1 Subsidy fraud and damaging the financial interests of the European union Abstract The thesis deals mainly with the definition and punishment of subsidy frauds within the framework of criminal law. At the same time, it also addresses some issues related to this crime, in particular the subsidiarity of criminal sanctions and the concurrence of this crime with other crimes such as the offense of damaging the financial intereststhe of the European union. The method of processing is mainly deduction and analysis, in the relevant parts induction, synthesis and comparison. The thesis is divided into three main parts. First, it deals with subsidies and subsidy fraud, explaining what a subsidy is and what action can be considered a subsidy fraud, and also clarifies some of the institutes associated with these terms, including budget rules, resources, and records. It also deals with what actions are associated with the crime of subsidy fraud. Thus, in the case of a subsidy fraud, it deals with its characteristics, its relation to other provisions of the Penal Code, the investigation and the imposition of punishment. In the next part, the thesis deals with the protection of the financial interests of the European Union, especially with the institutions and bodies, which are particularly focused at the protection of...

<div>This study explores the vertical relationships in the supply chain at three different levels, namely, firm-consumer interface, supplier-buyer interface, and firm-government interface. We provide a brief description of the results obtained for the specific problems considered in this study.</div><div><br></div><div><div>The firm-consumer interface is examined in Chapter 2. We explore firms’ selling strategy when dynamically competing for a common stream of consumers. In the situation of pure price competition, a commonly studied case, it is known that the </div><div>seller with a higher stock level can compete more effectively by forcing the seller with a lower stock level to sell out first and enjoy a monopoly power afterward. We show that when the sellers are open to price bargaining as a way of attracting buyers, the </div><div>competition equilibrium can exhibit different outcomes. When the overall stock held by the sellers is limited, there is a good chance that both sellers deplete the inventories before the end of the selling season. In this case, an incoming buyer would prefer a</div><div>high inventory seller, with whom he can bargain down the price. Interestingly, such a phenomenon only appears when the length of selling season is long enough. Thus, our study highlights the unique role of bargaining in consumer markets, as well as the importance of time horizon in characterizing equilibrium for dynamic games.</div></div><div><br></div><div>The supplier-buyer interface is studied in Chapter 3. In recent years, an increasing number of studies have applied the Nash bargaining (NB) solution to study channel relationships. However, this solution concept builds on an unrealistic axiom of independence of irrelevant alternatives. We demonstrate that, indeed, the NB solution can produce unreasonable outcomes in vertical negotiations. For example, a supplier negotiating with a monopoly retailer can end up making a higher profit than the one negotiating with a retailer facing potential competitions. To address this issue, we examine the Kalai-Smorodinsky (KS) solution as an alternative. Our analysis suggests that in competing supply chains, the KS solution appropriately captures the negotiation power shift induced by the decision ownership, the negotiation sequence, the vertical relationship, the competition intensity, the contract contingency, and the contract type. This is the first time the KS solution concept is applied to supply chain negotiations.<br></div><div><br></div><div>The firm-government interface is explored in Chapter 4. From the policymakers’ perspective, incentives firms actions toward increasing the product consumption for the needy group or increasing social welfare has a major influence in many supply chains. For example, agricultural products are subsidized by many governments. In this study, we analyze the design of government subsidy programs to induce socially improved firm decisions. We show that subsidizing on production input can lead to a more balanced distribution of market shares and firm profits than subsidizing on production output. Moreover, firms with efficient production technology prefer output subsidy, while those with inefficient production technology favor input subsidy<br></div>

