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題名 有效稅率對公司資金使用決策影響—以2010稅改為例
How do the companies act when the corporate income tax rate is lower? Evidence from 2010 tax reform
作者 李德瑞
Lee, Te-Jui
貢獻者 羅光達<br>楊子霆
李德瑞
Lee, Te-Jui
關鍵詞 公司稅率
資金使用決策
工具變數
Corporate income tax rate
Use of corporate funds
Instrumental variable
日期 2017
上傳時間 30-Jul-2018 15:01:25 (UTC+8)
摘要 本文主旨為探討台灣2010年稅改導致各公司有效稅率的變化對其資金使用決策的影響，而資金使用決策本文定義為其於投資、儲蓄及盈餘分配方面的行為。除了以往文獻常用之最小平方法分析外，本文也根據Rao（2016）以工具變數法分析有效稅率變化對各公司決策的影響。本文採用2009及2010年全國申報營利事業之申報書為樣本進行分析。實證結果指出，如以全體公司當作樣本則有效稅率變化對投資、儲蓄及盈餘分配的影響皆不顯著，但考慮不同規模公司行為決策也有很大不同，因此依據中央銀行調查民營公司的方式將公司依資產規模分為大型、中型及小型公司。大型公司有效稅率改變對其儲蓄有顯著負向關係，意即有效稅率下降會增加儲蓄，投資及盈餘分配皆無；而中、小型公司有效稅率改變對其投資、儲蓄及盈餘分配皆具有顯著負向關係，即有效稅率下降會使其增加投資、儲蓄及盈餘分配之金額。
The main subject of this research is mainly focusing on how companies would use their extra fund if the corporate income tax is lower. The use of the fund can either be investing in other projects, distributed to the shareholders or saved for future. In addition to using the Ordinary Least Square, we adopt the method of Instrumental Variable to analyze the effect of the lowing corporate income tax.
     The database we use to do the research is the income tax return of all profit-seeking corporate in Taiwan between 2009 and 2010. The research shows that the change of the effective corporate income tax is negatively significant to saving in big companies. As for medium and small companies, the change of the effective corporate income tax is negatively significant in saving, investing or distributing earnings, meaning that the decrease of the effective corporate income tax will increase the money they use for corporate activities.
參考文獻 林豔麗（2015）「調降營所稅能否提高員工薪資與受雇人數？」，國立政治大學財政學系研究所碩士論文。
     施若盈（2013）「台灣調降營利事業所得稅對外人直接投資（FDI）影響」，國立成功大學財務金融研究所碩士論文。
     陳正芳（2013）「營利事業所得稅稅率調降對公司股利政策之影響」，臺灣銀行季刊，64卷，1期。
     楊子江（2013），「營利事業所得稅統計分析」，財政新知，34期，63-73。
     鄧佳文（2012）「營利事業所得稅調降對公司股利政策之影響」，成功大學會計學系學位論文。
     羅時萬、孫克難（2015），「公司有效稅率對盈餘分配決策之影響—台灣之實證研究」，財稅研究，44卷，1期。
     廖慧玲（2016）「台灣調降營所稅率及促產落日對公司資金運用之比較」，淡江大學會計學系研究所碩士論文。
     Abrutyn, S., and Turner, R. W.（1990）, “Taxes and firms` dividend policies: survey results,” National Tax Journal, 43（4）: 491-496.
     Amoako-Adu, B., & Rashid, M.（1990）, “Corporate tax cut and capital budgeting,” The Engineering Economist, 35（2）: 115-128.
     Armenter, R., and Hnatkovska, V. V.（2011）, “The macroeconomics of firms` savings.”
     Armenter, R.（2012）, “The rise of corporate savings. Philadelphia Business Review.”
     Auten, G., and Carroll, R. （1999）, “The effect of income taxes on household income,” Review of economics and statistics, 81（4）: 681-693.
     Bali, R.（2003）, “An empirical analysis of stock returns around dividend changes,” Applied Economics, 35（1）: 51-61.
     Barclay, M. J.（1987）, “Dividends, taxes, and common stock prices: The ex-dividend day behavior of common stock prices before the income tax,” Journal of Financial Economics, 19（1）: 31-44.
