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    Title: 臺灣租稅誘因吸引投資效果之實證分析
    An Empirical Study on Tax Incentives and Investment Promotion in Taiwan
    Authors: 詹媖珺
    Contributors: 曾巨威
    詹媖珺
    Keywords: 租稅優惠
    外人直接投資
    共整合檢定
    向量誤差修正模型
    Tax Incentives
    FDI
    Johansen Cointegration Test
    Vector Error Correction Model
    Date: 2015
    Issue Date: 2016-01-04 16:55:30 (UTC+8)
    Abstract: 過去許多學術文獻針對租稅優惠吸引投資之效果進行實證分析,但實證結論並不一致。我國自1950年即開始實施一連串的租稅獎勵政策,時至今日,租稅減免仍是我國政府推動重大經濟政策慣用的誘因手段。為探討了解臺灣實施租稅優惠措施對投資變化之影響,本研究針對我國自民國50年代後期以來涉及租稅減免之相關法令進行整理,另為了充分量化這些租稅優惠措施,則參考國外相關實證文獻作法,建構了兩項租稅誘因指標作為虛擬變數,來追蹤自民國61年以來我國不同階段之減免稅狀態,並作為虛擬變數納入後續實證模型分析。
    本研究利用相關變數之時間序列資料來探討租稅優惠對我國外人直接投資與國內私人投資之互動變化關係。研究步驟有三,首先,針對個別變數進行單根檢定,藉以確認變數的屬性,了解時間序列資料是否為衡定後,再利用Johansen共整合檢定法來估計和檢定多個變數,確認各變數間是否存在共整合關係後,以誤差修正模型來說明各變數間關係與整個變數脫離均衡關係後之動態調整情形。
    實證結果顯示,就長期趨勢而言,我國實施之租稅優惠措施對吸引外人直接投資呈現負向且顯著之不良影響,另長期而言,租稅優惠誘因對刺激我國國內投資之變化確有顯著且正面助益,但影響效果之幅度不大。因此,本研究建議政府與其提供效果不明確之租稅誘因,不如致力於針對國家自身不完善的基礎建設或不穩定的總體經濟環境進行改善。
    Tax incentives have been in existence in Taiwan since 1950, and they are still very much on the agenda of the government. There is no agreement about the efficacy of incentives. Indeed there have been doubts about whether incentives have any effect on the economy since the 1950s. This has made some economists wonder why incentives are so popular despite the fact that their effects are either slight or unknow.
    This study conducts an empirical investigation of the impact of tax incentives on investment in Taiwan. We constructed two indexs of tax incentives which track the different types of incentives embarked upon by the government, and these indexes are then included in both foreign direct investment and private investment equations. Our testing procedure involves three steps. The first step involves tasting for the properties of the variables by conducting unit root teste. The second step involves testing for the long-run relationship between the variables using Johansen cointegration tests. And the third step involves estimating the long-run parameters and associated loading factors.
    The empirical results shows a significant negative impact of tax incentives on FDI, and a significant positive impact of tax incentives on private investment but the impact is slight. We suggest that rather than focusing on tax incentives, the country should concentrate on removing the factors that discourage investors such as poor infrastructural and institutions or macroeconomic instability.
    Reference: 一、中文部分
    柯勝揮、孫珮君(2013),臺灣貨幣供給與物價因果關係之探討,全球管理與經濟,9卷(第1期),79-92。
    陳玉樹(2011),「原物料指數與股市、匯市關聯性的研究」,國立政治大學商學院金融學系研究所碩士論文。
    謝育霖(2011),「外人來台直接投資之影響因素探討-以考量產業與ECFA協議因素為例」,國立政治大學經濟學系研究所碩士論文。
    嚴玉華、許碩芬、方世杰、孫緒媛(2009),總額支付制度下個別醫院醫療費用預測模型建立-以某教學醫院為例,澄清醫護管理雜誌,5卷(第2期),15-21。
    除千婷、陳琬如(2009),當前我國投資問題與實證分析,中央銀行季刊,31卷(第3期),16-25。
    張淑華、蔡國柱、黃亮洲(2008),印度金融發展與經濟成長之實證研究,法制論叢,第41期,149-176。
    蔡豐如(2008),「REITs與金融變數關聯性之實證研究-以美國市場為例」,國立高雄應用大學金融資訊研究所碩士論文。
    張輔仁(2007),「外人來台直接投資之決定因素-就租稅面探討」,國立政治大學財政學系研究所碩士論文。
    甘光文(2006),「地主國吸引外人直接投資的決定性因素」,國立政治大學行政管理碩士學程碩士論文。
    馬昌璇(2005),「吸引外人直接投資決定因素-以世界四十五國為例」,國立政治大學行政管理碩士學程碩士論文。
    陳韻如(2000),「外人來台直接投資的租稅獎勵效果分析」,國立政治大學財政研究所碩士論文。
    陳惠雪(1990),「外人投資、經濟發展與租稅獎勵效果-臺灣之實證分析」,國立政治大學財政研究所碩士論文。

    二、英文部分
    Abdul, Abiad and Mody, Ashoka (2005), “Financial Reform: What Shakes It? What Shapes It?,” American Economic Review,195(1), 66-88.
