政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/78510
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113393/144380 (79%)
造訪人次 : 51237053      線上人數 : 879
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/78510


    題名: 資本結構、財政政策、貨幣政策與經濟成長
    其他題名: Capital Structure, Fiscal Policy, Monetary Policy and Economic Growth
    作者: Fan, Chih-Ping;Shaw, Ming-Fu
    蕭明福
    貢獻者: 經濟系
    關鍵詞: 經濟成長;貨幣政策;財政政策;資本結構;廣義信用管道
    Economic growth;Monetary policy;Fiscal policy;Capital structure;Broad credit channel
    日期: 2014-12
    上傳時間: 2015-09-15 15:28:37 (UTC+8)
    摘要: 本文建構一個具債權代理成本的內生經濟成長模型，藉由理論分析可以得到：(1)提高（降低）公司債券利息所得稅率將傷害（有益）長期就業與經濟成長、長期通貨膨脹惡化（改善）、資本財市場價格下挫（上揚），但對公司長期負債權益比的影響無法確定。(2)不論是公司利潤稅率、股利所得稅率或是股利率，其對總體經濟的影響是不確定，因為政策改變資本財價格，進而誘發的資本財稅後邊際產量的變化，扮演一個重要角色。(3)提高（降低）名目利率是否對長期就業、經濟成長、通貨膨脹愈有害（有益），取決於公司債券利息所得稅率是否高於（低於）公司利潤稅率；其中，貨幣政策對外部融資貼水的影響是關鍵。數值模擬結果發現不論是緊縮財政政策、寬鬆股利政策或是單位債權代理成本的升高皆不利於就業、經濟成長和通貨膨脹率，但對公司資本結構的影響則各有不同。提高名目利率雖對就業和經濟成長有所助益，卻需要付出通貨膨脹率與負債權益比皆上揚的代價。貨幣政策下，負債權益比和經濟成長呈現順循環關係。
    This paper develops an endogenous growth model with capital structure that incorporates agency costs in the bond market. The main results from the theory analysis are as follows: (1) Increasing the tax rate imposed on the corporate bond yield reduces economic growth, employment, the inflation rate and the market price of capital. However, the impact of it on the firm’s debt-to-equity is ambiguous. (2) The impact of the corporate tax, the dividend tax, and dividend yield on economic growth, employment, inflation rate, and the debt-to-equity is ambiguous. (3) A high nominal interest rate is associated with high economic growth, employment, debt-to-equity ratio and inflation rate if the corporate tax rate is higher than the tax rate on the corporate bond yield. The numerical results are summarized in the following. The tax on the corporate tax, the corporate bond yield, and the distributed dividend is harmful to economic growth, employment, and inflation rate. Similarly, an increase in dividend yield and agency cost is harmful to macroeconomic performances. But, the impact of those policies on debt-to-equity is different. The relationship between debt-to-equity and economic growth is procyclical for monetary policy.
    關聯: 經濟論文, 42(4), 527-597
    資料類型: article
    顯示於類別:[經濟學系] 期刊論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    527-597.pdf2409KbAdobe PDF2493檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