Since the early 1940s in Sweden, subsidies have been a recurring feature in housing politics. Throughout history, these have been used as a management measure to control the construction of housing and to promote the Swedish welfare state. The political parties are today disagreeing on how much responsibility the state should carry for citizens housing. To solve the conflict, the dwelling has to be defined. Is the dwelling to be considered a social right, like education and healthcare or is the dwelling to be considered a product for the free market, driven by supply and demand? The positive population growth in Stockholm has lead to an increased demand for dwellings. The supply of dwellings has not been growing at the same rate, which has implied higher housing prices and longer wait for rented apartments. All municipalities in Stockholm agrees that more dwellings must be established to counter this development. To make this happen, the source of why so few dwelling develops today must be identified. Do the developers not want to build or are they not being provided land allocations by the municipalities? Is it a combination of these or are there other difficulties in the system? Subsidies have previously been used as a tool to increase the construction of dwellings and it should therefore be examined if such a solution is relevant in order to remedy existing problems. In an attempt to predict the outcome of a re-introduction of subsidies, the impact of past government intervention should be studied. This to ascertain what type of construction that took place at that time. It is also important to identify the types of dwellings sought for in today's housing market in order to develop appropriate solutions. There are several different forms of subsidies that could lead to an increased construction volume. Subsidies of land, infrastructure and investment contributions are some of the options that could be implemented on the market to reduce the housing shortage. But which type of construction should be increased? What kind of tenure is the society short of? In order to create balance in the housing market there seems to be a need for all types of tenures to increase, but not everyone agree to this. The housing market where demand, however, always exceeds supply today is the rental market, especially in central Stockholm where the system of rent regulations has lead to a rent level kept below market rent. Today rented apartments are at disadvantage in the Swedish tax system, which has contributed to a lower construction rate of this type of tenure compared to others where the developers gets a quicker return on their investment. Rented apartments are necessary on the housing market because it creates flexibility and contributes to the choices available for the individuals. Some say that Stockholm as a city can not grow without this tenure for the simple reason that people can not get hold of a dwelling. These are issues that must be solved through housing politics, which means that the decisions and rules on the market can change direction every four years. Construction processes are long, often longer than four years. This creates an uncertainty for the stakeholders in the housing market. To generate a sustainable housing market long-term, an alternative solution could be joint agreements spanning political borders. A well-functioning housing market contributes not only to shelter but also promotes welfare and economic growth. It is therefore of great importance that the market participants are moving in the same direction. / Sedan början på 1940-talet har subventioner varit ett återkommande inslag i den svenska bostadspolitiken. Genom historien har dessa använts som ett bostadspolitiskt medel för att styra byggandet av bostäder och för att främja den svenska välfärdsstaten. De politiska blocken är idag oense om hur stort ansvar staten ska bära för medborgarnas bostadsförsörjning. För att lösa oenigheten bör bostaden först definieras. Är bostaden att anse som en social rättighet liksom skola och sjukvård eller är bostaden att anse som en marknadsvara som styrs av utbud och efterfrågan på en öppen marknad? På grund av en positiv befolkningstillväxt i Storstockholm så har efterfrågan på bostäder blivit större. Resultatet av detta är längre bostadsköer och höjda bostadspriser, vilket tyder på att utbudet inte växer i samma takt som efterfrågan. För att motverka denna utveckling är samtliga kommuner i Stockholms län överens om att bostadsbyggandet måste öka. För att detta ska kunna ske måste källan till varför det inte byggs mer idag identifieras. Vill byggherrarna inte bygga eller ger kommunerna inte