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題名 所得稅制優化方案對企業股利、融資及投資決策之影響
The Impacts of the 2018 Income Tax Reforms on Firms’ Dividend Payout, Financing Policy, and Investment Decisions作者 莊佳璋
Chuang, Chia-Chang貢獻者 陳明進
Chen, Ming-Chin
莊佳璋
Chuang, Chia-Chang關鍵詞 所得稅制優化方案
股利政策
資本結構
研發投資
2018 Income Tax Reform
Dividend Payout
Financing Policy
Investment Decisions日期 2021 上傳時間 1-Jul-2021 16:43:09 (UTC+8) 摘要 我國於民國107年實施所得稅制優化方案，旨在簡化稅政、促進經濟發展及建構公平稅制。本研究目的為探討稅改對企業股利發放、負債結構及研發投資支出之影響，以民國104至108年，國內上市(櫃)公司為研究樣本，變數將股利細分為現金股利、股票股利及總股利；資本結構分為負債比率及長期有息負債比率；企業投資分為研究發展費用及資本資產投資，並針對前述變數分別進行迴歸分析。實證結果發現：(1)所得稅制優化方案施行後，未分配盈餘稅調降之效果大於股利所得稅負減輕之影響，故企業出現減少現金股利分派，以留存自有資金之情形。(2)營所稅稅率上升致稅盾效果提升，導致企業增加舉債，進而使企業負債結構上升。(3)由於使用內部資金及對外發行權益籌資之資金成本下降，加上營所稅稅率增加、稅盾提高之雙重影響下，企業增加研究發展支出因應，然而資本資產投資則因決策彈性小、需長期規劃，故短期內未有明顯變化。上述顯示本次修法結果，有達成累積投資動能、提高投資意願之立法目的，但亦使企業財務結構之風險增加。此外，進一步將企業規模及產業進行額外分析，結果顯示：(1)所得稅制優化方案廣泛影響不同規模水準之企業。 (2)於減少盈餘分派上，對電子業與非電子產業具有普遍性的影響。 (3)相較於電子產業，非電子產業研究發展費用及長期有息負債之增長更加明顯。
In 2018, Taiwanese government implemented the 2018 Income Tax Reform, shifting from the impoutation systems to the traditional income tax systems. The 2018 Income Tax Reform is the most profound tax reform over the past two decades and aims to simplify the tax system, to promote economic development, and to construct a fair tax system. Using a sample of Taiwanese listed companies from 2015 to 2019, this study examines the impacts of the 2018 Income Tax Reform on firms’ dividend payout, financing policy, and investment decisions. The dependant variables of empirical models include dividends payout ratios, including cash dividends, stock dividends and total dividends, capital structures, including debt ratio and long-term interest-bearing debt ratio, and corporate investments, including research and development expenditures and investment in capital assets.The empirical results of this study are as follows. (1) After the implementation of the 2018 Income Tax reform, the effect of the reduction in the taxation of undistributed earnings is greater than the reduction in the taxation of dividends, resulting in a reduction in firms distribution of cash dividends to retain internal funds. (2) The increase in the income tax rate for profit-seeking enterprise leads to an increase in the interest tax shield effect, resulting in an increase in corporate borrowing. (3) The decrease in capital cost of internal funds and external equity issuance, coupled with the increase in profit-seeking enterprise income tax, results in an increase in research and development expenditures. However, the effect of the capital asset investment is insignificantly, possibly due to the low flexibility for the short-term capital asset investment decisions, which normally follows firms’ long-term expansion planning. In conclusions, the results of this study show that the 2018 Income Tax reform appears to have achieved its policy objective in increasing firms’ investments; however, it also increases the firm’s financial leverage.Finally, this study also conducts several additional analysis on the effects of size of the business and the industry membership. The results of the additional analyses are as follows. (1) The impacts of the 2018 Income Tax Reform vary with different size levels of companies. (2) After the 2018 Income Tax Reform, both electronics firms and non-electronics firms reduce their distribution of surplus. (3) The effects of changes in R&D expenditure and long-term interest-bearing liabilities with interest are more significant for the non-electronic firms than their electronics counterparts.