社會科學院: 經濟學研究所指導教授: 毛慶生林克融Lin, Ke-RongKe-RongLin2017-03-032018-06-282017-03-032018-06-282015http://ntur.lib.ntu.edu.tw//handle/246246/275324本文以實質景氣循環模型為架構，納入了資產定價與投資限制，試圖讓資產價格的波動對實質經濟變數產生影響。給定政府開支等於某固定比例的產出下，分析資本利得稅分別與勞動所得稅及消費稅的替換關係後，結果發現隨著資本利得稅稅率愈高，社會福利也愈高。而考慮了勞工與資本家之間的所得重分配，當資本利得稅與所得稅有抵換關係，在勞工沒有接受補貼的情況下，資本家的福利會下降而勞工的福利會上升；但在勞工有接受補貼的情況下，結果發現勞工與資本家的福利都上升。亦即，在效率的觀點下，政府理論上應該課徵資本利得稅。This paper examines the economic and welfare effects of capital gains tax in a productive economy where investment decisions are constrained by the share value of firms. Given that the government budget is balanced each period, with or without lump-sum recourse, I analyze the steady state effects of a swap between capital gains tax and other forms of taxation, including labor income tax and consumption tax. The results indicate that the consumers’ welfare rises with a tax on capital gains in the stock market. This paper also examines the distributional consequence of capital gains tax. In the presence of lump-sum transfers to workers, taxing on capital gains could improve capitalists as well as workers welfare.論文使用權限: 不同意授權資本利得稅租稅負擔所得分配資產定價投資限制capital gains taxtax burdenincome distributionasset pricinginvestment constraintthesis