實質投資具有影響社會有效需求，改變社會生產能力及調整產業結構之個性，在其他因素適當配合下，實質投資多寡和快緩關係著經濟成長率之高低。為了促進投資，加速經濟成長，租稅政策被廣泛使用，而租稅政策與企業投資行為之關係，自一九六七年六月Hall and Jorgenson發表 「租稅政策和企業投資行為」一文後，引起許多理論上和實證上的爭論，該文認為租稅政策對改變實資投資支出水準和時間性非常有效，且能改變資本組成成份。Hall and Jorgenson模型有三大假定：①企業目標是使購置之資本財其價格現值等於該資本勞務價格之現值，②生產函數為 Cobb-Douglas ,③投資的落後是因企業家主觀心理、制度、技術三大因素綜合造成的時間延遲。後來學者，針對此三種重要假定給予修正，因各派學說設定的函數，注重之主導因子不同，得出的結論常有差異，如Eisner and Nadiri 以固定替代彈性生產函數，Bischoff 以含有技術進步參數之一次固定替代彈性生產函數來代替 Cobb - Douglas 函數。King以企業價值最大化， Boadway and Bruce 以股東個人效用最大化之追求來代替 Hall and Jorgenson 模型中企業目標設定。Coen以現金流量影響投資調整速度，Muzondo以資本調整成本大小能影響調整速度，而此兩種調整速度是受租稅政策影響，修正了Hall and Jorgenson模型中調整速度只受時間外在因素影響之假定。

本文第二章，即首先介紹了各學者所導出的不同之資本使用成本，而此成本可分為實體成本和財務成本，是利率，折舊率及其他經濟因子的加權平均乘上資本有效價格，租稅政策即經租稅變數之變動，影響加權平均數或資本有效價格，而影響資本使用成本，進而改變企業投資支出和結構。又通貨膨脹會減少實質折舊額，增加資本使用成本，抑制投資支出且扭曲資本耐久性之間的選擇。

當資本調整有內部成本時，租稅政策可經①最適資本存量，②調整速度，雙重軌道影響每期淨投資水準。又企業投資之資金來源有：舉債、募集新股、保留盈餘，三種融資方法各有不同之資金成本，因此租稅政策可經影響企業財務結構選擇和三種融資之單位資金成本，而影響財務成本，即租稅政策可透過投資金融面而對投資有財務效果。調整速度效果和財務效果分別是本文第三、四章之重心。

台灣實行獎勵投資條例已進入第三階段，這些五年或四年免稅、加速折舊、投資抵減、關稅優惠及低利率政策，對企業投資行為之實際效果如何，一直是社會人士所關心，鑑於不少研究機構作過此獎勵投資計量模型分析之效果評估，故本文僅作理論性探討，而不作數量化的實證分析。期望經由本文介紹，使大家更瞭解租稅政策和企業投資行為之密切性，對我國獎勵投資條例有深一層認識，是本文第五章討論的主旨。最後一章是結論和建議，將各章討論的結果，再作觀念上的強調。

一、中文部份：
1.江莉莉著，台灣生產事業投資函數之研究，台北：台灣經濟研究所，民國七十一年七月。
2.何台章著，企業投資行為與租稅政策關係之研究，台北：國立台灣大學經濟學研究所碩士論文，民國六十五年一月。
3.林妙雀著，公司與股東所得稅重複課征之國際性問題研究，台北：國立政治大學財政研究所碩士論文，民國七十二年三月，第二章。
4.徐育珠，候繼明合著，減免營利事業所得稅以促進投資之經濟效果，台北：財政部稅制委員會，民國六十二年三月。
5.鄭素卿著，租稅對公司財務結構影響之分析，台北：國立政治大學財政研究所碩士論文，民國七十年六月。
6.劉佩真著，經濟轉型期中之投資與租稅策略，台北：國立政治大學財政研究所碩士論文，民國六十七年一月。
二、譯作部份：
D. J. Ott, A. F. Ott , and J.H. Yoo , 總體經濟理論(Macroeconomic Theory)，石義行，邊裕淵合譯，台北：台灣銀行經濟研究室，民國六十九年八月，第五章。
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