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題名 經理人能力與股東股利稅負敏感度
Managerial Ability and the Shareholder Tax Sensitivity of Dividends – Evidence from Taiwan
作者 張䅨芷
Zhang, Xiang-Zhi
貢獻者 何怡澄<br>郭振雄
張䅨芷
Zhang, Xiang-Zhi
關鍵詞 股利稅負懲罰
經理人能力
股利發放政策
Dividend Tax Penalties
Managerial Ability
Dividend Payout Policy
日期 2020
上傳時間 1-Jul-2020 13:55:25 (UTC+8)
摘要 本文探討股東股利稅負懲罰(Tax Penalty)與企業股利策略關聯性；此外，探討經理人能力(Managerial Ability)與企業股利策略關聯性；最後，探討經理人能力與股東股利稅負敏感度關聯性，並分析影響股利發放率之企業特性與營運策略制定。
過去文獻對於影響股利發放策略的因素未有一個定論，Guan, Li, and Ma (2018)特此考量經理人能力對股利稅負懲罰與股利發放率影響，而本文參考Guan et al. (2018)考量經理人能力對股東股利稅負敏感度的影響，並根據臺灣的股利稅制情況做調整，也因不同股東類型適用不同的稅率，故以加權平均的方式計算整體股利稅負懲罰。
本文採用1995年至2014年之臺灣上市櫃資料進行分析。實證結果顯示，首先，在不考慮經理人能力的情況下，股利稅負懲罰與股利發放率間具負向關聯性；其次，在不考慮股利稅負懲罰的情況下，經理人能力與股利發放率間的關聯性具正向關聯性；第三，經理人能力對股利稅負懲罰與股利發放率的調節作用為負，表示高能力經理人制定股利發放策略時，會考慮股東的租稅負擔情況；第四，經理人能力與股利與股票購回替代之稅負敏感度具有正向關聯性；最後，當1998年與2010年稅制改革發生時，此兩個時期對股利來說，皆為降稅之效果，故高能力經理人會增加股利的發放。因此能夠得到以下結論：高能力經理人能夠制定具有租稅效率之股利發放政策。
This paper aims to examine the relationship between shareholder dividend tax penalties and dividend payout policy, to explore the relationship between managerial ability and dividend payout policy, and to examine the relationship between managerial ability and the shareholder tax sensitivity of dividends. This paper also analyzes the factors that affect the dividend payout ratio, such as enterprise characteristics and business strategy.
In prior literature, there was no conclusion on the factors that affect the dividend payout policy. Guan, Li, and Ma (2018) considered the effect of managerial ability on the dividend tax penalty and dividend payout ratio. According to Guan et al. (2018), this paper measures the influence of managerial ability on the shareholder tax sensitivity of dividends and adjusts with the dividend taxation system in Taiwan. Also, different types of shareholders apply to different tax rates, so this paper measures the tax penalty with the shareholding-weighted tax penalty.
This paper collects publicly available data of dividend payouts by publicly traded companies in Taiwan between 1995 and 2014. The empirical results show that without considering managerial ability, there is a negative correlation between the dividend tax penalty and the dividend payout ratio. Second, without considering the dividend tax penalty, the correlation between managerial ability and the dividend payout ratio is positive. Third, the reflection of the dividend tax penalty and the managerial ability on the dividend payout ratio is negative, which indicates that high-ability managers would consider the shareholder`s tax burden when making the dividend payment policy. Fourth, the managerial ability is positively correlated with the shareholder tax sensitivity of dividend-repurchase substitutions. Finally, there is the effect of tax cuts in two tax reform periods took place in 1998 and 2010. High-ability managers would increase the distribution of dividends. Therefore, the following conclusions can be drawn: high-ability managers can make dividend payment policies that are tax-efficient.
參考文獻 徐偉初、羅時萬與陳國樑，2017，我國股利所得課稅及兩稅合一制度之檢討，105年度委託研究計畫(編號: 105mof006)。臺北市：財政部。
Abor, J., and Bokpin, G. A. 2010. Investment opportunities, corporate finance, and dividend payout policy. Studies in economics and finance.
Abrutyn, S., and Turner, R. W. 1990. Taxes and firms` dividend policies: survey results. National Tax Journal, 43(4): 491-496.
