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題名 我國股東可扣抵稅額減半對上市公司股票異常報酬隱含稅負影響之研究
The Effects of Tax Reform on Implicit Tax of Taiwanese Listed Company作者 蔡祥力
Tsai, Hsiang-Li貢獻者 陳明進
Chen, Ming-Chin
蔡祥力
Tsai, Hsiang-Li關鍵詞 隱含稅負
股東可扣抵稅額減半
股票異常報酬率
股利殖利率
自然人股東持股比率
implicit taxes
tax reform
imputation credits
dividend yields
individual shareholder日期 2020 上傳時間 3-Aug-2020 17:28:40 (UTC+8) 摘要 本文藉由迴歸實證之方法檢測在2014年財政部宣布股東可扣抵稅額由「完全設算扣抵制」改為「部分設算扣抵」前後，我國上市公司之個別股票稅前報酬率受隱含稅負之影響，並進一步針對個別公司股票之殖利率高低及過內自然人股東持股比率之高低進行分組測試。本文之實證結果顯示，2014年稅改後之個別公司發放股利所含之股東可扣抵稅額比率與風險調整後之股票稅前報酬率呈顯著正向關係，表示在控制個別公司股票風險及獲利能力差異後，個別公司股票報酬所受隱含稅負影響的幅度，因稅改而有所降低，符合隱含稅負理論之預期。本文亦發現，高殖利率股票在稅改前後所含之股東可扣抵稅額對調整風險後股票稅前報酬率變動之幅度，較低殖利率股票明顯。經額外測試發現，自然人持股比率較高之公司其股票稅前報酬率亦呈現明顯之變動。整體而言，本文之研究證實隱含稅負理論於我國上市公司股票市場之應用。
Using regression method with two-year data, this paper investigates the implicit taxes of corporate dividends and imputation credits within the period of the tax reform in 2014. The results show that the dividends received deduction rate included in the dividends paid by individual companies after the tax reform in 2014 has a significant positive relationship with the risk-adjusted stock pre-tax rate of return. This indicates that the implicit tax burden on companies’ stock returns is reduced due to tax reforms, which in line with the expectations of the implicit tax theory. I also find that the relationship states above would be more evident in the series of regression by classifying date with dividend-yield rate and individual shareholding ratio.Overall, the research confirms the application of the implicit tax theory to the stock market of listed companies in Taiwan.參考文獻 邱士豪、余俊憲與王怡心，2016，稅制改變對股利政策之影響―以可扣抵稅額減半為例，財稅研究，第四十六卷，第2期：31-51。陳明進，2006，股利所得及股東可扣抵稅額隱含稅之實證研究，證券市場發展季刊，第二十卷，第3期：80-117。Berger, P. G. (1993), “Explicit and Implicit Tax Effects of the R&D Tax Credit,” Journal of Accounting Research, Vol. 31, 131-171.Callihan, D. S. and R. A. White (1999), “An Application of the Scholes and Wolfson Model to Examine the Relation between Implicit and Explicit Taxes and Firm Market Structure,” Journal of American Taxation Association, Vol. 21, 1-19.Dhaliwal, D., M. Erickson, and R. Trezevant (1999), “A Test of the Theory of Tax Clienteles for Dividend Policies,” National Tax Journal, Vol. 52, 179-194.Erickson, M. M. and E. L. Maydew (1998), “Implicit Taxes in High Dividend Yield Stocks,” The Accounting Review, Vol. 73, 435-458.Elton, E. J., and M. J. Gruber(1970), “Marginal Stockholder Tax Rates and the Clientele Effect,” Review of Economics and Statistics, Vol. 52, 68-74.Fama, E. F., and K. R. French (1992), “The Cross-Section of Expected Stock Returns,” Journal of Finance, Vol. 47, 427-465.Fama, E. F., and K. R. French (1993), “Common Risk Factors in the Returns on Stocks and Bonds,” Journal of Financial Economics, Vol. 33, 3-56.Miller, M., and F. Modigliani (1961), “Dividend Policy, Growth and the Valuation of Shares,” Journal of Business, Vol. 34, 411-433.