ut markanvisningar? Är det en kombination av dessa eller föreligger det även andra hinder i systemet? Subventioner har tidigare använts som ett verktyg för att öka byggandet vid bostadsbrist och därför bör det undersökas om en sådan lösning skulle vara aktuell idag för att råda bot på dagens problem. I ett försök att förutse resultatet av ett återinförande av subventioner, bör konsekvenser av tidigare offentliga åtgärder studeras. Detta för att få kännedom om vilken typ av byggande som skedde vid det aktuella tillfället. Det är också av vikt att ta reda på vilka typer av bostäder som efterfrågas på dagens bostadsmarknad i syfte att ta fram lämpliga lösningar. Det finns flera olika former av subventioner som skulle kunna leda till ett ökat byggande. Subventioner av mark, infrastruktur och direkta byggsubventioner är några av de alternativ som skulle kunna implementeras på marknaden för att minska bostadsbristen. Men vilket byggande är det som ska öka? Vilken upplåtelseform är det som det är brist på? För att skapa balans på bostadsmarknaden synes utbudet av alla upplåtelseformer behöva öka, men det är inte alla överens om. Den bostadsmarknad där efterfrågan dock ständigt överstiger utbudet är idag hyresmarknaden, speciellt i Stockholms innerstad där bruksvärdessystemet lett till att hyresnivån hålls under marknadshyra. Hyresrätten är idag en skattemässigt missgynnad upplåtelseform, vilket har bidragit till att färre bostäder av denna form har byggts i jämförelse med andra typer av bostäder där byggherrarna snabbare får avkastning på sin investering. Hyresrätten är dock nödvändig på marknaden då den bland annat skapar ett flexibelt boende och bidrar till valmöjlighet för individen. Idag säger vissa att Stockholm inte kan växa utan hyresrätten. Detta av den enkla anledningen att människor inte kan få tag i ett boende vilket hindrar inflyttning. Detta är frågor som måste lösas via bostadspolitik, vilket innebär att besluten och reglerna på marknaden kan ändra riktning vart fjärde år. Då byggprocesser är långa, ofta längre än fyra år så skapar risken för politiska förändringar en osäkerhet för aktörer på bostadsmarknaden. För att frambringa en långsiktigt hållbar bostadsmarknad skulle en alternativ lösning kunna vara ett politiskt blocköverskridande samarbete. En väl fungerande bostadsmarknad bidrar inte bara till tak över huvudet utan också till att främja välfärden och den ekonomiska tillväxten. Det är därför av stor vikt att marknadens aktörer rör sig i samma riktning.

Embedding social and financial goals into investment decisions and organizational missions is an increasing hallmark of social finance, a rapidly growing phenomenon that aims to create sustainable solutions to some of society’s largest challenges such as poverty alleviation (Mosley & Hulme, 1998; Burgess & Pande, 2005; Beck et al. 2007a), wealth inequality (Buera et al. 2014; Lagoarde-Segot, 2017) and environmental preservation (Nicholls & Pharoah, 2008) among others (Benedikter, 2011). In recent years, the concept of social finance has emerged through applications such as venture philanthropy (Moody, 2008; Scarlata & Alemany, 2010), socially responsible investing (Renneboog et al. 2008; Nofsinger & Varma, 2014; Gutiérrez-Nieto et al. 2016), impact investing (Bugg-Levine & Emerson, 2011; Höchstädter & Scheck, 2015), corporate social responsibility (Falck & Heblich, 2007; Jha & Cox, 2015), crowdfunding sites that appeal to the charitable intentions of retail investors (Lehner, 2013; Lehner & Nicholls, 2014) and microfinance (Morduch, 1999; Beck et al. 2007b; Armendáriz & Labie, 2011). The microfinance industry is particularly suited to explore the nuances of social finance due to the wide range of actors present in the sector, including not only public, private and nonprofit actors (D’Espallier et al. 2016) but also a wide range of investor profiles including commercial rate, concessionary and fully donative funders (Dorfleitner et al, 2017). To meet these innovations in social finance, a substantial body of scholarly research has materialized in various areas: corporate finance (Bogan, 2012; Tchuigoua, 2014), investing (Dorfleitner et al. 2012; Brière & Szafarz, 2015), nonprofit finance (Jegers, 2011; Roberts, 2013), banking (Gutiérrez-Nieto et al. 2009; Cornée et al. 2016), entrepreneurship (Nicholls, 2010; Bruton et al. 2015), development economics (Cull et al. 2009; Ahlin et al. 2011; Hermes et al. 2011; Hartarska et al. 2013), business ethics (Sandberg et al. 2009; Arjaliès, 2010; Hudon & Sandberg, 2013), organizational theory (Battilana & Dorado, 2012; Pache & Santos, 2013), legal studies (Henderson & Malani, 2009), public economics (Duncan, 2004; Andreoni & Payne, 2011) and management studies (Cobb et al. 2016). However, these theories are often siloed within a particular domain and used separately. Despite a long research tradition on microfinance, there is still an ongoing debate on how to assess profits in a heterogeneous environment with multiple organizational objectives, the comparative advantages of public and private funders and their associated financial instruments to scale the microfinance sector and the nature of trade-offs between the financial and social objectives of microfinance institutions (MFIs). This dissertation aims to fill these gaps by analyzing social finance from an interdisciplinary perspective. The aim is to further nuance our understanding of the compatibility between financial and social objectives and how the trade-off between these two elements is moderated through financial mechanisms from donors and social investors. By analyzing the dimensions where trade-offs are most acute for social enterprises, this dissertation aims to put forth a conceptual framework to help assess profitability. Our analysis focuses on the microfinance industry, which offers a rich research setting due the wide range of institutional profiles active in the sector, including nonprofit, cooperative, for-profit and government agents and its global contributions to financial inclusion, poverty reduction and female empowerment. This dissertation is structured into three chapters, each of which addresses a different research question using different methods and units of analysis. The first chapter is a meta-analysis that uses statistical analysis of empirical research results to aggregate the existing findings on social and financial performance trade-offs as they pertain to microfinance institutions. The second chapter develops a typology of subsidy and donation instruments and then proposes a conceptual model to identify the crowding-in and crowding-out effects of public and private donors on private, commercial investors. The second chapter is complemented with an empirical analysis of a Mexican MFI, Banco Compartamos, using secondary data to suggest how the evolution of funding instruments attracted private commercial capital. Chapter three constructs a conceptual framework to identify fair profits for social enterprise, focusing on the case of microfinance. We then empirically apply the conceptual framework to an international dataset of microfinance institutions. Starting from the observation that no consensus has emerged regarding performance trade-offs between the financial and social objectives of microfinance institutions, Chapter 1 – A Meta-analysis Examining the Nature of Trade-offs in Microfinance – aggregates existing research findings to determine the dimensions of MFI performance, and study characteristics, that drive the confirmation of trade-offs. Specifically, after an initial screen of 3,299 articles, 623 empirical trade-off findings from 61 studies were coded into a dataset, where each empirical finding consists of a pairwise observation between a single financial performance variable and a single social performance variable. Using a probit model to analyze the direction and statistical significance across categories of social/financial performance and study artifacts, findings suggest that depth of outreach, cost of outreach, and efficiency indicators increase the prevalence of trade-offs, while risk indicators are associated with fewer trade-offs. Profitability indicators and outreach to women are found to have no significant effect on performance trade-offs. Study characteristics suggest that using an economic frontier methodology or publishing in development journals increases the incidence of trade-offs. These results help to understand the moderating factors that drive performance trade-offs and suggest that MFI managers and stakeholders may need to make difficult decisions regarding the social goals that may need to be sacrificed to achieve financial sustainability.Chapter 2 – Crowding-in without Crowding-out: Subsidy Design to Foster Commercialization – investigates the financial mechanisms that public and private donors have at their disposal and how they can use these instruments to attract fully commercial private capital to social enterprises. In this article, we first construct a typology to explain the ways in which private donors are complementing public donors in subsidy design. We argue that specific instruments such as corporate intangibles and credit guarantees can trigger permanent crowding-in effects that attract