Please use this identifier to cite or link to this item: https://ah.lib.nccu.edu.tw/handle/140.119/130922
題名: 2018年所得稅優化方案對我國上市櫃公司股價影響之研究—以公司特性分析
作者: 陳玟蓁
Chen, Wen-Chen
貢獻者: 梁嘉紋
陳玟蓁
Chen, Wen-Chen
關鍵詞: 股利所得稅
事件研究法
異常報酬
公司特性分析
Dividends tax
Event study
Abnormal returns
Firm’s characteristics analysis
日期: 2020
上傳時間: 3-Aug-2020
摘要: 我國自1998年實施之兩稅合一制度除了鼓勵投資的效果不彰之外,也帶來鉅額稅收損失,故政府於2014年財政健全方案中將兩稅合一全額設算扣抵制度修正為半數設算扣抵制度。然而,兩稅合一制度仍然存在許多爭論與缺失,故立法院於2018年1月18日三讀通過所得稅優化方案,期能打造公平合理之稅制。本研究以事件研究法探討2018年所得稅優化方案相關事件日是否對我國上市櫃公司之股價產生正向之影響。此外,本研究以多元迴歸模型檢定股利殖利率、研發費用密集度、負債比率、外資持股比與相關事件日累計異常報酬之關聯性,以了解累計異常報酬變化之產生原因。實證結果顯示股利殖利率與累計異常報酬率為顯著負相關,研發費用密集度及負債比率與累計異常報酬率為顯著正相關,與本研究之預期一致。惟外資持股比無法獲得顯著之實證結果,本研究推測可能外資股利所得扣繳率調調整幅度過小,因此並未產生顯著之影響。
Taiwan has implemented the integrated income tax system to prevent the double taxation of dividends since 1998. However, it didn’t meet the goals of investment promotion, but largely reduced the tax revenues. As a result, the original full imputation system was revised to the partial imputation system in 2014. However, there were still lots of deficiencies in the modified imputation tax system and thus, the amendment to the "Income Tax Act “was passed by the Legislature on the 18th of January, 2018.This paper uses event study methodology to examine the stock market reaction to the amendment of the "2018 Income Tax Act “. The results show that cumulative abnormal returns (CAR) around the event dates increases with firm’s R&D intensity and leverage. The results also show that the cumulative abnormal returns around the event dates decreases with dividend yield. However, I do not find the cumulative abnormal returns around the event dates to be associated with foreign institutional ownership.
參考文獻: 一、中文部分\n沈中華、李建然,2000,事件研究法-財務與會計實證研究必備,台北:華泰文化。\n許崇源、俞洪昭、洪盈斌、戚務君,2000,兩稅合一制度對公司屬性與股票報酬\n關聯性之影響,會計評論,第32期:81-101。\n葉明田與余明助,2000,企業文化、組織生涯管理與組織績效之關係研究-以台\n灣高科技產業為例,管理評論,第19卷第3期:51-75。\n許崇源、俞洪昭、洪盈斌與戚務君,2000,兩稅合一制度對公司屬性與股票報酬\n關聯性之影響,會計評論,第32期:81-101。\n楊志海與陳忠榮,2001,創新活動的投入、產出與效率-科技學園區內外高科技\n廠商的比較,臺大管理論叢,第11卷第2期:129-153。\n黃瑞靜、徐守德、廖四郎,2001,兩稅合一對公司價值、股利政策與資本結構之\n影響—動態資本結構模型之應用與台灣產業的實證研究,管理評論,第20卷第2期:55-86。\n汪瑞芝、陳明進、林世銘,2005,土地增值稅減半政策之事件研究,證券市場發\n展,第17卷第1期:79-104。\n洪榮華、曾子耘與吳建偉,2007,兩稅合一對企業融資政策之影響,中山管理評\n論,第15卷第4期:751-777。\n陳明進、李桓伊,2017,產業創新條例限縮投資抵減對企業研究發展支出行為之\n影響,管理學報,第34卷第2期:277-305。\n徐偉初,2016,我國股利所得課稅及兩稅合一制度之檢討,財政部委託研究計畫。\n洪盈斌,1999,兩稅合一事件對我國上市公司股價影響之研究,國立政治大學會\n計系研究所碩士論文。\n張詠棠,2015,兩稅合一股東可扣抵稅額減半之市場反應研究,國立臺灣大學會\n計學研究所碩士論文。\n許芸甄,2019,股利稅改、當沖降稅與股票報酬:以事件研究法分析,東吳大學\n會計學研究所碩士論文。\n\n二、英文部分\nAmoako-Adu, B., M. Rashid and M. Stebbins. 1992. Capital gains tax and equity values: empirical test of stock price reaction to the introduction and reduction of capital gains tax exemption. Journal of Banking and Finance, 16: 275-287.\nAtiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcement. Journal of Accounting Research, Vol. 23, 21-36.