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題名 租稅不確定性與股利政策
Tax Uncertainty and Dividend Policy
作者 張芸嫚
Chang, Yun Man
貢獻者 何怡澄<br>郭振雄
張芸嫚
Chang, Yun Man
關鍵詞 股利政策
租稅不確定性
預防性現金持有
租稅不確定性狀況聲明書
Dividend policy
Tax uncertainty
Precautionary cash holding
Schedule UTP
Uncertain Tax Position Statement
日期 2023
上傳時間 1-Sep-2023 16:08:39 (UTC+8)
摘要 本研究探討租稅不確定性對股利政策的影響。由於租稅不確定性會增加企業持有預防性動機的現金，進而降低企業發放股利的可能性與金額。本研究以2005至2019年美國上市公司為研究對象，透過2010年美國國稅局要求企業提供租稅不確定性狀況聲明書(Schedule UTP)的外生衝擊，探討租稅不確定性對公司股利政策的影響。研究結果顯示，租稅不確定性程度增加，使企業持有更多預防性動機的現金，降低企業支付股利的可能性與金額。敏感性分析，使用不同的股利衡量方式、租稅不確定性指標，以及縮短樣本期間，皆獲得一致的結果。額外測試，發現租稅不確定性狀況下，企業會使用股票回購的管道進行股利分配，但盈餘整體的分配仍舊會降低。本研究發現揭露租稅不確定性狀況給國稅局的政策，會降低企業的現金股利分配，進而影響投資人的股利報酬。
This study examines the impact of tax uncertainty on dividend policy. Due to increased tax uncertainty, companies tend to hold more precautionary cash, which reduces the likelihood and amount of dividends paid. The study focuses on US-listed companies from 2005 to 2019 and utilizes the exogenous shock of the 2010 US Internal Revenue Service`s requirement for companies to provide a Schedule UTP (Uncertain Tax Position) disclosure on tax uncertainty. The findings show that higher tax uncertainty reduces the probability and amount of dividends paid by companies. Sensitivity analyses using different dividend measures, tax uncertainty indicators, and shorter sample periods yield consistent results. Additional tests indicate that tax uncertainty leads to companies resort to stock repurchases as an alternative channel for distributing dividends, but overall earnings distribution still decreases. This study highlights that the disclosure of tax uncertainty to tax authorities reduces companies` cash dividend distribution, thus impacting investors` dividend returns.
參考文獻 王建煊與吳嘉勳，2011，租稅法，台北：華泰文化事業股份有限公司
李婉瑄. (2018). 租稅不確定性與企業股利政策-以臺灣上市櫃公司為例.
Abernathy, J. L., Davenport, S. A., & Rapley, E. T. (2013). Schedule UTP: Stock price reaction and economic consequences. The Journal of the American Taxation Association, 35(1), 25-48.
Ahmed, A. S., Billings, B. K., Morton, R. M., & Stanford‐Harris, M. (2002). The role of accounting conservatism in mitigating bondholder‐shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review, 77(4), 867-890.
Amberger, H. J. (2023). Volatility of Tax Payments and Dividend Payouts. Contemporary Accounting Research, 40(1), 451-487.
Anderson, M. C., Kabir, M., Rashid, H., & Warsame, H. A. (2022). Corporate Dividend Policy and Tax Avoidance. Canadian Tax Journal/Revue fiscale canadienne, 70(4), 747-784.
Anthony, J. H., & 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.
Balachandran, B., Khan, A., Mather, P., & Theobald, M. (2019). Insider ownership and dividend policy in an imputation tax environment. Journal of Corporate Finance, 54, 153-167.
Barclay, M. J., Holderness, C. G., & Sheehan, D. P. (2009). Dividends and corporate shareholders. The review of financial studies, 22(6), 2423-2455.
Bauer, A. M., & Klassen, K. J. (2017). Assessing the market reaction to unfavorable tax settlements: Using textual analysis to categorize ambiguous tabulated disclosures. Available at SSRN 2379666.
Bernheim, B. D. (1990). Tax policy and the dividend puzzle. In: National Bureau of Economic Research Cambridge, Mass., USA.
Bhattacharya, S. (1979). Imperfect information, dividend policy, and" the bird in the hand" fallacy. The bell journal of economics, 259-270.
Brühne, A. I., & Schanz, D. (2022). Defining and managing corporate tax risk: perceptions of tax risk experts. Contemporary Accounting Research, 39(4), 2861-2902.
Bradley, M., Capozza, D. R., & Seguin, P. J. (1998). Dividend policy and cash‐flow uncertainty. Real Estate Economics, 26(4), 555-580.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of financial economics, 77(3), 483-527.
