【摘要】 在现代金融中介理论的基础上,考察税收对融资方式选择的影响。研究结果表明,在完全竞争条件下,当银行为客户提供的交易服务成本很低时,以较低的税率对储蓄利息开征利息所得税不会影响储户(或投资者)在储蓄和直接投资之间的选择；对银行贷款利息收入开征营业税,则会引起税收转嫁,提高贷款利息率,使部分企业选择直接融资方式而不是从银行贷款；银行业所得税也会提高贷款利率,减少贷款需求量。更多还原

【Abstract】 Based on modern theory of financial intermediary,the paper examines the effects of taxation on the means of finance.The result shows that,under the condition of perfect competi- tion,if bank’s costs of providing transaction services for customers are sufficiently small,then a small tax on deposits interest income does not affect the choice of depositors( or investors) between deposits and direct investment;A business taxon bank loan interest income leads to tax inci- dence,thus raises loan rates and induces entrepreneurs to switch from bank loan to direct finan- cing;a tax on bank’s income also raises the loan interest rate,and hence reduces the demand of loans.更多还原