政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34740

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34740

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政大典藏 > College of Social Science > Department of Public Finance > Theses > Item 140.119/34740

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34740

Title:	創業投資資本的課稅問題分析—創投事業、創業公司及創業天使三方模型之應用
Authors:	陳欣儀 Chen,Shin Yi
Contributors:	曾巨威 Tseng,Chu Wei 陳欣儀 Chen,Shin Yi
Keywords:	創投事業創業天使資本利得稅 venture capital business angel capital gain tax
Date:	2004
Issue Date:	2009-09-18 11:03:18 (UTC+8)
Abstract:	創業天使(business angel)是一種新興的融資管道。以往創新產業利用創投事業募集創業基金，進行投資的工作。近年來創投的生態漸漸改變，除了資金挹注集中在營運中後期，創投事業也不再扮演提供管理諮詢的關鍵者角色。這時，創業天使的出現，不僅解決創業公司種子期資金不足的窘境，且積極涉入公司經營、提供產業諮詢，以增加企業的附加價值。以往創投事業及創業公司的文獻中，僅就資本利得稅對雙方的投入影響作討論。而Elitzur and Gavious(2003)則試著加入創業天使的角色，利用三方模型衡量創業天使的加入能否對創投與創業公司間因道德危機問題產生的無效率有所改善。本文以Elitzur and Gavious(2003)文章為基礎，加入政府的租稅政策，藉以衡量政府的介入是否對三方的投入有所助益。本文研究結果發現，只要政府課徵資本利得稅，將會使三方的投入水準減低；即使採取預算平衡的租稅政策，仍無法改變投入無效率以及創新產業收入過低的情況。因此，在現實社會中，政府不應課過重的資本利得稅，以期能使整個產業營收增加。如果採取對創投事業及創業天使資本利得補貼並搭配對投資之課稅，政府的原意乃是提高各行為參與者之資本利得，以增進效率水準；然而因課稅的過程中產生誘因降低的情況，最終反而會使三方的資本利得減少。唯有對單一參與者個別給予資本利得補貼並搭配課徵對誘因沒有影響的總額進入稅，才會使整個計畫的利得增加，達到有效率的投資水準。是故，政府的租稅政策對創業天使、創投事業及創業公司三者並不一定會達到較有效率的結果。
Reference:	中文部分中華民國創業投資商業同業公會(2002),《2001年創業投資產業調查專刊》,民國91年5月。蔡志明(1993),“臺灣創業投資事業之代理問題與投資績效”,中山大學財務管理研究所未出版碩士論文,民國82年。英文部分 Casamatta, Catherine (2003), “Financing and Advising: Optimal Financial Contracts with Venture Capitalist”, The Journal of Finance, Vol.58 NO.5, PP.2059-2085. Elitzur, Ramy and Arieh Gavious (2003), “Contracting, Signaling and Moral Hazard: a Model of Entrepreneurs, Angels, and Venture Capitalists”, Journal of Business Venturing, Vol.18, PP.709-725. Fuest, Clements and Bernd Huber (2003), “Capital Gains Taxes, Venture Capitalists, and Entrepreneurship”, University of Koeln Working paper. Houben, E. (2002), “Venture Capital, Double-sided Adverse Selection, and Double-sided Moral Hazard”, University of Kiel Working Paper. Kanniainen, Vesa and Christian Keuschnigg (2003), “The Optimal of Start-up Firms in Venture Capital Finance”, Journal of Corporate Finance, Vol.9, PP.521-534. Keuschnigg, Christian, and Soren Bo Nielsen (2001), “Public Policy for Venture Capital”, International Tax and Public Finance, No.8, PP.557-572. Keuschnigg, Christian and Soren Bo Nielsen (2003), “Tax Policy, Venture Capital, and Entrepreneurship”, Journal of Public Economics, Vol.87, PP.178-203. Keuschnigg, C. (2004), “Taxation of a Venture Capitalist with a Portfolio of Firms”, Oxford Economic Papers, Vol.56, No.2, PP.285-306. Keuschnigg, C. and Soren Bo Nielsen (2004), “Start-ups, Venture Capitalists, and the Capital Gains Tax”, Journal of Public Economics, Vol.88, PP.1011-1042. Lerner, J. (1998), “Angel Financing and Public Policy: an Overview”, Journal of Banking & Finance, Vol.22, PP.773-783. Lumme, A., Colin Mason, and Markku Suomi (1998), “Informal Venture Capital: Investors, Investments and Policy Issues in Finland”, Kluwer Academic Publisher, Dordrecht, Netherlands. Mason, Colin M.and Richard T.Harrison (2002), “Is Worth It? The Rates of Return from Informal Venture Capital Investments”, Journal of Business Venturing, Vol.17, PP.211-236. Poterba, James M. (1989), “Venture Capital and Capital Gains Taxation”, Tax Policy and the Economy, Vol.3. MIT Press, Cambridge, PP.47-67. Prowse, Stephen (1998), “Angel Investors and the Market for Angel Investments”, Journal of Banking and Finance, Vol.22, No.6-8, PP.785-792.
Description:	碩士國立政治大學財政研究所 91255015 93
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0912550151
Data Type:	thesis
Appears in Collections:	[Department of Public Finance] Theses

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