Cen, L., Maydew, E. L., Zhang, L., & Zuo, L. (2017). Customer–supplier relationships and corporate tax avoidance. Journal of financial economics, 123(2), 377-394.
Chay, J.-B., & Suh, J. (2009). Payout policy and cash-flow uncertainty. Journal of financial economics, 93(1), 88-107.
Chen, N.-F., Grundy, B., & Stambaugh, R. F. (1990). Changing risk, changing risk premiums, and dividend yield effects. Journal of Business, S51-S70.
Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of financial economics, 95(1), 41-61.
Chen, W. (2021). Too far east is west: tax risk, tax reform and investment timing. International Journal of Managerial Finance, 17(2), 303-326.
Chernobai, A., Jorion, P., & Yu, F. (2011). The determinants of operational risk in US financial institutions. Journal of Financial and Quantitative Analysis, 46(6), 1683-1725.
DeAngelo, H., DeAngelo, L., & 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.
Denis, D. J., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of financial economics, 89(1), 62-82.
Desai, M. A. (2003). The divergence between book income and tax income. Tax policy and the economy, 17, 169-206.
Dhaliwal, D. S., Erickson, M., & Trezevant, R. (1999). A test of the theory of tax clienteles for dividend policies. National Tax Journal, 52(2), 179-194.
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描述 碩士
國立政治大學
財政學系
110255013
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110255013
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.author (Authors) 張芸嫚zh_TW
dc.contributor.author (Authors) Chang, Yun Manen_US
dc.creator (作者) 張芸嫚zh_TW
dc.creator (作者) Chang, Yun Manen_US
dc.date (日期) 2023en_US
dc.date.accessioned 1-Sep-2023 16:08:39 (UTC+8)-
dc.date.available 1-Sep-2023 16:08:39 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2023 16:08:39 (UTC+8)-
dc.identifier (Other Identifiers) G0110255013en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/147217-
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) 110255013zh_TW
dc.description.abstract (摘要) 本研究探討租稅不確定性對股利政策的影響。由於租稅不確定性會增加企業持有預防性動機的現金，進而降低企業發放股利的可能性與金額。本研究以2005至2019年美國上市公司為研究對象，透過2010年美國國稅局要求企業提供租稅不確定性狀況聲明書(Schedule UTP)的外生衝擊，探討租稅不確定性對公司股利政策的影響。研究結果顯示，租稅不確定性程度增加，使企業持有更多預防性動機的現金，降低企業支付股利的可能性與金額。敏感性分析，使用不同的股利衡量方式、租稅不確定性指標，以及縮短樣本期間，皆獲得一致的結果。額外測試，發現租稅不確定性狀況下，企業會使用股票回購的管道進行股利分配，但盈餘整體的分配仍舊會降低。本研究發現揭露租稅不確定性狀況給國稅局的政策，會降低企業的現金股利分配，進而影響投資人的股利報酬。zh_TW
dc.description.abstract (摘要) This study examines the impact of tax uncertainty on dividend policy. Due to increased tax uncertainty, companies tend to hold more precautionary cash, which reduces the likelihood and amount of dividends paid. The study focuses on US-listed companies from 2005 to 2019 and utilizes the exogenous shock of the 2010 US Internal Revenue Service`s requirement for companies to provide a Schedule UTP (Uncertain Tax Position) disclosure on tax uncertainty. The findings show that higher tax uncertainty reduces the probability and amount of dividends paid by companies. Sensitivity analyses using different dividend measures, tax uncertainty indicators, and shorter sample periods yield consistent results. Additional tests indicate that tax uncertainty leads to companies resort to stock repurchases as an alternative channel for distributing dividends, but overall earnings distribution still decreases. This study highlights that the disclosure of tax uncertainty to tax authorities reduces companies` cash dividend distribution, thus impacting investors` dividend returns.en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究議題與動機 1
第二節 研究流程 4
第貳章 文獻回顧及假說建立 5
第一節 租稅規避、租稅風險與租稅不確定性 6
第二節 租稅不確定性狀況聲明書 10
第三節 股利政策 12
第四節 假說建立 14
第參章 研究方法 17
第一節 資料來源與樣本篩選 17
第二節 變數定義 19
第三節 實證模型 32
第肆章 實證結果 35
第一節 樣本敘述統計 36
第二節 實證結果 45
第三節 敏感性分析 52
第四節 額外測試 81
第伍章 研究結論與限制 87
第一節 研究結論 87
第二節 研究限制與建議 89
參考文獻 90		zh_TW
dc.format.extent 5225085 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110255013en_US
dc.subject (關鍵詞) 股利政策zh_TW
dc.subject (關鍵詞) 租稅不確定性zh_TW
dc.subject (關鍵詞) 預防性現金持有zh_TW
dc.subject (關鍵詞) 租稅不確定性狀況聲明書zh_TW
dc.subject (關鍵詞) Dividend policyen_US
dc.subject (關鍵詞) Tax uncertaintyen_US
dc.subject (關鍵詞) Precautionary cash holdingen_US
dc.subject (關鍵詞) Schedule UTPen_US
dc.subject (關鍵詞) Uncertain Tax Position Statementen_US
dc.title (題名) 租稅不確定性與股利政策zh_TW
dc.title (題名) Tax Uncertainty and Dividend Policyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 王建煊與吳嘉勳，2011，租稅法，台北：華泰文化事業股份有限公司
李婉瑄. (2018). 租稅不確定性與企業股利政策-以臺灣上市櫃公司為例.
