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研究生:胡雋
研究生(外文):Hu, Chuan
論文名稱:在資訊不對稱下的融資結構、逃漏稅與經濟成長
論文名稱(外文):Financial Structure, Tax Evasion, and Economic Growth under Information Asymmetry
指導教授:洪福聲洪福聲引用關係
指導教授(外文):Hung, Fu-Sheng
口試委員:朱美麗馮立功
口試日期:2023-01-03
學位類別:碩士
校院名稱:國立政治大學
系所名稱:經濟學系
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2023
畢業學年度:111
語文別:英文
論文頁數:43
中文關鍵詞:融資結構逃漏稅資訊不對稱地下經濟經濟成長
外文關鍵詞:Financial structureTax evasionInformation asymmetryUnderground economyEconomic growth
相關次數:
  • 被引用被引用:2
  • 點閱點閱:81
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本文結合了內生經濟成長模型、資訊不對稱、廠商逃漏稅以及廠商對融資結構的選擇,試圖建立並解釋廠商逃漏稅與金融發展程度之間負向的關係。本文先建立廠商逃稅的策略,接著分析當廠商選擇不同融資結構時的預期報酬,並討論政府在廠商選擇不同的融資結構時所能極大化社會福利的最適逃漏稅稽查機率。在政府目標為極大化社會福利的假設下,透過本研究的數值模擬發現:逃漏稅稽查機率越高會使廠商逃漏稅的程度降低;當廠商選擇股權融資時,最適逃漏稅稽查機率會大於當廠商選擇債權融資時的最適逃漏稅稽查機率。在過去文獻所定義股權融資的出現以及廠商對股權融資的依賴上升為金融發展下,本文發現金融發展程度較高對應到較低的廠商逃漏稅情形,與實證結果一致。
This study seeks to establish and elucidate a negative relationship between financial development and the level of firms’ tax evasion, by integrating the endogenous growth model, information asymmetry, firms’ decision on tax evasion, and firms’ decision on financial structures. In this study, firms’ decision on tax evasion is first determined, followed by the calculation of firms’ expected consumption under various financial structures. Finally, the government’s optimal probabilities of tax auditing that maximized social welfare under different financial structures are determined. Assuming the government's objective is to maximize social welfare, a numerical simulation of this model reveals that a higher probability of tax auditing corresponds to a lower level of corporate tax evasion. When firms opt for equity financing, the optimal probability of tax auditing is larger, compared to situations when firms decide on debt financing. Under the definition of the emergence of stock markets and firms’ increasing reliance on equity financing as financial development, it is found that higher levels of financial development correspond to milder firms’ tax evasion. These results align with recent empirical studies.
1. Introduction 1
2. The Economy 5
3. The Credit Market and The Tax Evasion 10
4. The Equilibrium Contracts 17
5. Optimal Tax Enforcement 20
6. Optimal Loan Contracts 22
7. Conclusions 35
Reference 36
Appendix 1 39
Appendix 2 40
Appendix 3 41
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Beck, T., A.L. Chen, & A.U. Yue (2014) Why Do Firms Evade Taxes? The Role of Information Sharing and Financial Sector Outreach. Journal of Finance, 69(2), 763-817.
Bencivenga, V. R., & Smith, B. D. (1993). Some Consequences of Credit Rationing in an Endogenous Growth Model. Journal of Economic Dynamics and Control, 17(1-2), 97-122.
Blackburn, K., N. Bose, & S. Capassom (2012), Tax Evasion, the Underground Economy, and Financial Development. Journal of Economic Behavior and Organization, 83(2), 243-253.
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