财务管理_第四章资本成本和资本结构.doc

财务管理_第四章资本成本和资本结构
Application:
The Costs of Taxation
应用: 税收的成本
Chapter 8
Application: The Costs of Taxation
Welfare economics is the study of how the allocation of resources affects economic well-being1>.
Buyers and sellers receive benefits from taking part in the market.
The equilibrium in a market maximizes the total welfare of buyers and sellers.
THE DEADWEIGHT LOSS OF TAXATION
税收的无谓损失
How do taxes affect the economic well-being of market participants?
税收如何影响市场参与者的经济福利?
THE DEADWEIGHT LOSS OF TAXATION
It does not matter whether a tax on a good is levied on buyers or sellers of the good…the price paid by buyers rises, and the price received by sellers falls.
税收的无谓损失
一种物品的税收是向买者征收还是向卖者征收是不重要的…,结果都是买者支付的价格上升,而卖者得到的价格下降。
The Effects of a Tax...
Price
0
Quantity
Quantity without tax
Supply
Demand
Price without tax
Price buyers pay
Quantity with tax
Size of tax
Price sellers receive
Tax Revenue 税收收入
T = the size of the tax
T=税收规模
Q = the quantity of the good sold
Q=物品销售量
T??Q = the government’s tax revenue
TXQ=政府的总税收收入
Tax Revenue...
Price
0
Quantity
Quantity without tax
Supply
Demand
Price sellers receive
Quantity with tax
Size of tax (T)
Quantity sold (Q)
Tax Revenue (T x Q)
Price buyers pay
How a Tax Affects Welfare...
Quantity
0
Price
Demand
Supply
Q1
A
B
C
F
D
E
Q2
Tax reduces consumer surplus by (B+C) and producer surplus by (D+E)
Tax revenue = (B+D)
Deadweight Loss = (C+E)
Price
buyers
pay
=
PB

P1
Price without tax
=

PS
Price sellers receive
=
税收如何影响福利...
数量
0
价格
需求
供给
Q1
A
B
C
F
D
E
Q2
征税减少了消费者剩余(用面积B+C代表)和
生产者剩余(用面积D+E代表)
税收= (B+D)
无谓损失= (C+E)
买者支付的价格
=
PB

P1
没有税收时的价格
=

PS
卖者得到的价格
=
How a Tax Affects Market Participants
税收如何影响市场参与者
Changes in Welfare 福利的变化
A deadweight loss is the fall in total surplus that results from a market distortion, such as a tax.
无谓损失——市场扭曲(比如收税)引起的总剩余减少。
How a Tax Affects Welfare
Without Tax
With Tax
C