commercial partners, while preventing perverse effects such as crowding-out and soft budget constraints. Applying the typology and investment logics to the case of Compartamos, we observe that crowding-in and crowding-out effects can be present simultaneously, which allows us to suggest that subsidies and donations do not force path dependency towards commercialization but rather co-exist, for example attracting commercial debt investment while crowding-out commercial equity. Our research could help both private and public donors identify strategies to maximize social impact while reducing perverse mutual externalities. Finally, in the presence of performance trade-offs and donor pressures to commercialize operations and scale-up, Chapter 3 – What is an acceptable level of profit for a social enterprise? Insights from Microfinance – develops a conceptual framework for fair profits in social enterprise and then applies the framework to the microfinance industry. The fair profit framework is constructed on four dimensions: the level of profitability, the extent to which the organization adheres to its social mission, the pricing and the surplus distribution of the organization. Using a global sample of MFIs, our results suggest that satisfying all four dimensions is a difficult, although not impossible task as less than 3% of the sample fulfill all four criteria. Using our framework, we suggest that excessive profits in microfinance can be better understood relative to pricing, the social outreach of an organization, and the commitment to clients over time through reduced interest rates. This dissertation provides solid scientific evidence on the compatibility between financial and social returns in social finance. Our dissertation examines social finance through the lens of microfinance, and investigates the performance trade-offs facing MFIs as well as the moderating role of financing mechanisms to help MFIs fulfill their double-bottom-line mandate. We hope we demonstrate that the unique combination of financing technicalities significantly shape the evolution of recipient organizations. Some practical implications are also identified to help practitioners, regulators and managers navigate the ongoing debate on the compatibility of financial and social returns and the design of financial instruments for social enterprise. We firmly believe that these academic works contribute and bring new perspectives to social finance in development economics, and business ethics. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

1 juli 2018 lanserades bonus-malus-systemet i Sverige i syfte att öka andelen miljöbilar i den svenska fordonsflottan. Den 8 november 2022, valde regeringen att avskaffa bonusen i systemet, då man menade att marknaden nu hade åtgärdat de problem som systemet var till för att lösa. Den här studien ämnar att undersöka om avskaffandet av bonusen i bonus-malus-systemet har påverkat konsumtionen av miljöbilar. Detta genom att använda sig av en Event study-metodik där en dynamisk paneldataanalys genomförs för att skatta hur andelen miljöbilar har förändrats över tid för att sedermera predicera för hur denna andel hade sett ut om bonusen kvarblivit. Resultatet visar att den faktiska andelen miljöbilar har minskat efter bonusens avskaffande med  15.5 procent. Storleken av effekten bör undersökas vidare av framtida studier då förlängda leveranstider påverkat resultaten och med all sannolikhet dämpat effekten. Däremot bedömer studien att regeringen högst troligt hade fel i sitt uttalande att slopningen av bonusen inte skulle ge några effekter på bilmarknaden. / On July 1, 2018, the bonus-malus system was implemented in Sweden to promote the use of environmentally friendly vehicles. However, on November 8, 2022, the government decided to abolish the bonus, arguing that the market had resolved the issues the systems intended to address. This study investigates the impact of removing the bonus on the consumption of environmentally friendly vehicles. Employing an Event Study Methodology, a dynamic panel data analysis was conducted to assess the change in the vehicle share over time and predict its size if the bonus had remained. The findings reveal a 15.5 percent decrease in the share of environmentally friendly vehicles following the abolition of the bonus. The magnitude of the effect could be further examined in future studies as delivery times have influenced the results and likely dampened the effect. In contrast to the government's claim that the bonus's elimination would not affect the car market, the study concludes that they most likely were mistaken.