     Bebczuk, R. N.（2000）, “Corporate saving and financing decisions in Latin America,” Económica, 46（2）: 37-72
     Black, F., and Scholes, M.（1974）, “The effects of dividend yield and dividend policy on common stock prices and returns,” Journal of financial economics, 1（1）: 1-22.
     Black, E. L., Legoria, J., and Sellers, K. F. （2000）, “Capital investment effects of dividend imputation,” Journal of the American Taxation Association, 22（2）: 40-59.
     Bradley, M., Jarrell, G. A., and Kim, E. （1984）, “On the existence of an optimal capital structure: Theory and evidence,” The journal of Finance, 39（3）: 857-878.
     Carlson, S. J., and Bathala, C. T.（2011）, “Impact Of The Repeal Of The Investment Tax Credit ON Firms Investment Decisions,” Journal of Applied Business Research （JABR）, 10（2）: 33-39.
     Chetty, R., and Saez, E. （2004）, “Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut,” National Bureau of Economic Research.
     Chen, P., Karabarbounis, L., and Neiman, B.（2017）, “The Global Rise of Corporate Saving,” National Bureau of Economic Research.
     Conroy, R. M., Eades, K. M., and Harris, R. S.（2000）, “A test of the relative pricing effects of dividends and earnings: Evidence from simultaneous announcements in Japan,” The Journal of Finance, 55（3）: 1199-1227.
     Denis, D. J., Denis, D. K., and Sarin, A.（1994）, “The information content of dividend changes: Cash flow signaling, overinvestment, and dividend clienteles,” Journal of Financial and Quantitative Analysis, 29（04）: 567-587.
     Devereux, M. P., and Liu, L.（2014）, “Incorporation for Investment,” Tech. rep.
     Dhaliwal, D. S., Erickson, M., and Trezevant, R.（1999）, “A test of the theory of tax clienteles for dividend policies,” National Tax Journal, 52（2）: 179-194.
     Djankov, S., Ganser, T., McLiesh, C., Ramalho, R., and Shleifer, A.（2010）, “The effect of corporate taxes on investment and entrepreneurship,” American Economic Journal: Macroeconomics, 2（3）: 31-64.
     Fan, J., and Kalemli-Özcan, Ş.（2016）, “Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances,” IMF Economic Review, 64（2）: 239-267.
     Federici, D., and Parisi, V.（2015）, “Do corporate taxes reduce investments? Evidence from Italian firm-level panel data,” Cogent Economics & Finance, 3（1）.
     Gilchrist, S., and Himmelberg, C. P. （1995）, “Evidence on the role of cash flow for investment,” Journal of monetary Economics, 36（3）: 541-572.
     Gonedes, N. J.（1978）, “Corporate signaling, external accounting, and capital market equilibrium: Evidence on dividends, income, and extraordinary items,” Journal of Accounting Research, 26（1）: 26-79.
     Gordon, M. J.（1959）. Dividends, earnings, and stock prices. The review of economics and statistics, 99-105.
     Gruber, J., and Saez, E. （2002）, “The elasticity of taxable income: evidence and implications,” Journal of public Economics, 84（1）: 1-32.
     Harberger, A. C.（1962）, “The incidence of the corporation income tax,” Journal of Political economy, 70（3）: 215-240.
     Holder, M. E., Langrehr, F. W., and Hexter, J. L.（1998）, “Dividend policy determinants: An investigation of the influences of stakeholder theory,” Financial management, 27（3）: 73-82.
     Jensen, G. R., Solberg, D. P., and Zorn, T. S.（1992）, “Simultaneous determination of insider ownership, debt, and dividend policies,” Journal of Financial and Quantitative analysis, 27（2）: 247-263.
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     Lie, E.（2000）, “Excess funds and agency problems: An empirical study of incremental cash disbursements,” Review of Financial Studies, 13（1）: 219-248.
     Litzenberger, R. H., and Ramaswamy, K.（1979）, “The effect of personal taxes and dividends on capital asset prices: Theory and empirical evidence,” Journal of financial economics, 7（2）: 163-195.
     Lloyd, W. P., Jahera, J. S., and Page, D. E.（1985）, “Agency costs and dividend payout ratios,” Quarterly Journal of Business and Economics, 24（3）: 19-29.
     Michaely, R., Thaler, R. H., and Womack, K. L.（1995）, “Price reactions to dividend initiations and omissions: Overreaction or drift?” The Journal of Finance, 50（2）: 573-608.
