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題名 租稅不確定性與企業股利政策 -以臺灣上市櫃公司為例
Tax uncertainty and corporate dividend payouts - evidence from Taiwan作者 李婉瑄
Lee, Wan-Hsuan貢獻者 何怡澄
Ho, Yi-Cheng
李婉瑄
Lee, Wan-Hsuan關鍵詞 租稅不確定
股利支付政策
Tax uncertainty
Dividend payouts日期 2018 上傳時間 29-Aug-2018 15:58:55 (UTC+8) 摘要 股利發放通常被視為一種訊號，代表企業對未來的預測及前景，本研究探討企業的租稅不確定與股利支付政策關聯，並加入各項影響股利發放之企業特徵，另進一步探討財務受限與成長期企業是否對租稅不確定與股利支付政策具有調節效果。本研究採用台灣2001年至2016年上市櫃公司資料，分別以兩種方法來做迴歸分析。實證結果顯示，過去五年的租稅不確定對未來股利支付的總額及機率均有負面影響，其經濟意涵為為租稅不確定上升一個標準差，股利發放數量減少19.2%，且在財務受限企業效果更加明顯，而成長期公司則能夠減輕這兩者的負向關係。此係因租稅不確定會影響公司內部現金的波動，經理人會參酌企業的自由現金來做為是否發放股利及發放數量的依據，就財務受限公司來說，其股利發放政策較不平滑，因此其股利發放受租稅不確定影響更甚。此外，若該企業是處於企業生命週期中的成長階段，因為其盈餘較低，調整股利可能是其節省現金支出的一種方式，因此租稅不確定可能非其租稅支付政策影響的重要因素。股利一直是投資大眾所關心的議題，以往被用來預測企業營運情況，投資人可以根據其係偏好股利或者投資公司之未來發展來選擇其投資標的，本篇提供投資人以另一種角度解讀股利支付政策訊號，低股利發放的企業可能背後隱含著該企業的稅務態度，而考量後續因租稅規避所引發之稅務風險，是否會對企業整體健全有所影響。
Dividend payouts policy is usually regarded as a signal , which represents the prosperity and provision of firms’ future. The paper aims to examine the association between tax uncertainty and dividend payout policy. Furthermore, the study examines whether financially constrained firms and firms at the capital-infusion stage (which means growing firms) have ability to regulate the association between tax uncertainty and dividend payout policy. I collect publicly available data of dividend payouts by publicly traded companies in Taiwan between 2001 and 2016, and applied OLS and logit to regress dividend on tax uncertainty.The empirical results show negative effect of tax uncertainty on dividend levels. The results are economically meaningful as a one standard deviation higher tax uncertainty leads to a 19.2% point lower payout amounts or 3.3% point lower probability. Taken together, my findings provide investors with different perspectives to dividend payout. The low dividend payouts may imply firms’ attitude toward tax avoidance.參考文獻 Brav, A., J. R. Graham, C. R. Harvey, and R. Michaely. 2005. Payout policy in the 21st century.Journal. of Financial. Economics 77 (3): 483–527.Chay, J. B., and J. Suh. 2009. Payout policy and cash-flow uncertainty. Journal. of Financial. Economics 93 (1): 88–107.Chetty, R., and E. Saez. 2005. Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut. Quarterly Journal. of Economics 120 (3): 791–833.DeAngelo, H., L. DeAngelo, and R. M. Stulz. 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., and V. Sibilkov. 2009. Financial. constraints, investment, and the val.ue of cash holdings. Review of Financial. Studies 23 (1): 247–269.Desai, M. A., and L. Jin. 2011. Institutional. tax clienteles and payout policy. Journal. ofFinancial. Economics 100 (1): 68–84Drake, K. D., S. J. Lusch, and J. Stekelberg. 2017. Does Tax Risk Affect Investor Val.uation of Tax Avoidance? Journal. of Accounting, Auditing, and Finance: forthcoming.Dyreng, S. D., M. Hanlon, and E. L. Maydew. 2008. Long-run corporate tax avoidance. The Accounting Review 83 (1): 61–82.Dyreng, S., Hanlon, M. and Maydew. E. 2017. When does tax avoidance result in tax uncertainty? Working paper, Duke University.Fama, E. F., and K. R. French. 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal. of Financial. Economics 60 (1): 3–43.Farre-Mensa, J., R. Michaely, and M. Schmal.z. 2014. Payout Policy. Annual. Review of Financial. Economics 6: 75–134.Farre-Mensa, J., and A. Ljungqvist. 