________, and M. Scholes (1982), “Dividends and Taxes: Some Empirical Evidence,” Journal of Public Economy, Vol. 90, 1118-1141.Scholes, M. S., M. A. Wolfson, M. Erickson, E. L. Maydew, and T. Shevlin (2004), Taxes and Business Strategy: A Planning Approach, 3rd edition, Prentice-Hall, Inc., Upper Saddle river, N.J., N.J.Shackelford, D. A. (1991), “The Market for Tax Benefit: Evidence from Leverages ESOPs,” Journal of Accounting and Economics, Vol. 14, 117-145.Sharpe, W. (1964), “Capital Asset Prices: A theory of Market Equilibrium under Conditions of Risk,” Journal of Financial, Vol. 19, No.3, 425-442.Wilkie, P. J. (1992), “Empirical Evidence of Implicit Taxes in the Corporate Sector,” The Journal of American Taxation Association, Vol. 14, 97-115. 描述 碩士
國立政治大學
會計學系
107353039資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353039 資料類型 thesis dc.contributor.advisor 陳明進 zh_TW dc.contributor.advisor Chen, Ming-Chin en_US dc.contributor.author (Authors) 蔡祥力 zh_TW dc.contributor.author (Authors) Tsai, Hsiang-Li en_US dc.creator (作者) 蔡祥力 zh_TW dc.creator (作者) Tsai, Hsiang-Li en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:28:40 (UTC+8) - dc.date.available 3-Aug-2020 17:28:40 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:28:40 (UTC+8) - dc.identifier (Other Identifiers) G0107353039 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130938 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 107353039 zh_TW dc.description.abstract (摘要) 本文藉由迴歸實證之方法檢測在2014年財政部宣布股東可扣抵稅額由「完全設算扣抵制」改為「部分設算扣抵」前後，我國上市公司之個別股票稅前報酬率受隱含稅負之影響，並進一步針對個別公司股票之殖利率高低及過內自然人股東持股比率之高低進行分組測試。本文之實證結果顯示，2014年稅改後之個別公司發放股利所含之股東可扣抵稅額比率與風險調整後之股票稅前報酬率呈顯著正向關係，表示在控制個別公司股票風險及獲利能力差異後，個別公司股票報酬所受隱含稅負影響的幅度，因稅改而有所降低，符合隱含稅負理論之預期。本文亦發現，高殖利率股票在稅改前後所含之股東可扣抵稅額對調整風險後股票稅前報酬率變動之幅度，較低殖利率股票明顯。經額外測試發現，自然人持股比率較高之公司其股票稅前報酬率亦呈現明顯之變動。整體而言，本文之研究證實隱含稅負理論於我國上市公司股票市場之應用。 zh_TW dc.description.abstract (摘要) Using regression method with two-year data, this paper investigates the implicit taxes of corporate dividends and imputation credits within the period of the tax reform in 2014. The results show that the dividends received deduction rate included in the dividends paid by individual companies after the tax reform in 2014 has a significant positive relationship with the risk-adjusted stock pre-tax rate of return. This indicates that the implicit tax burden on companies’ stock returns is reduced due to tax reforms, which in line with the expectations of the implicit tax theory. I also find that the relationship states above would be more evident in the series of regression by classifying date with dividend-yield rate and individual shareholding ratio.Overall, the research confirms the application of the implicit tax theory to the stock market of listed companies in Taiwan. en_US dc.description.tableofcontents 第一章 緒論 3 第一節 研究動機與目的 3 第二節 研究流程與架構 6第二章 文獻回顧 8 第一節 隱含稅負之理論 8 第二節 隱含稅負實證相關文獻 