Allen, F., Bernardo, A. E., and Welch, I. 2000. A theory of dividends based on tax clienteles. The Journal of Finance, 55(6): 2499-2536.
Anthony, J. H., and Ramesh, K. 1992. Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2-3): 203-227.
Arditti, F. D., Levy, H., and Sarnat, M. 1976. Taxes, uncertainty and optimal dividend policy. Financial Management: 46-52.
Baik, B., Farber, D. B., and Lee, S. 2011. CEO ability and management earnings forecasts. Contemporary Accounting Research, 28(5): 1645-1668.
Baker, M., and Wurgler, J. 2004. A catering theory of dividends. The Journal of Finance, 59(3): 1125-1165.
Banerjee, S., Gatchev, V. A., and Spindt, P. A. 2007. Stock market liquidity and firm dividend policy. Journal of Financial and Quantitative Analysis, 42(2): 369-397.
Ben-Horim, M., Hochman, S., and Palmon, O. 1987. The impact of the 1986 Tax Reform Act on corporate financial policy. Financial Management: 29-35.
Bertrand, M., and Schoar, A. 2003. Managing with style: The effect of managers on firm policies. The quarterly journal of economics, 118(4): 1169-1208.
Bhattacharya, S. 1979. Imperfect information, dividend policy, and" the bird in the hand" fallacy. The Bell Journal of Economics: 259-270.
Bolster, P. J., and Janjigian, V. 1991. Dividend policy and valuation effects of the Tax Reform Act of 1986. National Tax Journal: 511-518.
Brav, A., Graham, J. R., Harvey, C. R., and Michaely, R. 2005. Payout policy in the 21st century. Journal of Financial Economics, 77(3): 483-527.
Brav, A., Graham, J. R., Harvey, C. R., and Michaely, R. 2008. Managerial response to the May 2003 dividend tax cut. Financial Management, 37(4): 611-624.
Brown, J. R., Liang, N., and Weisbenner, S. 2007. Executive financial incentives and payout policy: Firm responses to the 2003 dividend tax cut. The Journal of Finance, 62(4): 1935-1965.
Bushman, R., Chen, Q., Engel, E., and Smith, A. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics, 37(2): 167-201.
Chatterjee, A., and Hambrick, D. C. 2007. It`s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative science quarterly, 52(3): 351-386.
Chetty, R., and Saez, E. 2005. Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut. The Quarterly journal of economics, 120(3): 791-833.
DeAngelo, H., DeAngelo, L., and Stulz, R. M. 2006. Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2): 227-254.
DeAngelo, H., DeAngelo, L., and Stulz, R. M. 2010. Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics, 95(3): 275-295.
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Demerjian, P. R., Lev, B., Lewis, M. F., and McVay, S. E. 2013. Managerial ability and earnings quality. The Accounting Review, 88(2): 463-498.
Desai, M. A., and Dharmapala, D. 2009. Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3): 537-546.
Dhaliwal, D., Krull, L., Li, O. Z., and Moser, W. 2005. Dividend taxes and implied cost of equity capital. Journal of Accounting Research, 43(5): 675-708.
Dhaliwal, D., Li, O. Z., and Trezevant, R. 2003. Is a dividend tax penalty incorporated into the return on a firm`s common stock? Journal of Accounting and Economics, 35(2): 155-178.
