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    題名: 資本利得稅的風險承擔和閉鎖效果
    The Risk-taking and lock-in effect of capital gain tax
    作者: 彭湘媛
    Peng, Hsiang Yuan
    貢獻者: 陳國樑
    Chen, Joe
    彭湘媛
    Peng, Hsiang Yuan
    關鍵詞: 資本利得稅
    資產組合
    風險承擔
    閉鎖效果
    capital gain tax
    portfolio choice
    risk-taking
    lock-in effect
    日期: 2015
    上傳時間: 2015-08-03 13:37:51 (UTC+8)
    摘要: 我國在民國102年復徵證券交易所得稅，其本質屬於資本利得稅，本文欲探究資本利得稅對資產選擇之影響，再進一步將閉鎖效果納入資產選擇模型，討論課稅實現原則下，資本利得稅的稅率對資產選擇的影響。
    本文假設兩項資產，分別為無風險性資產與風險性資產，發現在資本利得稅、資本損失可完全扣抵的情況下，政府擔任分散風險的角色，財富的風險性下跌，代表性個人增加風險性資產持有份額。納入閉鎖效果討論課徵資本利得稅下的資產選擇，設立兩期模型，代表性個人分配財富於無風險資產與風險性資產。若要代表性個人在第二期轉換投資組合，則代表性個人將要求新投資組合之報酬高於原資產之報酬加上處分原資產所產生之資本利得稅，而代表性個人可透過改變風險性資產持有比例調整新資產組合之報酬。研究發現，新投資組合的風險性資產持有比例受到原資產之資本利得稅率影響，原資產的稅率越高，則新投資組合的風險性資產持有比例越大，主因稅率越高，閉鎖效果的強度越強，因此若代表性個人要轉換資產的話，可透過增加風險性資產持有比例來增加新投資組合的預期報酬，亦表示代表性個人之風險承擔意願增加。
    參考文獻: 中文文獻
    林全、郭炳伸、張慶輝、鄭文輝 (1989)，「資本增益課稅問題之研究」，財政賦稅改革委員會專題報告。
    黃建興、林俊儒 (2009) ，「OECD 國家公司所得稅稅率發展趨勢與對我國之啟示」，《經濟研究》，9，185-201。
    英文文獻
    Auerbach, A. J. (1989), “The deadweight loss from ‘non-neutral’capital income taxation,” Journal of Public Economics, 40(1), 1-36.
    Domar, E. and Musgrave, R. (1944). “Effects of proportional taxes on risk-taking, “Quarterly Journal of Economics,” 59, 338-422.
    Fisher, Rodney (2005), “Taxing Financial Instruments: Uncertainty in Tax and Accounting?” Journal of the Australasian Tax Teachers Association.
    Green, J. R., and Sheshinski, E. (1978), “Optimal capital-gains taxation under limited information,” The Journal of Political Economy, 1143-1158.
    Haliassos, M., and Lyon, A. B. (1993), “Progressivity of capital gains taxation with optimal portfolio selection,” National Bureau of Economic Research, No. w4253
    Jorion, Philippe (1995), “Derivatives Markets: Economic Implications for Taxaiton,” (available at http://unpan1.un.org/intradoc/groups/public/documents/)
    Levin, Mattias and Peer Ritter (2003), “Taxation of Financial Intermediation in Industrialized Countries,” in Patrick Honohan (Ed.), Taxation of Financial Intermediation: Theory and Practice for Emerging Economies, Washington, DC: The World Bank.
    Long, J. B. (1977), “Efficient portfolio choice with differential taxation of dividends and capital gains,” Journal of Financial Economics, 5(1), 25-53.
    OECD (2001), “Innovative Financial Transactions: Tax Policy Implications, Ad Hoc Group of Experts on International Cooperation in Tax Matters,” OECD Tax Policy Studies, No 10.
    OECD (2006), “Taxation of Capital Gains of Individuals: Policy Considerations and Approaches” OECD Tax Policy Studies, No 14.
    Sandmo, A. (1982), “The effects of taxation on savings and risk-taking,” Univ., Inst. für Volkswirtschaftslehre und Statistik.
    Shell, K., Sidrauski, M., and Stiglitz, J. E. (1969). “Capital gains, income, and saving,” The Review of Economic Studies, 15-26.
    Simons, Henry Calvert. (1938), “Personal income taxation: The definition of income as a problem of fiscal policy,” University of Chicago Press.
    Stiglitz, J. E. (1969). “The effects of income, wealth, and capital gains taxation on risk taking.” 263-283
    Stiglitz, J. E. (1983), “Some aspects of the taxation of capital gains,” Journal of Public Economics, 21(2), 257-294.
    描述: 碩士
    國立政治大學
    財政研究所
    102255025
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0102255025
    資料類型: thesis
    顯示於類別:[財政學系] 學位論文

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