\nAuerbach, A., and K. Hassett. 2007. The 2003 dividend tax cut and the value of the firm: an event study. In: Auerbach, A., Hines, J., Slemrod, J., (Eds.) Taxing Corporate Income in the 21st Century. Cambridge University Press, New York.\nAyers, B. C., C. B. Cloyd, and J. R. Robinson. 2002. The effect of shareholder-level dividend taxes on stock prices: Evidence from the Revenue Reconciliation Act of 1993. The Accounting Review, 77.4: 933-947.\nBell, L., and T. Jenkinson. 2002. New evidence on the impact of dividend taxation and on the identity of the marginal investor. Journal of Finance 57: 1321-1346.\nBlack, F., and M. Scholes. 1974. The effects of dividend yield and dividend policy on common stock prices and returns. Journal of financial economics, 1(1): 1-22.\nBrenner, M. 1977. The effect of the model misspecification on the tests of the efficient market hypotheses. Journal of Finance, 32: 57-66.\nBrown, S., and J. Warner. 1985. Using daily stock returns: The case of event studies.\nJournal of Financial Economics 14: 3–31.\nChristie, W. G., and V. Nanda. 1994. Free cash flow, shareholder value, and the undistributed profits tax of 1936 and 1937. Journal of Finance, 49(5): 1727-1754.\nDhaliwal, D., L. Krull, and O. Z. Li. 2007. Did the 2003 Tax Act reduce the cost of equity capital? Journal of Accounting and Economics, 43(1): 121-150.\nDown, T., and P. H. Hendershott. 1987. Tax policy and stock price. National Tax Journal 40(2): 183-190.\nFreeman, R. N. 1987. The association between accounting earnings and security returns for large and small firms. Journal of Accounting and Economics, Vol. 9, 195-228.\nHubbard, J., and R. Michaely. 1997. Do investors ignore dividend taxation? A reexamination of the Citizens Utilities case. Journal of Financial and Quantitative Analysis, 32(1).\nJensen, G. R., D. P. Solberg, and T. S. Zorn. 1992. Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis(27): 247-263.\nKoch, P. D., and C. Shenoy. 1999. The information content of dividend and capital structure policies. Financial Management(28): 16-35.\nKuo, N.T. 2011. Individual-shareholder-level dividend taxes in firm valuation: new evidence from Taiwan. Department of Accounting National Cheng Kung\nUniversity, 1-88.\nLang, M. H., and D. A. Shackelford. 2000. Capitalization of capital gains taxes: Evidence from stock price reactions to the 1997 rate reduction. Journal of Public Economics, 76(1): 69-85.\nLiang, J.W., S. R. Matsunaga, and D. C. Morse. 2002. The effect of the expected holding period on the market reaction to a decline in the capital gains tax rate. Journal of the American Taxation Association 24 (s-1): 49–64.\nMiller, M. H., and M. S. Scholes. 1982. Dividends and taxes: Some empirical evidence. The Journal of Political Economy: 1118-1141.