English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 109948/140897 (78%)
Visitors : 46103109      Online Users : 1179
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    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:[財政學系] 學位論文

    Files in This Item:

    File Description SizeFormat
    55015101.pdf16KbAdobe PDF2765View/Open
    55015102.pdf16KbAdobe PDF2768View/Open
    55015103.pdf15KbAdobe PDF2860View/Open
    55015104.pdf64KbAdobe PDF2745View/Open
    55015105.pdf46KbAdobe PDF21318View/Open
    55015106.pdf54KbAdobe PDF21336View/Open
    55015107.pdf118KbAdobe PDF2896View/Open
    55015108.pdf63KbAdobe PDF2787View/Open
    55015109.pdf235KbAdobe PDF2891View/Open
    55015110.pdf73KbAdobe PDF2883View/Open
    55015111.pdf23KbAdobe PDF2889View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    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 ©   - Feedback