.Kopczuk, W. (2015), “What Do We Know about the Evolution of Top Wealth Shares in the United States,” Journal of Economic Perspectives, 29(1), 47–66.Kopczuk, W. and E. Saez (2004), “Top Wealth Shares in the United States, 1916–2000: Evidence from Estate Tax Returns,” National Tax Journal, 57(2), 445–488.Lazear, E. P. and S. Rosen (1981), “Rank-Order Tournaments as Optimum Labor Con-tracts,” Journal of Political Economy, 89(5), 841–864.Lucas, R. E. (2004), “The Industrial Revolution: Past and Future,” Annual Report of the Federal Reserve Bank of Minneapolis, 5–20.Mallet, B. (1908), “A Method of Estimating Capital Wealth from Estate Duty Statis-tics,” Journal of the Royal Statistical Society, 71(1), 65–101.OECD (2015), In It Together: Why Less Inequality Benefits All, Paris: OECD Publishing.OECD (2016), Tax Policy Reforms in the OECD 2016, Paris: OECD Publishing.Piketty, T., G. Postel-Vinay and J. L. Rosenthal (2006), “Wealth Concentration in a De-veloping Economy: Paris and France, 1807–1994,” American Economic Review, 96(1), 236–256.Saez, E. (2006), “Income and Wealth Concentration in a Historical and International Perspective,” in A. J. Auerbach, D. Card, and J. M. Quigley (eds.), Public Policy and the Income Distribution, 221–258, New York: Russell Sage Foundation Press.Saez, E. and G. Zucman (2014), “Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data,” NBER Working Paper, No. 20625.Sandmo, A. (2013), “the Principal Problem in Political Economy: Income Distribution in the History of Economic Thought”, in A. B. Atkinson and F. Bourguignon (eds.), Handbook of Income Distribution, 3–62, Amsterdam: North Holland Publishing Company.Wolff, E. N. (1995), “The Rich Get Increasingly Richer: Latest Data on Household Wealth during the 1980s,” in R.E. Ratcliff, M.L. Oliver, and T.M. Shapiro (eds.), Research in Politics and Society, 33–68, Greenwich: JAI Press.Wolff, E. N. (1998), “Recent Trends in the Size Distribution of Household Wealth,” Journal of Economic Perspectives, 12(3), 131–150.Wooldridge, J. M. (1995), “Score diagnostics for linear models estimated by two stage least squares,” in G. S. Maddala, C. B. Phillips, and T. N. Srinivasan (eds.), Ad-vances in Econometrics and Quantitative Economics: Essays in Honor of Professor C. R. Rao, 66–87, Oxford: Wiley.Wooldridge, J. M. (2002), Economic Analysis of Cross Section and Panel Data, Cam-bridge: MIT Press.Rosen, H. S. and T. Gayer (2014), Public Finance, New York: McGraw-Hill Education Press. zh_TW