參考文獻 一、中文文獻(期刊)王祝三，2006，我國上市公司偏好發放股票股利程度之決定因素及其對長期股價之影響，風險管理學報，第6卷第3期： 307 352。朱博湧、吳壽山與邱淑芳，1992，資本結構決定因素--臺灣實證探討，資本結構決定因素--臺灣實證探討，第9卷第2期： 159-177。宋秀玲，2003，未分配盈餘加徵10%營利事業所得稅之檢討，主計月刋，第570期：21-29。汪湍芝與陳明進，2007，兩稅合一前後上市公司融資決策之實證研究，交大管理學報，第27卷第1期：221-246。汪瑞芝，2006，兩稅合一制對公司資本投資影響之實證研究，中華管理評論國際學報，第9卷第2期：1-19。汪瑞芝與陳明進，2004，兩稅合一制前後上市公司股利發放之實證研究，管理學報，第21卷第2期：257-277。林素吟與丁學勤，1999，資本結構的影響因素探討與實證研究，企銀季刊，第23卷第2期：139-154。邱士豪、余俊憲與王怡心，2017，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46卷2期：31-51。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，中山管理評論，第15卷第4期：751-777。徐守德、王宗翔與陳妙玲，2004，兩稅合一與企業股利政策，財稅研究，第36卷1期：1-14。張瑞當、曾玉琦與黃天福，1999，我國兩稅合一新制對投資意願影響之實證研究，經濟情勢暨評論，第4卷第4期：200-224。郭婉君、曾子耘與吳朝欽，2017，稅制改革對企業實體投資與研發投資之影響，財稅研究，第46卷2期：52-79。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，第64卷第1期：84-99。陳隆麒與溫育芳，2002，國內上市公司資本結構決定因素之研究，台灣銀行季刊，第53卷第1期：171-194。曾玉琦與吳清在，2009，兩稅合一制度對企業資本結構影響之研究，中山管理評論，第17卷第2期：419-452。黃延辰，2009，營利事業所得稅稅率調降之市場反應研究，北商學報，第22期：1-29 。黃勢璋與楊佩烜，我國兩稅合一制度改革之初探，經濟前瞻，第174期：54-60。黃瓊如、何豔宏與張逢源，2012，產業創新條例施行對臺灣半導體產業研發支出的影響，當代財政，第18期： 43-52。楊純婷，2018，所得稅制優化方案推動目標及內涵(上)，財政園地電子月刊。趙寅州，2004，有效稅率與資本結構之探討－兩稅合一實施前後的比較，財稅研究，第36卷第4期：151-182。劉維琪與李怡宗，1989，融資順位理論之發展與實證，管理評論，第8卷：7-22。劉維琪與李怡宗，1993，融資順位理論之調查研究，管理評論，第12卷： 119-143。韓幸紋與廖惠玲，2016，臺灣營所稅率調降及促產條例落日對企業資金運用之影響，財稅研究，第45卷3期：63-89。羅時萬與孫克難，2015，公司有效稅率對盈餘分配決策的影響-臺灣之實證研究，國家圖書館財稅研究期刊，第44卷第1期：53-80。(碩博士論文)張菀兒，2009，未分配盈餘加徵10%稅負與企業投資決策之關係，國立政治大學會計研究所碩士論文。楊智宇，2020，股利課稅新制對企業股利發放與資本結構之影響，國立政治大學會計研究所碩士論文。 (其他)行政院財政部新聞與公告。取自： https://www.ey.gov.tw/Page/26952B6BCAD013A7財政部史料陳列室，2020，所得稅重要史料。取自：http://museum.mof.gov.tw/ct.asp?xItem=15556&ctNode=35&mp=1關於台灣營利事業所得稅稅率之調升，2018，法規鬆綁暨新創法規調適平台。取自：https://law.ndc.gov.tw/Suggestions_detail.aspx?ID=11155楊葉承、宋秀玲，稅務法規：理論與應用，臺北市，新陸書局股份有限公司，10 PLUS修訂版，2018年8月。徐偉初、羅時萬、陳國樑、李彥霖與林咸劭，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，計畫編號：105mof006。 二、外文文獻Barlow, T. 2006. 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Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis 21 (2): 131-144. 描述 碩士
國立政治大學
會計學系
108353008資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353008 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) 莊佳璋 zh_TW dc.contributor.author (Authors) Chuang, Chia-Chang en_US dc.creator (作者) 莊佳璋 zh_TW dc.creator (作者) Chuang, Chia-Chang en_US dc.date (日期) 2021 en_US dc.date.accessioned 1-Jul-2021 16:43:09 (UTC+8) - dc.date.available 1-Jul-2021 16:43:09 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2021 16:43:09 (UTC+8) - dc.identifier (Other Identifiers) G0108353008 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/135911 - 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) 108353008 zh_TW dc.description.abstract (摘要) 我國於民國107年實施所得稅制優化方案，旨在簡化稅政、促進經濟發展及建構公平稅制。