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| Title: | 員工分紅、效率工資、研發財源與租稅政策的影響：一個熊彼得成長模型分析
Profit Sharing, Effective Wage, Fianacing of R&D, and Taxes Policy in a Schumpeterian Growth Model |
| Authors: | 蕭明福 |
| Contributors: | 經濟系 |
| Keywords: | 員工分紅;效率工資;R&D財源;租稅政策;內生經濟成長
Profit Sharing;Efficiency Wage;the Financing of R&D;Tax Policies;Economic Growth |
| Date: | 2018-03 |
| Issue Date: | 2025-07-16 11:13:18 (UTC+8) |
| Abstract: | R&D投資所創造的知識資產是無形且具高度專業性與特定性，使得股東與債權人對於研發績效的資訊相對於研發人員來得低落。員工分紅制度具有調和當事人與代理人之間的利益衝突，並具誘因激勵了研發人員的效率。然而，較高員工分紅會降低公司稅後利潤，從而排擠公司保留盈餘，進而可能不利於研發投資額度。然而，研發投資的財源若能多元化，研發資金不必然會受到壓抑，經濟成長亦不一定受到損害。Peretto (2003, 2007, 2011)的租稅政策分析，立基於單一的研發財源：公司保留盈餘。因此，他得到降低股利所得稅不利於研發投資和經濟成長，也非特別意外結果。一旦研發投資具有本多元融通管道，降低股利稅或可能提升研發質量與長期經濟成長。本計劃建構一個具有員工分紅及效率工資制度，和具有R&D多元籌資管道(包括新增股票、公司債券及保留盈餘)的熊彼得成長模型(Schumpeterian growth model)。據以探討多項個人稅與公司稅對研發質量與經濟成長的影響，並解構員工分紅、效率工資與多元融資管道在衝擊過程中的角色。同時，計畫也從社會福利角度．分析最適稅率與最適股利政策。
Because the knowledge asset created by R&D investment is intangible and ordinarily very specialized to the particular firm, shareholders and bondholders hence have lower information about the achievements from R&D activities than R&D scientists and engineers. Profit sharing system can reconcile the principal (shareholders and bondholders)-agent (researcher) conflict and provide the researcher with incentives and more effort. However, a higher profit sharing reduces the profit tax-after and the retained earing and R&D investment then may be decrease. If the financing of R&D has multiple sources (for example, retained earing, issued new shares and bonds), the R&D investment does not necessarily be depressed and the economic growth rate thus does not necessarily be hurt. Peretto (2003, 2007, 2011) assumes that the retained earing is only source to finance the R&D investment. Therefore, he obtains a not surprisingly results. A cut of the tax rate on distributed dividends leads to a slowdown of quality growth. Similarly, the multiple source financing of R&D investment maybe alter the findings of Peretto (2003, 2007, 2011). In this project, we develop a Schumpeterian growth model with profit sharing system, efficiency wage and the multiple financing of R&D to analysis the effects of varies personal income taxes and corporate taxes on the number of firms, firm size, financial leverage, employment ratio, economic growth, and social welfare. Moreover, we explore the role of profit sharing, efficiency wage, and multiple financing of R&D. |
| Relation: | 科技部, MOST105-2410-H004-015, 105.08-106.07 |
| Data Type: | report |
| Appears in Collections: | [經濟學系] 國科會研究計畫
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