\nOzkan, N. 2002. Effects of financial constraints on research and development investment: An empirical investigation. Applied Financial Economics 12 (November): 827-834.\nPattenden, K., and G. Twite. 2008. Taxes and dividend policy under alternative tax regimes. Journal of Corporate Finance, 14: 1-16.\nPeterson, P. P. 1989. Event study: A review of issuers and methodology. Quarter Journal of Business and Economics, 28: 36-66.\nRozeff, M. S. 1982. Growth, beta and agency cost as determinants of payout ratios. Journal of Financial Research(5): 249-259.\nSeyhun, H. N. 1986. Insiders’ profits, cost of trading, and market efficiency. Journal of Financial Economics, Vol.16, 189-212.\nTrahan, E. A. and P. J. Bolster. 1995. The impact of barron’s recommendations on stock price. Quarterly Journal of Business and Economics, Vol.34, 3-16.\n\n三、新聞報導部分(以時間順序排列)\n聯合晚報,2016.6.4,稅改不倫不類 該修。\n大紀元,2016.6.9,兩稅合一是否檢討 台財長:明年提修法。\n聯合報,2016.6.27,財部推稅改 上網徵民意。\n聯合報,2016.7.28,府證實:已請財部研商解決。\n聯合晚報,2016.10.24,內資股利稅率將檢討。\n經濟日報,2016.10.25,股利課稅朝內外資衡平。\n自由時報,2016.10.27,財長拋減稅利多 3小時就改口。\n鉅亨網,2016.12.2,金管會建議救股市 財政部:當沖、股利2大稅改須再議。\n自由時報,2016.12.2,李瑞倉訪許虞哲 財部:當沖、股利稅改須再議。\n鉅亨網,2017.1.1,稅制不合理 稅改拚中期改革。\n經濟日報,2017.1.3,稅改定調 林全:提高營所稅率。\n鉅亨網,2017.1.3,林全喊今年將增營所稅、降綜所稅。\n經濟日報,2017.1.9,所得稅改方案五月出爐。\n經濟日報,2017.1.16,稅改啟動 擬取消兩稅合一。\n聯合晚報,2017.1.16,財長:稅改一定不是這稅率。\n鉅亨網,2017.1.20,兩稅合一有3大爭議 股利所得課稅改革訂3大方向。\n自由時報,2017.1.21,股利所得3課稅方向 稅率未定。\n鉅亨網,2017.2.10,股利稅改座談 3大爭議待解決 分級分離課稅較獲認同。\n經濟日報,2017.2.11,稅改初步定調 廢兩稅合一。\n鉅亨網,2017.2.14,股利所得稅改 財政部提4大修改方向。\n經濟日報,2017.2.15,股利所得怎麼說 兩派論戰。\n經濟日報,2017.3.25,股利所得分離課稅 專家籲採三級稅率。\n大紀元,2017.4.14,台財部稅改報告 提股利所得兩種課法。\n聯合報,2017.4.21,股利稅改 劫貧濟富版 大股東贏家。\n經濟日報,2017.4.21,股利稅改 財部屬意二擇一版。\n聯合晚報,2017.5.10,稅改方案劫貧濟富?財部:最快6月出爐。\n大紀元,2017.5.10,稅改方案 台財部延至六月報政院。\n經濟日報,2017.6.10,股利所得 擬採20%單一稅率。\n聯合報,2017.6.20,稅改方案 月底送進政院。\n經濟日報,2017.6.20,稅改方案有雛形了。\n大紀元,2017.6.28,台年改前瞻戰場亂 稅改延至七月中上旬。\n聯合晚報,2017.9.1,稅改 營所稅提高至20%。\n經濟日報,2017.9.1,稅改案今公布 股利稅二擇一。\n大紀元,2017.9.1,行政院:稅改為創造稅制公平。\n經濟日報,2017.9.2,三大財金部會力挺 彭淮南提五大論點。\n經濟日報,2017.9.2,全民大減稅 營所稅升至20%。\n經濟日報,2017.9.10,稅改取消ICA逾5,000億可扣抵稅額一筆勾銷。\n經濟日報,2017.9.11,股東扣抵稅額歸零 無緩衝期。\n聯合報,2017.9.16,保留盈餘稅可退?財部不鬆口。\n經濟日報,2017.10.5,未分配盈餘課稅 三版本角力。\n聯合報,2017.10.6,股利稅改方案 窮富都受惠。\n經濟日報,2017.10.11,股利稅改 可扣抵額帳戶將註銷。\n中央社,2017.10.20,所得稅法部分條文修正草案一讀 付委審查。\n聯合報,2017.11.2,今審稅改方案 洋洋灑灑47版本。\n經濟日報,2017.12.1,稅改明年初上路 有變數。\n經濟日報,2017.12.12,財長鬆口 三項扣除額有望調高。\n聯合報,2017.12.12,稅改逕付二讀。\n自由時報,2017.12.16,全民大減稅 草案逕付二讀。\n聯合晚報,2018.1.17,3扣除額可望加碼 明年報稅可適用。\n今周刊,2018.1.18,稅改案三讀通過!月薪3萬元以下不用繳稅。
描述: 碩士
國立政治大學
會計學系
105353016
資料來源: http://thesis.lib.nccu.edu.tw/record/#G0105353016
資料類型: thesis
Appears in Collections:學位論文

Files in This Item:
File Description SizeFormat
301601.pdf2.36 MBAdobe PDF2View/Open
Show full item record

Google ScholarTM

Check

Altmetric

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.