    Assaf, Razin;Rubinstein, Yona and Sadka, Efraim (2004), “Fixed costs and FDI: The Conflicting Effects of Productivity Shocks,” National Bureau of Economic Research: Working Paper10864 ,Cambridge.
    Bandiera, Oriana;Gerard, Caprio;Patrick, Honohan and Fabio, Schiantarelli (2000), “Does Financial Reform Raise or Reduce Saving?,” The Review of Economic and Statistics, 82(2), 238-263.
    Banga, Rashmi (2003), “Impact of Government Policies and Investment Agreements on FDI Inflows,” Indian Council for Research on International Economic Relations.
    Beyer, J. (2002), “Please Invest in Our Country-How Successful Were The Tax Incentives for Foreign Investment in Transition Countries?,” Communist and Post-Communist Studies, 35, 191-211.
    Cassou, S. P. (1997), “The Link between Tax Rates and Foreign Direct Investment,” Applied Economics, 29, 1295-1301
    Cleeve, Emmanuel (2008), “How Effective area Fiscal Incentives to Attract FDI to Sub-Saharan Africa?,” Journal of Applied Economics, 42(1), 135-153.
    Crow, Robert Thomas (1979), “Output Determination and Investment Specification in Macroeconometric Models of Open Regions,” Regional Science and Urban economics, 9, 141-158.
    Fowowe, Babajide (2013), “Do Fiscal Incentives Promote Investment? Empirical Evidence from Nigeria,”, The Journal of Developing Areas, 47(2), 17-35.
    Fowowe, Babajide (2008), “Financial Liberalization Policies and Economic Growth: Panel Data Evidence from Sub-Saharan Africa,” African Development Review, 20(3), 549-574.
    Hartman, David G. (1984), “Tax Policy and Foreign Direct Investment in The United States,” National Tax Journal, 37(4), 475-487.
    Ho, Hoi Ki and Tze Yiu, Lau (2008), “Foreign direct investment location decision: Evidence from China,” International Tax Journal, 34(6), 39-46.
    Ho, Hoi Ki and Tze Yiu, Lau (2007), “Perspectives on Foreign Direct Investment Location Decisions: What Do We Know and Where Do We Go from Here?,” International Tax Journal, 33(3), 39-48.
    Klemm, Alexander and Stefan, Van Parys (2012), “Empirical Evidence on Effects of Tax Incentives,” Int. Tax Public Finance, 19, 393-423.
    Luc, Laeven (2000), “Does Financial Liberalization Relax Financial Constraints on Firms?,” World Bank Policy Research Working Paper WPS 2467, Washington D.C.: World Bank .
    Nathan, M. Jensen (2012), “Fiscal Policy and the Firm: Do Low Corporate Tax Rates Attract Multinational Corporations?,” Journal of Applied Economics, 27, 767-772.
    Slemrod, Joel (1990), “Tax Effects on Foreign Direct Investment in The United States: Evidence from a Cross-Country Comparison,” edited by Assaf Razin and Joel Slemrod, Taxation and Global Economics, the University of Chicago Press, Chicago and London.
    Swenson, D. L. (1994), “The Impact of US Tax Reform on Foreign Direct Investment in the United States,” Journal of Public Economics, 154, 243-266.
    Young, Kan H. (1988), “The Effects of Taxes and Rates of Return on Foreign Direct Investment in the United States,” National Tax Journal, 41(1), 109-120.
    Zee, Howell H.;Janet G., Stotsky and Eduardo, Ley (2002), “Tax Incentives for Business Investment: A Primer for Policy Makers in Developing Countries,” World Development, 30(9), 1497-1516.
    Description: 碩士
    國立政治大學
    行政管理碩士學程
    101921227
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101921227
    Data Type: thesis
    Appears in Collections:[行政管理碩士學程(MEPA)] 學位論文

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