2016. Do Measures of Financial. Constraints Measure Financial. Constraints? Review of Financial. Studies 29 (2): 271–308.Grullon, G., and R. Michaely. 2002. Dividends, share repurchases, and the substitutionhypothesis. The Journal. of Finance 57 (4): 1649–1684.Guenther, D. A., S. R. Matsunaga, and B. M. Williams. 2017. Is Tax Avoidance related to Firm Risk? The Accounting Review 92 (1): 115–136.54Hanlon, M., and S. Heitzman. 2010. A review of tax research. Journal. of Accounting and Economics 50 (2–3): 127–178.Hanlon, M., E. L. Maydew, and D. Saavedra 2017. The Taxman Cometh: Does Tax Uncertainty Affect Corporate Cash Holdings? Review of Accounting Studies: forthcoming.Haral.d Amberger 2017 Tax Uncertainty and Dividend Payouts.WU International. Taxation Research Paper SeriesHoberg, G., G. Philipps, and N. R. Prabhal.a. 2014. Product Market Threats, Payouts, and Financial. Flexibility. The Journal. of Finance 69 (1): 293–324Hutchens, M., and S. O. Rego. 2015. Does Greater Tax Risk Lead to Increased Firm Risk? Working Paper: University of Illinois and Indiana UniversityJacob, M., and M. Jacob. 2013. Taxation, Dividends, and Share Repurchases: Taking Evidence Global.. Journal. of Financial. and Quantitative Anal.ysis 48 (4): 1241–1269.Jagannathan, M., C. P. Stephens, and M. S. Weisbach. 2000. Financial. flexibility and the choice between dividends and stock repurchases. Journal. of Financial. Economics 57 (3): 355–384.Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial. behavior, agency costs and ownership structure. Journal. of Financial. Economics 3 (4): 305–360.Jensen, M. C. 1986. Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review 76 (2): 323–329.Leary, M. T., and R. Michaely. 2011. Determinants of Dividend Smoothing: Empirical. Evidence.Review of Financial. Studies 24 (10): 3197–3249.Lintner, J. 1956. Distribution of incomes of operations among dividends, retained earnings, and taxes. The American Economic Review 46 (2): 97–113.McGuire, S. T., S. S. Neuman, and T. C. Omer. 2013. Sustainable tax strategies and earnings persistence. Working Paper: Texas A&M University, University of Missouri at Columbia, and University of Nebraska at Lincoln.Miller, M. H., and F. Modigliani. 1961. Dividend Policy, Growth, and the Val.uation of Shares. The Journal. of Business 34 (4): 411–433.Neuman, S. S., T. C. Omer, and A. P. Schmidt. 2016. Assessing Tax Risk: PractitionerPerspectives. Working Paper: University of Missouri at Columbia, University of Nebraska at Lincoln, and North Carolina State University.Saavedra, D. 2017. Less Successful Tax Avoiders. Working Paper: University of Cal.ifornia, Los Angeles. 描述 碩士
國立政治大學
財政學系
105255028資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105255028 資料類型 thesis dc.contributor.advisor 何怡澄 zh_TW dc.contributor.advisor Ho, Yi-Cheng en_US dc.contributor.author (Authors) 李婉瑄 zh_TW dc.contributor.author (Authors) Lee, Wan-Hsuan en_US dc.creator (作者) 李婉瑄 zh_TW dc.creator (作者) Lee, Wan-Hsuan en_US dc.date (日期) 2018 en_US dc.date.accessioned 29-Aug-2018 15:58:55 (UTC+8) - dc.date.available 29-Aug-2018 15:58:55 (UTC+8) - dc.date.issued (上傳時間) 29-Aug-2018 15:58:55 (UTC+8) - dc.identifier (Other Identifiers) G0105255028 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119781 - 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) 105255028 zh_TW dc.description.abstract (摘要) 股利發放通常被視為一種訊號，代表企業對未來的預測及前景，本研究探討企業的租稅不確定與股利支付政策關聯，並加入各項影響股利發放之企業特徵，另進一步探討財務受限與成長期企業是否對租稅不確定與股利支付政策具有調節效果。