     Michaely, R., and Roberts, M. R. （2012）, “Corporate dividend policies: Lessons from private firms,” Review of Financial Studies, 25（3）: 711-746.
     Miller, M. H., and Modigliani, F.（1961）, “Dividend policy, growth, and the valuation of shares,” The Journal of Business, 34（4）: 411-433.
     Miller, M. H., and Scholes, M. S.（1982）, “Dividends and taxes: Some empirical evidence,” Journal of Political Economy, 90（6）: 1118-1141.
     Morgan, G., and Thomas, S.（1998）, “Taxes, dividend yields and returns in the UK equity market,” Journal of Banking & Finance, 22（4）: 405-423.
     Myers, S. C., and Majluf, N. S.（1984）, “Corporate financing and investment decisions when firms have information that investors do not have,” Journal of financial economics, 13（2）: 187-221.
     Nissim, D., and Ziv, A.（2001）, “Dividend changes and future profitability,” The Journal of Finance, 56（6）: 2111-2133.
     Pettit, R. R.（1972）, “Dividend announcements, security performance, and capital market efficiency,” The Journal of Finance, 27（5）: 993-1007.
     Pettit, R. R.（1977）, “Taxes, transactions costs and the clientele effect of dividends,” Journal of Financial Economics, 5（3）: 419-436.
     Poterba, J. M., and Summers, L. H.（1984）, “New evidence that taxes affect the valuation of dividends,” The Journal of Finance, 39（5）: 1397-1415.
     Poterba, J. M., Hall, R. E., and Hubbard, R. G.（1987）, “Tax policy and corporate saving,” Brookings Papers on Economic Activity, 1987（2）: 455-515.
     Rao, N. （2016）, “Do tax credits stimulate R&D spending? The effect of the R&D tax credit in its first decade,” Journal of Public Economics, 140: 1-12.
     Richardson, G., Sefcik, S. E., and Thompson, R.（1986）, “A test of dividend irrelevance using volume reactions to a change in dividend policy,” Journal of Financial Economics, 17（2）: 313-333.
     Rozeff, M. S.（1982）, “Growth, beta and agency costs as determinants of dividend payout ratios,” Journal of financial Research, 5（3）: 249-259.
     Scholz, J. K.（1992）, “A direct examination of the dividend clientele hypothesis,” Journal of Public Economics, 49（3）: 261-285.
     Smith, D. C.（1963）, “Corporate Saving Behaviour,” Canadian Journal of Economics and Political Science, 29（3）: 297-310.
     Titman, S., and Wessels, R. （1988）, “The determinants of capital structure choice,” The Journal of finance, 43（1）: 1-19.
     Watts, R.（1973）, “The information content of dividends,” The Journal of Business, 46（2）: 191-211.
     Yoon, P. S., and Starks, L. T.（1995）, “Signaling, investment opportunities, and dividend announcements,” Review of Financial Studies, 8（4）: 995-1018.
描述 碩士
國立政治大學
財政學系
104255025
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1042550251
資料類型 thesis
dc.contributor.advisor 羅光達<br>楊子霆zh_TW
dc.contributor.author (Authors) 李德瑞zh_TW
dc.contributor.author (Authors) Lee, Te-Juien_US
dc.creator (作者) 李德瑞zh_TW
dc.creator (作者) Lee, Te-Juien_US
dc.date (日期) 2017en_US
dc.date.accessioned 30-Jul-2018 15:01:25 (UTC+8)-
dc.date.available 30-Jul-2018 15:01:25 (UTC+8)-
dc.date.issued (上傳時間) 30-Jul-2018 15:01:25 (UTC+8)-
dc.identifier (Other Identifiers) G1042550251en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119048-
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) 104255025zh_TW
dc.description.abstract (摘要) 本文主旨為探討台灣2010年稅改導致各公司有效稅率的變化對其資金使用決策的影響，而資金使用決策本文定義為其於投資、儲蓄及盈餘分配方面的行為。除了以往文獻常用之最小平方法分析外，本文也根據Rao（2016）以工具變數法分析有效稅率變化對各公司決策的影響。本文採用2009及2010年全國申報營利事業之申報書為樣本進行分析。實證結果指出，如以全體公司當作樣本則有效稅率變化對投資、儲蓄及盈餘分配的影響皆不顯著，但考慮不同規模公司行為決策也有很大不同，因此依據中央銀行調查民營公司的方式將公司依資產規模分為大型、中型及小型公司。大型公司有效稅率改變對其儲蓄有顯著負向關係，意即有效稅率下降會增加儲蓄，投資及盈餘分配皆無；而中、小型公司有效稅率改變對其投資、儲蓄及盈餘分配皆具有顯著負向關係，即有效稅率下降會使其增加投資、儲蓄及盈餘分配之金額。zh_TW
dc.description.abstract (摘要) The main subject of this research is mainly focusing on how companies would use their extra fund if the corporate income tax is lower. The use of the fund can either be investing in other projects, distributed to the shareholders or saved for future. In addition to using the Ordinary Least Square, we adopt the method of Instrumental Variable to analyze the effect of the lowing corporate income tax.