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描述 碩士
國立政治大學
財政學系
107255006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107255006
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.author (Authors) 張䅨芷zh_TW
dc.contributor.author (Authors) Zhang, Xiang-Zhien_US
dc.creator (作者) 張䅨芷zh_TW
dc.creator (作者) Zhang, Xiang-Zhien_US
dc.date (日期) 2020en_US
dc.date.accessioned 1-Jul-2020 13:55:25 (UTC+8)-
dc.date.available 1-Jul-2020 13:55:25 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2020 13:55:25 (UTC+8)-
dc.identifier (Other Identifiers) G0107255006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130615-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description (描述) 107255006zh_TW
dc.description.abstract (摘要) 本文探討股東股利稅負懲罰(Tax Penalty)與企業股利策略關聯性；此外，探討經理人能力(Managerial Ability)與企業股利策略關聯性；最後，探討經理人能力與股東股利稅負敏感度關聯性，並分析影響股利發放率之企業特性與營運策略制定。
過去文獻對於影響股利發放策略的因素未有一個定論，Guan, Li, and Ma (2018)特此考量經理人能力對股利稅負懲罰與股利發放率影響，而本文參考Guan et al. (2018)考量經理人能力對股東股利稅負敏感度的影響，並根據臺灣的股利稅制情況做調整，也因不同股東類型適用不同的稅率，故以加權平均的方式計算整體股利稅負懲罰。
本文採用1995年至2014年之臺灣上市櫃資料進行分析。實證結果顯示，首先，在不考慮經理人能力的情況下，股利稅負懲罰與股利發放率間具負向關聯性；其次，在不考慮股利稅負懲罰的情況下，經理人能力與股利發放率間的關聯性具正向關聯性；第三，經理人能力對股利稅負懲罰與股利發放率的調節作用為負，表示高能力經理人制定股利發放策略時，會考慮股東的租稅負擔情況；第四，經理人能力與股利與股票購回替代之稅負敏感度具有正向關聯性；最後，當1998年與2010年稅制改革發生時，此兩個時期對股利來說，皆為降稅之效果，故高能力經理人會增加股利的發放。因此能夠得到以下結論：高能力經理人能夠制定具有租稅效率之股利發放政策。		zh_TW
dc.description.abstract (摘要) This paper aims to examine the relationship between shareholder dividend tax penalties and dividend payout policy, to explore the relationship between managerial ability and dividend payout policy, and to examine the relationship between managerial ability and the shareholder tax sensitivity of dividends. This paper also analyzes the factors that affect the dividend payout ratio, such as enterprise characteristics and business strategy.
In prior literature, there was no conclusion on the factors that affect the dividend payout policy. Guan, Li, and Ma (2018) considered the effect of managerial ability on the dividend tax penalty and dividend payout ratio. According to Guan et al. (2018), this paper measures the influence of managerial ability on the shareholder tax sensitivity of dividends and adjusts with the dividend taxation system in Taiwan. Also, different types of shareholders apply to different tax rates, so this paper measures the tax penalty with the shareholding-weighted tax penalty.
This paper collects publicly available data of dividend payouts by publicly traded companies in Taiwan between 1995 and 2014. The empirical results show that without considering managerial ability, there is a negative correlation between the dividend tax penalty and the dividend payout ratio. Second, without considering the dividend tax penalty, the correlation between managerial ability and the dividend payout ratio is positive. Third, the reflection of the dividend tax penalty and the managerial ability on the dividend payout ratio is negative, which indicates that high-ability managers would consider the shareholder`s tax burden when making the dividend payment policy. Fourth, the managerial ability is positively correlated with the shareholder tax sensitivity of dividend-repurchase substitutions. Finally, there is the effect of tax cuts in two tax reform periods took place in 1998 and 2010. High-ability managers would increase the distribution of dividends. Therefore, the following conclusions can be drawn: high-ability managers can make dividend payment policies that are tax-efficient.		en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究流程 5
第貳章 文獻回顧與假說建立 6
第一節 股東股利稅負懲罰與公司股利發放率 7
第二節 經理人能力與企業股利發放策略 8
第三節 經理人能力與股東股利稅負敏感度 9
第四節 假說建立 10
第參章 研究方法 12
第一節 樣本篩選與資料來源 12
第二節 企業股利發放策略指標 13
第三節 股東股利稅負懲罰指標 14
第四節 經理人能力指標 20
第五節 控制變數定義 24
第六節 實證模型 29
第肆章 實證結果與分析 32
第一節 樣本敘述性統計 32
第二節 實證結果 38
第三節 敏感性分析 41
第伍章 結論與建議 47
第一節 結論與建議 47
第二節 研究限制 48
參考文獻 49		zh_TW
dc.format.extent 2212631 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107255006en_US
dc.subject (關鍵詞) 股利稅負懲罰zh_TW
dc.subject (關鍵詞) 經理人能力zh_TW
dc.subject (關鍵詞) 股利發放政策zh_TW
dc.subject (關鍵詞) Dividend Tax Penaltiesen_US
dc.subject (關鍵詞) Managerial Abilityen_US
dc.subject (關鍵詞) Dividend Payout Policyen_US
dc.title (題名) 經理人能力與股東股利稅負敏感度zh_TW
dc.title (題名) Managerial Ability and the Shareholder Tax Sensitivity of Dividends – Evidence from Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 徐偉初、羅時萬與陳國樑，2017，我國股利所得課稅及兩稅合一制度之檢討，105年度委託研究計畫(編號: 105mof006)。臺北市：財政部。
Abor, J., and Bokpin, G. A. 2010. Investment opportunities, corporate finance, and dividend payout policy. Studies in economics and finance.