本研究採用台灣2001年至2016年上市櫃公司資料，分別以兩種方法來做迴歸分析。實證結果顯示，過去五年的租稅不確定對未來股利支付的總額及機率均有負面影響，其經濟意涵為為租稅不確定上升一個標準差，股利發放數量減少19.2%，且在財務受限企業效果更加明顯，而成長期公司則能夠減輕這兩者的負向關係。此係因租稅不確定會影響公司內部現金的波動，經理人會參酌企業的自由現金來做為是否發放股利及發放數量的依據，就財務受限公司來說，其股利發放政策較不平滑，因此其股利發放受租稅不確定影響更甚。此外，若該企業是處於企業生命週期中的成長階段，因為其盈餘較低，調整股利可能是其節省現金支出的一種方式，因此租稅不確定可能非其租稅支付政策影響的重要因素。股利一直是投資大眾所關心的議題，以往被用來預測企業營運情況，投資人可以根據其係偏好股利或者投資公司之未來發展來選擇其投資標的，本篇提供投資人以另一種角度解讀股利支付政策訊號，低股利發放的企業可能背後隱含著該企業的稅務態度，而考量後續因租稅規避所引發之稅務風險，是否會對企業整體健全有所影響。 zh_TW dc.description.abstract (摘要) Dividend payouts policy is usually regarded as a signal , which represents the prosperity and provision of firms’ future. The paper aims to examine the association between tax uncertainty and dividend payout policy. Furthermore, the study examines whether financially constrained firms and firms at the capital-infusion stage (which means growing firms) have ability to regulate the association between tax uncertainty and dividend payout policy. I collect publicly available data of dividend payouts by publicly traded companies in Taiwan between 2001 and 2016, and applied OLS and logit to regress dividend on tax uncertainty.The empirical results show negative effect of tax uncertainty on dividend levels. The results are economically meaningful as a one standard deviation higher tax uncertainty leads to a 19.2% point lower payout amounts or 3.3% point lower probability. Taken together, my findings provide investors with different perspectives to dividend payout. The low dividend payouts may imply firms’ attitude toward tax avoidance. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機及目的 1第二節 研究流程 3第二章 文獻探討與研究假說 4第一節 租稅規避 5第二節 租稅不確定 5第三節 股利支付政策 6一、 現金股利 7二、 彌平代理成本 9三、 股利發放因素 10第四節 假說建立 12一、 租稅不確定性與股利支付機率 12二、 租稅不確定性與股利支付數量 12三、財務受限與股利支付政策 13四、企業生命週期與股利支付政策 13第三章 研究方法 15第一節 樣本篩選與資料來源 15第二節 變數設定 16第三節 實證模型 21一、 租稅不確定與股利支付機率 21二、 租稅不確定與股利支付總額 22第四章 實證結果與分析 23第一節、本敘述統計 23第二節、實證結果 33第五章 結論與建議 49第一節 結論與建議 49第二節 研究限制 51第三節 研究貢獻 52參考文獻 53 zh_TW dc.format.extent 931132 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105255028 en_US dc.subject (關鍵詞) 租稅不確定 zh_TW dc.subject (關鍵詞) 股利支付政策 zh_TW dc.subject (關鍵詞) Tax uncertainty en_US dc.subject (關鍵詞) Dividend payouts en_US dc.title (題名) 租稅不確定性與企業股利政策 -以臺灣上市櫃公司為例 zh_TW dc.title (題名) Tax uncertainty and corporate dividend payouts - evidence from Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Brav, A., J. R. Graham, C. R. Harvey, and R. Michaely. 2005. Payout policy in the 21st century.Journal. of Financial. Economics 77 (3): 483–527.Chay, J. B., and J. Suh. 2009. Payout policy and cash-flow uncertainty. Journal. of Financial. Economics 93 (1): 88–107.Chetty, R., and E. Saez. 2005. Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut. Quarterly Journal. of Economics 120 (3): 791–833.DeAngelo, H., L. DeAngelo, and R. M. Stulz. 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., and V. Sibilkov. 2009. Financial. constraints, investment, and the val.ue of cash holdings. Review of Financial. Studies 23 (1): 247–269.Desai, M. A., and L. Jin. 2011. Institutional. tax clienteles and payout policy. Journal. ofFinancial. Economics 100 (1): 68–84Drake, K. D., S. J. Lusch, and J. Stekelberg. 