The thesis examines factors that influence sustainability and success of microfinance institutions in Ghana. The topic is important, particularly in poverty stricken Africa, where microfinance institutions play a significant role in supporting governments¿ initiatives to reduce/alleviate poverty. The developed model is tested using data collected from 14 face-to-face interviews and 114 questionnaires. The data is analysed using different techniques- descriptive statistics, cross-tabulations and regression analysis. The research design and scale of the study are appropriate to both the problem addressed and doctoral level research. A number of factors in the model developed were found to be influencing the sustainability and success of microfinance institutions. A model was proposed that seeks to offer an explanation of sustainability and success of Microfinance Institutions in Ghana. The proposed model identified five categories being: institutional characteristics, agency costs, business strategy, environment/governance and success. Single factor analysis established positive relationships between sustainability and all the five factors but placed more emphasis on three out of the five factors namely; success, business strategy and environment/ governance. Multiple factor analysis established no significant differences in the sustainability with respect to the type of MFI, ownership and source of funding. Multiple Regression which allows for the testing of theories or models established a significant relationship between the Operational Self Sufficiency (OSS) and the predictors, especially the drop-out rate of clients and average loans. The Subsidy Dependence Index (SDI) was calculated for the various types of MFIs and the result was a high dependency ratio especially among the FNGOs. Though the dependency is on the decline, it is very slow indicating that most MFIs will depend on subsidies for a very long time to come. Finally it was observed that the relatively high interest rates charged by most of the MFIs tended to defeat the purpose for which the microfinance movement came about. Not only did the study confirm the research model, but it also revealed that most owners did not exhibit a deep sense of involvement and used general knowledge to practice in Ghana. The study concluded that success factors, business strategy, and environment/governance were the most critical of the sustainability factors in Ghana. It is therefore important that managers develop institutional capacities especially in managing the agency problem effectively if they have to be sustainable and successful.

No description available.

Statligt investeringsstöd för hyresbostäder är ett rambegränsat produktionsstöd, som efter ansökan och beviljande av Länsstyrelsen kan betalas ut av Boverket till byggherrar av projekt som uppfyller vissa uppställda krav. Avsikten är att stimulera byggandet av hyresbostäder, ge sänkta byggkostnader och sedan komma hyresgäster till del genom relativt lägre hyra. Stöd får lämnas för att bygga hyresbostäder i områden med bostadsbrist, som i sin tur innebär en kategorisering av Sverige i FA-regioner kopplat till möjlig stöd- och hyresnivå. Sedan 1 februari 2020 gäller delvis nya reviderade bestämmelser som syftar till att göra investeringsstödet effektivare och mer ändamålsenligt. Syftet med denna studie är att undersöka hur Det nya investeringsstödet genom Förordning (2016:881) används i FA-region Stockholm, hur det påverkar investeringsbeslut för projekt, samt har utformats i jämförelse med tidigare och liknande stöd. Studien utgår från kvalitativa metoder i form av litteratur- och dokumentstudier samt semistrukturerade intervjuer med 15 kommunala och privata bolag som förvaltar och utvecklar hyresbostäder i FA-region Stockholm.  