Abernathy, J. L., Davenport, S. A., & Rapley, E. T. (2013). Schedule UTP: Stock price reaction and economic consequences. The Journal of the American Taxation Association, 35(1), 25-48.
Ahmed, A. S., Billings, B. K., Morton, R. M., & Stanford‐Harris, M. (2002). The role of accounting conservatism in mitigating bondholder‐shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review, 77(4), 867-890.
Amberger, H. J. (2023). Volatility of Tax Payments and Dividend Payouts. Contemporary Accounting Research, 40(1), 451-487.
Anderson, M. C., Kabir, M., Rashid, H., & Warsame, H. A. (2022). Corporate Dividend Policy and Tax Avoidance. Canadian Tax Journal/Revue fiscale canadienne, 70(4), 747-784.
Anthony, J. H., & 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.
Balachandran, B., Khan, A., Mather, P., & Theobald, M. (2019). Insider ownership and dividend policy in an imputation tax environment. Journal of Corporate Finance, 54, 153-167.
Barclay, M. J., Holderness, C. G., & Sheehan, D. P. (2009). Dividends and corporate shareholders. The review of financial studies, 22(6), 2423-2455.
Bauer, A. M., & Klassen, K. J. (2017). Assessing the market reaction to unfavorable tax settlements: Using textual analysis to categorize ambiguous tabulated disclosures. Available at SSRN 2379666.
Bernheim, B. D. (1990). Tax policy and the dividend puzzle. In: National Bureau of Economic Research Cambridge, Mass., USA.
Bhattacharya, S. (1979). Imperfect information, dividend policy, and" the bird in the hand" fallacy. The bell journal of economics, 259-270.
Brühne, A. I., & Schanz, D. (2022). Defining and managing corporate tax risk: perceptions of tax risk experts. Contemporary Accounting Research, 39(4), 2861-2902.
Bradley, M., Capozza, D. R., & Seguin, P. J. (1998). Dividend policy and cash‐flow uncertainty. Real Estate Economics, 26(4), 555-580.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of financial economics, 77(3), 483-527.
Cen, L., Maydew, E. L., Zhang, L., & Zuo, L. (2017). Customer–supplier relationships and corporate tax avoidance. Journal of financial economics, 123(2), 377-394.
Chay, J.-B., & Suh, J. (2009). Payout policy and cash-flow uncertainty. Journal of financial economics, 93(1), 88-107.
Chen, N.-F., Grundy, B., & Stambaugh, R. F. (1990). Changing risk, changing risk premiums, and dividend yield effects. Journal of Business, S51-S70.
Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of financial economics, 95(1), 41-61.
Chen, W. (2021). Too far east is west: tax risk, tax reform and investment timing. International Journal of Managerial Finance, 17(2), 303-326.
Chernobai, A., Jorion, P., & Yu, F. (2011). The determinants of operational risk in US financial institutions. Journal of Financial and Quantitative Analysis, 46(6), 1683-1725.
DeAngelo, H., DeAngelo, L., & 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.
Denis, D. J., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of financial economics, 89(1), 62-82.
Desai, M. A. (2003). The divergence between book income and tax income. Tax policy and the economy, 17, 169-206.
Dhaliwal, D. S., Erickson, M., & Trezevant, R. (1999). A test of the theory of tax clienteles for dividend policies. National Tax Journal, 52(2), 179-194.
Drake, K. D., Lusch, S. J., & Stekelberg, J. (2019). Does tax risk affect investor valuation of tax avoidance? Journal of Accounting, Auditing & Finance, 34(1), 151-176.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2019). When does tax avoidance result in tax uncertainty? The Accounting Review, 94(2), 179-203.
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