13 第三節 租稅客戶理論相關文獻 18第三章 研究方法 20 第一節 研究假說 20 第二節 變數與研究分析模型 22 第三節 樣本篩選 27第四章 實證研究結果與分析 29 第一節 敘述統計分析 29 第二節 實證研究結果 34第五章 結論與建議 43參考文獻 45 zh_TW dc.format.extent 2005779 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353039 en_US dc.subject (關鍵詞) 隱含稅負 zh_TW dc.subject (關鍵詞) 股東可扣抵稅額減半 zh_TW dc.subject (關鍵詞) 股票異常報酬率 zh_TW dc.subject (關鍵詞) 股利殖利率 zh_TW dc.subject (關鍵詞) 自然人股東持股比率 zh_TW dc.subject (關鍵詞) implicit taxes en_US dc.subject (關鍵詞) tax reform en_US dc.subject (關鍵詞) imputation credits en_US dc.subject (關鍵詞) dividend yields en_US dc.subject (關鍵詞) individual shareholder en_US dc.title (題名) 我國股東可扣抵稅額減半對上市公司股票異常報酬隱含稅負影響之研究 zh_TW dc.title (題名) The Effects of Tax Reform on Implicit Tax of Taiwanese Listed Company en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 邱士豪、余俊憲與王怡心，2016，稅制改變對股利政策之影響―以可扣抵稅額減半為例，財稅研究，第四十六卷，第2期：31-51。陳明進，2006，股利所得及股東可扣抵稅額隱含稅之實證研究，證券市場發展季刊，第二十卷，第3期：80-117。Berger, P. G. (1993), “Explicit and Implicit Tax Effects of the R&D Tax Credit,” Journal of Accounting Research, Vol. 31, 131-171.Callihan, D. S. and R. A. White (1999), “An Application of the Scholes and Wolfson Model to Examine the Relation between Implicit and Explicit Taxes and Firm Market Structure,” Journal of American Taxation Association, Vol. 21, 1-19.Dhaliwal, D., M. Erickson, and R. Trezevant (1999), “A Test of the Theory of Tax Clienteles for Dividend Policies,” National Tax Journal, Vol. 52, 179-194.Erickson, M. M. and E. L. Maydew (1998), “Implicit Taxes in High Dividend Yield Stocks,” The Accounting Review, Vol. 73, 435-458.Elton, E. J., and M. J. Gruber(1970), “Marginal Stockholder Tax Rates and the Clientele Effect,” Review of Economics and Statistics, Vol. 52, 68-74.Fama, E. F., and K. R. French (1992), “The Cross-Section of Expected Stock Returns,” Journal of Finance, Vol. 47, 427-465.Fama, E. F., and K. R. French (1993), “Common Risk Factors in the Returns on Stocks and Bonds,” Journal of Financial Economics, Vol. 33, 3-56.Miller, M., and F. Modigliani (1961), “Dividend Policy, Growth and the Valuation of Shares,” Journal of Business, Vol. 34, 411-433.________, and M. Scholes (1982), “Dividends and Taxes: Some Empirical Evidence,” Journal of Public Economy, Vol. 90, 1118-1141.Scholes, M. S., M. A. Wolfson, M. Erickson, E. L. Maydew, and T. Shevlin (2004), Taxes and Business Strategy: A Planning Approach, 3rd edition, Prentice-Hall, Inc., Upper Saddle river, N.J., N.J.Shackelford, D. A. (1991), “The Market for Tax Benefit: Evidence from Leverages ESOPs,” Journal of Accounting and Economics, Vol. 14, 117-145.Sharpe, W. (1964), “Capital Asset Prices: A theory of Market Equilibrium under Conditions of Risk,” Journal of Financial, Vol. 19, No.3, 425-442.Wilkie, P. J. (1992), “Empirical Evidence of Implicit Taxes in the Corporate Sector,” The Journal of American Taxation Association, Vol. 14, 97-115. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000659 en_US
