| Project/Area Number |
17K03758
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Public finance/Public economy
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| Research Institution | Chuo University (2018-2019)
Hitotsubashi University (2017) |
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Principal Investigator |
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Keywords | 資本税制 / 高齢者 / ニュメラシー / リスク回避度 / 資産選択 / バブル / 財務政策 / 負債政策 / 行動経済学 |
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| Outline of Final Research Achievements |
In this study of capital taxation, we analyze Japanese capital income tax policy based on behavioral economics, speculative bubbles and tax policy, and the effects of tac policy on Japanese firms' debt policy. Especially, we conduct a new internet survey with 1758 samples between 45 and 79 years old, and have some interesting results as below. Numeracy decreases after 60 years old. Absolute risk aversion increases with lower numeracy. Risk aversion affects portfolio choice. Higher numeracy, overconfidence, college or higher education, homeownership and larger financial wealth increase risk portfolio investment. We do not need the tax policy encouraging risk investment of the aged in Japan.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究のトピックに関し、我が国での研究は遅れており、我が国の70歳代まで含む高齢者の資産選択の決定要因を明らかにした本研究の学術的な意義は大きい。また、最近、退職後のための資産形成に関する国民の関心が高まっているが、欧米と異なり、我が国の資産形成促進税制では行動経済学が活用されておらず、今後の行動経済学に基づく有効な資産形成促進税制の検討のための基盤を提供する本研究の成果の社会的意義も大きいと考える。特に、高齢者の認知能力の低下や（男性の）自信過剰の傾向等を勘案すれば、高齢者のリスク投資を促進する税制は望ましくないことを明らかにした点は、きわめて重要と考えられる。
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