Resultatet visar att antalet inkomna ansökningar för investeringsstöd har ökat sedan införandet av Det nya investeringsstödet, men endast en bråkdel av dessa har hunnit beviljas och utbetalas. Stödet har tidigare ifrågasatts, främst för att inte ha allokerats till marknader där bostadsbristen anses som störst, för att inte leda till en ökning av bostadsbyggandet utöver redan planerade projekt samt för att ha otillräckliga nivåer på bidrag och normhyra. Denna studie visar att effekten och nyttjandet av stödet är lägesberoende. Bostadsutvecklare avstår investeringsstöd i region Stockholm på marknader där efterfrågan tillåter högre hyra. Nivån på bidrag och normhyra anses överlag vara för låg och inte anpassad till övriga kostnadsfaktorer. Stödet anses dock emellertid vara en nyckelfaktor i utvecklingen av bostäder med lägre hyra i region Stockholms ytterområden eller i mer perifera lägen och den ekonomiska kompensationen kan då vara avgörande för existensen av dessa projekt. Investeringsstöd kan förbättra vakansrisk och belåningsgrad, öka konkurrenskraften och vara ett incitament för att minska energianvändningen i fastigheten. Standardiserade konstruktioner och ramavtal används ofta för att hålla ner produktionskostnader.   Beslut om investeringsstöd fattas vanligen utifrån en jämförelse mellan två investeringskalkyler, med och utan stöd. De kontextuella egenskaperna verkar huvudsakligen påverka bolagens beslut om stöd. Avgörande är ekonomiska, fysiska, sociala och politiska faktorer. Det uppfattas som om att bolagen tar rationella beslut genom avvägningar mellan kännbara utfall. Osäkerheter och brist på information, kan dock uppstå under ansöknings- och utbetalningsprocessen, vilket gör att alla konsekvenser av beslutet inte kan förutses. De kommunala bolagen ställs inför mer motstridiga intressen än de privata, men mål och affärsidé stämmer vanligen bättre överens med stödets syfte. Investeringsstödets bestämmelser anses ha utvecklats utifrån bostadspolitiska mål, efterfrågan av hyresbostäder liksom att fungera som ett verktyg för att ställa motkrav på den som vill ta del av stödet. Bestämmelser har förändrats för att passa rådande bostadsmarknad, EU-lagstiftning och skiftande politiska målsättningar samt förbättra social sammanhållning och miljö- och hållbarhetsaspekter. Fortsatt gynnas små bostäder av stödet även om lagstiftaren försökt styra stödet till att skapa en större blandning av lägenhetsstorlekar. En större förskjutning av tillgängliga medel till storstadsregionerna verkar ha givit visst utslag i antalet beviljanden, men än efterfrågar bostadsutvecklare en större differentiering av stödets bidrag och normhyresnivå.  Studiens slutsatser visar att de faktorer som är avgörande för beslutet om att söka investeringsstöd huvudsakligen är ekonomiska, lägesmässiga och projektspecifika. I FA-region Stockholm nyttjas stödet framförallt i områden där betalningsviljan ligger i linje med normhyresnivån för stödet. / The state investment aid for rental housing is a production support, which after application and approval by the County Administrative Board can be paid by the National Board of Housing, Building, and Planning to developers of projects that fulfill a certain set of requirements. The state allocates a certain amount of money to the aid annually. The purpose of the ordinance is to stimulate the construction of rental accommodations by financing a share of the construction costs which will then benefit the tenants through relatively lower rents. Support may be provided to the constructions of affordable rental accommodations in areas with housing shortages. The maximum amount of support that may be granted and the maximum rental level that may be charged for, are differentiated by functional analysis region (FA regions). Investment aid was introduced in the early 2000s but several amendments have been incorporated over the years. Since 1 February 2020, partly newly revised regulations apply which aim to make investment support more efficient and effective. The purpose of this study is to investigate how The new investment aid through Ordinance (2016: 881) is used in FA region of Stockholm, how it affects investment decisions for projects, and finally, how it is developed in comparison with previous and similar support. The study is based on qualitative methods such as literature and document studies as well as semi-structured interviews with 15 municipally owned companies as well as private companies that manage and develop rental housing in the FA region of Stockholm. The results show that the