研发融资与经济增长：一个具有内生金融结构的熊彼特模型

IF 0.7 4区经济学 Q3 ECONOMICS

Macroeconomic Dynamics Pub Date : 2023-02-28 DOI:10.1017/s136510052300007x

Ming-fu Shaw, Juin-jen Chang, Ching‐chong Lai

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引用次数: 0

摘要

我们将研发财务结构内生，并调查税收政策（股息税、公司所得税和债券所得税）的影响。代理成本存在于资金供应和需求之间，这使得金融市场能够将可贷款资金从生产力较低的公司重组为生产力较高的公司。我们发现，金融结构增长关系不是单调的，这取决于现有企业和新企业之间的相对生产率以及它们之间可贷款资金的分配。可贷款资金的分配，而不是其市场金额，在决定政策效果方面发挥着关键作用。

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R&D finance and economic growth: a Schumpeterian model with endogenous financial structures

We endogenize the R&D financial structure and investigate the effects of tax policy (dividend, corporate, and bond income taxes). Agency costs exist between the supply of and demand for funding, which enable the financial market to reshuffle loanable funds out of less productive firms toward others with greater productivity. We show that the financial structure-growth relationship is not monotonic, depending on the relative productivity between the existing and new firms and the allocation of loanable funds between them. The allocation of loanable funds, rather than their market amount, plays a key role in determining the effects of policy.

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来源期刊

Macroeconomic Dynamics ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： Macroeconomic Dynamics publishes theoretical, empirical or quantitative research of the highest standard. Papers are welcomed from all areas of macroeconomics and from all parts of the world. Major advances in macroeconomics without immediate policy applications will also be accepted, if they show potential for application in the future. Occasional book reviews, announcements, conference proceedings, special issues, interviews, dialogues, and surveys are also published.