     The database we use to do the research is the income tax return of all profit-seeking corporate in Taiwan between 2009 and 2010. The research shows that the change of the effective corporate income tax is negatively significant to saving in big companies. As for medium and small companies, the change of the effective corporate income tax is negatively significant in saving, investing or distributing earnings, meaning that the decrease of the effective corporate income tax will increase the money they use for corporate activities.		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 研究架構與流程 6
     第貳章 稅制簡介 9
     第一節 營利事業所得稅 9
     第二節 租稅優惠條款 12
     第參章 文獻回顧 15
     第一節 公司儲蓄與投資 15
     第二節 股利支付政策 17
     第肆章 實證模型 23
     第一節 資料來源與處理 23
     第二節 變數設定 25
     第三節 模型設定 29
     第伍章 實證結果 31
     第一節 敘述統計 31
     第二節 有效稅率變動對公司資金使用決策之實證分析 36
     第陸章 結論與建議 49
     第一節 結論 49
     第二節 建議 50
     參考文獻 52
     表次
     表2.1.1：營所稅沿革 11
     表2.2.1：租稅優惠整理表 13
     表5.1.1：各變數敘述統計量 32
     表5.2.1：有效稅率對投資行為影響之實證分析結果 39
     表5.2.2：有效稅率對儲蓄行為影響之實證分析結果 41
     表5.2.3：有效稅率對股利發放行為影響之實證分析結果 46
     圖次
     圖1.1.1：公司、家庭、政府儲蓄統計 2
     圖1.1.2：國民儲蓄毛額、國內投資毛額及超額儲蓄統計 3
     圖1.1.3：受雇人員每月薪資水準 3		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1042550251en_US
dc.subject (關鍵詞) 公司稅率zh_TW
dc.subject (關鍵詞) 資金使用決策zh_TW
dc.subject (關鍵詞) 工具變數zh_TW
dc.subject (關鍵詞) Corporate income tax rateen_US
dc.subject (關鍵詞) Use of corporate fundsen_US
dc.subject (關鍵詞) Instrumental variableen_US
dc.title (題名) 有效稅率對公司資金使用決策影響—以2010稅改為例zh_TW
dc.title (題名) How do the companies act when the corporate income tax rate is lower? Evidence from 2010 tax reformen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 林豔麗（2015）「調降營所稅能否提高員工薪資與受雇人數？」，國立政治大學財政學系研究所碩士論文。
     施若盈（2013）「台灣調降營利事業所得稅對外人直接投資（FDI）影響」，國立成功大學財務金融研究所碩士論文。
     陳正芳（2013）「營利事業所得稅稅率調降對公司股利政策之影響」，臺灣銀行季刊，64卷，1期。
     楊子江（2013），「營利事業所得稅統計分析」，財政新知，34期，63-73。
     鄧佳文（2012）「營利事業所得稅調降對公司股利政策之影響」，成功大學會計學系學位論文。
     羅時萬、孫克難（2015），「公司有效稅率對盈餘分配決策之影響—台灣之實證研究」，財稅研究，44卷，1期。
     廖慧玲（2016）「台灣調降營所稅率及促產落日對公司資金運用之比較」，淡江大學會計學系研究所碩士論文。
     Abrutyn, S., and Turner, R. W.（1990）, “Taxes and firms` dividend policies: survey results,” National Tax Journal, 43（4）: 491-496.
     Amoako-Adu, B., & Rashid, M.（1990）, “Corporate tax cut and capital budgeting,” The Engineering Economist, 35（2）: 115-128.