number of received applications for investment aid has increased since the introduction of The new state investment aid, but only a fraction of these have been granted and paid. Of previous evaluations, the support has been questioned for not being allocated to markets where the housing shortage is the greatest, the level of the maximum rent and support that can be granted, and whether the aid really leads to an increase in housing constructions in addition to already planned projects. This study shows that the effect and use of the support is situation-dependent. Housing developers refrain from investment support in the Stockholm region in markets where demand allows for higher rents. The level of the support and the rent are considered to be too low and not adapted to other cost factors in the market. However, the aid is considered to be a key factor in the development of affordable housing and financial compensation has been essential for the existence of certain projects, mainly located in the outer edges of the region and in more peripheral areas. Investment support can improve vacancy risk and loan-to-value ratio, increase competitiveness and be an incentive to reduce the building’s energy consumption. Standardized constructions or framework agreements are commonly used to keep production costs down. Decisions on whether to apply for support or not are usually based on a comparison between two investment analyzes, with and without support. The contextual characteristics seem to mainly influence the companies' decision on investment aid. Economic, physical, social, and political factors are decisive. It is perceived that companies make rational decisions through trade-offs between tangible outcomes. Uncertainties and lack of information, however, can arise during the application and payment process, which means that not all consequences of the decision can be forecasted. The municipal companies are faced with more conflicts of interest than the private ones, but their goal and business concept usually correspond better with the purpose of the aid.  The requirements of the investment aid are considered to have developed based on housing policy goals, the demand for rental accommodation, and improving the energy consumption in the real estate market. The Ordinance has been developed to conform with the prevailing housing market, EU legislation, and changing policies, as well as to improve social cohesion and environmental and sustainability aspects. Small apartments still benefit from the support, even though the legislator has tried to steer the support to create a larger mix of apartment sizes. A larger shift in available funds to the metropolitan regions seems to have had a limited effect, in terms of the number of grants. However, housing developers are still demanding a greater differentiation of the maximum rent level and support. The conclusion of this study shows that the factors that are decisive for the decision to apply for investment aid are mainly financial, situational, and project-specific. In the FA region of Stockholm, the support is used primarily in areas where the willingness to pay conforms with the maximum rental level for the support.

本論文主要係以三個主題所組成。 除第1章為緒論外，第2章係討論「政府效率支出與經濟成長」之關係。本章係以內生成長模型為主，並基於政府部門係一生產單位之假設，重新檢驗政府活動對經濟成長的影響。同時，亦提出政府支出是否具有效率之觀念，探討政府部門內部若發生無效率活動時對經濟體系可能產生的衝擊。 第3章為考慮外溢效果存在並以定額稅融通之補貼政策。本章主要討論： 若廠商之防污努力的投入具有外溢效果，則政府在訂定最適補貼率時，有無將外溢效果納入考量對補貼率訂定之影響。其次，本章亦討論當政府訂定補貼率時，外溢效果存在的考量與否，對廠商之最適產量及污染排放量之影響與傳統文獻不同。 第4章為考慮外溢效果下，污染稅和污染投入補貼併行的最適環境政策。 本章假設政府係採課徵污染稅來融通對廠商防治污染投入之補貼財源，分析比較不同環境政策的產出效果、污染排放效果，並藉此分析當一國政府面對廠商的防污技術具有外溢效果時，應如何修正其環境政策，以獲得較高的褔利水準。同時，在本章中亦將建構一個兩階段的賽局進行分析。

隨著知識經濟的崛起以及許多社會現象與研究文獻的證實，人力資本對一國的經濟成長而言，已是不可或缺的動力；因此，本文沿用Barro (1990)模型，將人力資本要素引進生產函數，並設定政府部門對私部門的人力資本投資有特定比例的補貼，據此探討加入人力資本要素後，Barro (1990)模型是否有不同的結果？而人力資本與其補貼對於經濟成長的影響又為何？ 本文分析的結果發現，租稅政策對經濟體系的影響大致與Barro (1990)模型的結論相同，分別為：一、所得稅率的變動，為經濟成長率帶來的影響仍是不確定的；二、在給定特定的人力資本補貼率，如果政府所課徵的所得稅率能夠達成經濟成長率的極大，就能夠使社會福利水準達到極大。但與Barro (1990)不同的是，因為本模型的體系中存在著人力資本的補貼，因此在極大化經濟成長率的水準下，所得稅率會較Barro (1990)模型下的所得稅率大。 此外，由於人力資本與補貼的加入，使得本文有所突破之處：一、和一般認知不同的是，政府對於人力資本投資的補貼增加，在其他條件不變下，使得對於經濟成長率的影響並非正向，而是不確定的。二、給定特定的所得稅率，當政府決定的人力資本補貼率能使經濟成長達極大時，亦會使社會福利水準達到極大。