2017. Does Tax Risk Affect Investor Val.uation of Tax Avoidance? Journal. of Accounting, Auditing, and Finance: forthcoming.Dyreng, S. D., M. Hanlon, and E. L. Maydew. 2008. Long-run corporate tax avoidance. The Accounting Review 83 (1): 61–82.Dyreng, S., Hanlon, M. and Maydew. E. 2017. When does tax avoidance result in tax uncertainty? Working paper, Duke University.Fama, E. F., and K. R. French. 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal. of Financial. Economics 60 (1): 3–43.Farre-Mensa, J., R. Michaely, and M. Schmal.z. 2014. Payout Policy. Annual. Review of Financial. Economics 6: 75–134.Farre-Mensa, J., and A. Ljungqvist. 2016. Do Measures of Financial. Constraints Measure Financial. Constraints? Review of Financial. Studies 29 (2): 271–308.Grullon, G., and R. Michaely. 2002. Dividends, share repurchases, and the substitutionhypothesis. The Journal. of Finance 57 (4): 1649–1684.Guenther, D. A., S. R. Matsunaga, and B. M. Williams. 2017. Is Tax Avoidance related to Firm Risk? The Accounting Review 92 (1): 115–136.54Hanlon, M., and S. Heitzman. 2010. A review of tax research. Journal. of Accounting and Economics 50 (2–3): 127–178.Hanlon, M., E. L. Maydew, and D. Saavedra 2017. The Taxman Cometh: Does Tax Uncertainty Affect Corporate Cash Holdings? Review of Accounting Studies: forthcoming.Haral.d Amberger 2017 Tax Uncertainty and Dividend Payouts.WU International. Taxation Research Paper SeriesHoberg, G., G. Philipps, and N. R. Prabhal.a. 2014. Product Market Threats, Payouts, and Financial. Flexibility. The Journal. of Finance 69 (1): 293–324Hutchens, M., and S. O. Rego. 2015. Does Greater Tax Risk Lead to Increased Firm Risk? Working Paper: University of Illinois and Indiana UniversityJacob, M., and M. Jacob. 2013. Taxation, Dividends, and Share Repurchases: Taking Evidence Global.. Journal. of Financial. and Quantitative Anal.ysis 48 (4): 1241–1269.Jagannathan, M., C. P. Stephens, and M. S. Weisbach. 2000. Financial. flexibility and the choice between dividends and stock repurchases. Journal. of Financial. Economics 57 (3): 355–384.Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial. behavior, agency costs and ownership structure. Journal. of Financial. Economics 3 (4): 305–360.Jensen, M. C. 1986. Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review 76 (2): 323–329.Leary, M. T., and R. Michaely. 2011. Determinants of Dividend Smoothing: Empirical. Evidence.Review of Financial. Studies 24 (10): 3197–3249.Lintner, J. 1956. Distribution of incomes of operations among dividends, retained earnings, and taxes. The American Economic Review 46 (2): 97–113.McGuire, S. T., S. S. Neuman, and T. C. Omer. 2013. Sustainable tax strategies and earnings persistence. Working Paper: Texas A&M University, University of Missouri at Columbia, and University of Nebraska at Lincoln.Miller, M. H., and F. Modigliani. 1961. Dividend Policy, Growth, and the Val.uation of Shares. The Journal. of Business 34 (4): 411–433.Neuman, S. S., T. C. Omer, and A. P. Schmidt. 2016. Assessing Tax Risk: PractitionerPerspectives. Working Paper: University of Missouri at Columbia, University of Nebraska at Lincoln, and North Carolina State University.Saavedra, D. 2017. Less Successful Tax Avoiders. Working Paper: University of Cal.ifornia, Los Angeles. zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.PF.026.2018.F07 -
