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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/75444


    Title: 公司投資理財決策理論
    The Theory of Financial and Investment Decision
    Authors: 李宗培
    Contributors: 林柏生
    汪義育
    李宗培
    Keywords: 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
    Date: 1992
    Issue Date: 2015-06-01 11:07:22 (UTC+8)
    Abstract: 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。

    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。

    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。
    Reference: 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)

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    Description: 博士
    國立政治大學
    經濟學系
    000746824
    81
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0000746824
    Data Type: thesis
    Appears in Collections:[Department of Economics] Theses

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