Abrutyn, S., and Turner, R. W. 1990. Taxes and firms` dividend policies: survey results. National Tax Journal, 43(4): 491-496.
Allen, F., Bernardo, A. E., and Welch, I. 2000. A theory of dividends based on tax clienteles. The Journal of Finance, 55(6): 2499-2536.
Anthony, J. H., and Ramesh, K. 1992. Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2-3): 203-227.
Arditti, F. D., Levy, H., and Sarnat, M. 1976. Taxes, uncertainty and optimal dividend policy. Financial Management: 46-52.
Baik, B., Farber, D. B., and Lee, S. 2011. CEO ability and management earnings forecasts. Contemporary Accounting Research, 28(5): 1645-1668.
Baker, M., and Wurgler, J. 2004. A catering theory of dividends. The Journal of Finance, 59(3): 1125-1165.
Banerjee, S., Gatchev, V. A., and Spindt, P. A. 2007. Stock market liquidity and firm dividend policy. Journal of Financial and Quantitative Analysis, 42(2): 369-397.
Ben-Horim, M., Hochman, S., and Palmon, O. 1987. The impact of the 1986 Tax Reform Act on corporate financial policy. Financial Management: 29-35.
Bertrand, M., and Schoar, A. 2003. Managing with style: The effect of managers on firm policies. The quarterly journal of economics, 118(4): 1169-1208.
Bhattacharya, S. 1979. Imperfect information, dividend policy, and" the bird in the hand" fallacy. The Bell Journal of Economics: 259-270.
Bolster, P. J., and Janjigian, V. 1991. Dividend policy and valuation effects of the Tax Reform Act of 1986. National Tax Journal: 511-518.
Brav, A., Graham, J. R., Harvey, C. R., and Michaely, R. 2005. Payout policy in the 21st century. Journal of Financial Economics, 77(3): 483-527.
Brav, A., Graham, J. R., Harvey, C. R., and Michaely, R. 2008. Managerial response to the May 2003 dividend tax cut. Financial Management, 37(4): 611-624.
Brown, J. R., Liang, N., and Weisbenner, S. 2007. Executive financial incentives and payout policy: Firm responses to the 2003 dividend tax cut. The Journal of Finance, 62(4): 1935-1965.
Bushman, R., Chen, Q., Engel, E., and Smith, A. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics, 37(2): 167-201.
Chatterjee, A., and Hambrick, D. C. 2007. It`s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative science quarterly, 52(3): 351-386.
Chetty, R., and Saez, E. 2005. Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut. The Quarterly journal of economics, 120(3): 791-833.
DeAngelo, H., DeAngelo, L., and Stulz, R. M. 2006. Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2): 227-254.
DeAngelo, H., DeAngelo, L., and Stulz, R. M. 2010. Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics, 95(3): 275-295.
Demerjian, P., Lev, B., and McVay, S. 2012. Quantifying managerial ability: A new measure and validity tests. Management science, 58(7): 1229-1248.
Demerjian, P. R., Lev, B., Lewis, M. F., and McVay, S. E. 2013. Managerial ability and earnings quality. The Accounting Review, 88(2): 463-498.
Desai, M. A., and Dharmapala, D. 2009. Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3): 537-546.
Dhaliwal, D., Krull, L., Li, O. Z., and Moser, W. 2005. Dividend taxes and implied cost of equity capital. Journal of Accounting Research, 43(5): 675-708.
Dhaliwal, D., Li, O. Z., and Trezevant, R. 2003. Is a dividend tax penalty incorporated into the return on a firm`s common stock? Journal of Accounting and Economics, 35(2): 155-178.
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dc.identifier.doi (DOI) 10.6814/NCCU202000571en_US