     Armenter, R., and Hnatkovska, V. V.（2011）, “The macroeconomics of firms` savings.”
     Armenter, R.（2012）, “The rise of corporate savings. Philadelphia Business Review.”
     Auten, G., and Carroll, R. （1999）, “The effect of income taxes on household income,” Review of economics and statistics, 81（4）: 681-693.
     Bali, R.（2003）, “An empirical analysis of stock returns around dividend changes,” Applied Economics, 35（1）: 51-61.
     Barclay, M. J.（1987）, “Dividends, taxes, and common stock prices: The ex-dividend day behavior of common stock prices before the income tax,” Journal of Financial Economics, 19（1）: 31-44.
     Bebczuk, R. N.（2000）, “Corporate saving and financing decisions in Latin America,” Económica, 46（2）: 37-72
     Black, F., and Scholes, M.（1974）, “The effects of dividend yield and dividend policy on common stock prices and returns,” Journal of financial economics, 1（1）: 1-22.
     Black, E. L., Legoria, J., and Sellers, K. F. （2000）, “Capital investment effects of dividend imputation,” Journal of the American Taxation Association, 22（2）: 40-59.
     Bradley, M., Jarrell, G. A., and Kim, E. （1984）, “On the existence of an optimal capital structure: Theory and evidence,” The journal of Finance, 39（3）: 857-878.
     Carlson, S. J., and Bathala, C. T.（2011）, “Impact Of The Repeal Of The Investment Tax Credit ON Firms Investment Decisions,” Journal of Applied Business Research （JABR）, 10（2）: 33-39.
     Chetty, R., and Saez, E. （2004）, “Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut,” National Bureau of Economic Research.
     Chen, P., Karabarbounis, L., and Neiman, B.（2017）, “The Global Rise of Corporate Saving,” National Bureau of Economic Research.
     Conroy, R. M., Eades, K. M., and Harris, R. S.（2000）, “A test of the relative pricing effects of dividends and earnings: Evidence from simultaneous announcements in Japan,” The Journal of Finance, 55（3）: 1199-1227.
     Denis, D. J., Denis, D. K., and Sarin, A.（1994）, “The information content of dividend changes: Cash flow signaling, overinvestment, and dividend clienteles,” Journal of Financial and Quantitative Analysis, 29（04）: 567-587.
     Devereux, M. P., and Liu, L.（2014）, “Incorporation for Investment,” Tech. rep.
     Dhaliwal, D. S., Erickson, M., and Trezevant, R.（1999）, “A test of the theory of tax clienteles for dividend policies,” National Tax Journal, 52（2）: 179-194.
     Djankov, S., Ganser, T., McLiesh, C., Ramalho, R., and Shleifer, A.（2010）, “The effect of corporate taxes on investment and entrepreneurship,” American Economic Journal: Macroeconomics, 2（3）: 31-64.
     Fan, J., and Kalemli-Özcan, Ş.（2016）, “Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances,” IMF Economic Review, 64（2）: 239-267.
     Federici, D., and Parisi, V.（2015）, “Do corporate taxes reduce investments? Evidence from Italian firm-level panel data,” Cogent Economics & Finance, 3（1）.
     Gilchrist, S., and Himmelberg, C. P. （1995）, “Evidence on the role of cash flow for investment,” Journal of monetary Economics, 36（3）: 541-572.
     Gonedes, N. J.（1978）, “Corporate signaling, external accounting, and capital market equilibrium: Evidence on dividends, income, and extraordinary items,” Journal of Accounting Research, 26（1）: 26-79.
     Gordon, M. J.（1959）. Dividends, earnings, and stock prices. The review of economics and statistics, 99-105.
     Gruber, J., and Saez, E. （2002）, “The elasticity of taxable income: evidence and implications,” Journal of public Economics, 84（1）: 1-32.
     Harberger, A. C.（1962）, “The incidence of the corporation income tax,” Journal of Political economy, 70（3）: 215-240.
     Holder, M. E., Langrehr, F. W., and Hexter, J. L.（1998）, “Dividend policy determinants: An investigation of the influences of stakeholder theory,” Financial management, 27（3）: 73-82.
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dc.identifier.doi (DOI) 10.6814/THE.NCCU.PF.017.2018.F07-