本研究目的為探討稅改對企業股利發放、負債結構及研發投資支出之影響，以民國104至108年，國內上市(櫃)公司為研究樣本，變數將股利細分為現金股利、股票股利及總股利；資本結構分為負債比率及長期有息負債比率；企業投資分為研究發展費用及資本資產投資，並針對前述變數分別進行迴歸分析。實證結果發現：(1)所得稅制優化方案施行後，未分配盈餘稅調降之效果大於股利所得稅負減輕之影響，故企業出現減少現金股利分派，以留存自有資金之情形。(2)營所稅稅率上升致稅盾效果提升，導致企業增加舉債，進而使企業負債結構上升。(3)由於使用內部資金及對外發行權益籌資之資金成本下降，加上營所稅稅率增加、稅盾提高之雙重影響下，企業增加研究發展支出因應，然而資本資產投資則因決策彈性小、需長期規劃，故短期內未有明顯變化。上述顯示本次修法結果，有達成累積投資動能、提高投資意願之立法目的，但亦使企業財務結構之風險增加。此外，進一步將企業規模及產業進行額外分析，結果顯示：(1)所得稅制優化方案廣泛影響不同規模水準之企業。 (2)於減少盈餘分派上，對電子業與非電子產業具有普遍性的影響。 (3)相較於電子產業，非電子產業研究發展費用及長期有息負債之增長更加明顯。 zh_TW dc.description.abstract (摘要) In 2018, Taiwanese government implemented the 2018 Income Tax Reform, shifting from the impoutation systems to the traditional income tax systems. The 2018 Income Tax Reform is the most profound tax reform over the past two decades and aims to simplify the tax system, to promote economic development, and to construct a fair tax system. Using a sample of Taiwanese listed companies from 2015 to 2019, this study examines the impacts of the 2018 Income Tax Reform on firms’ dividend payout, financing policy, and investment decisions. The dependant variables of empirical models include dividends payout ratios, including cash dividends, stock dividends and total dividends, capital structures, including debt ratio and long-term interest-bearing debt ratio, and corporate investments, including research and development expenditures and investment in capital assets.The empirical results of this study are as follows. (1) After the implementation of the 2018 Income Tax reform, the effect of the reduction in the taxation of undistributed earnings is greater than the reduction in the taxation of dividends, resulting in a reduction in firms distribution of cash dividends to retain internal funds. (2) The increase in the income tax rate for profit-seeking enterprise leads to an increase in the interest tax shield effect, resulting in an increase in corporate borrowing. (3) The decrease in capital cost of internal funds and external equity issuance, coupled with the increase in profit-seeking enterprise income tax, results in an increase in research and development expenditures. However, the effect of the capital asset investment is insignificantly, possibly due to the low flexibility for the short-term capital asset investment decisions, which normally follows firms’ long-term expansion planning. In conclusions, the results of this study show that the 2018 Income Tax reform appears to have achieved its policy objective in increasing firms’ investments; however, it also increases the firm’s financial leverage.Finally, this study also conducts several additional analysis on the effects of size of the business and the industry membership. The results of the additional analyses are as follows. (1) The impacts of the 2018 Income Tax Reform vary with different size levels of companies. (2) After the 2018 Income Tax Reform, both electronics firms and non-electronics firms reduce their distribution of surplus. (3) The effects of changes in R&D expenditure and long-term interest-bearing liabilities with interest are more significant for the non-electronic firms than their electronics counterparts. en_US dc.description.tableofcontents 第一章、緒論 1第一節、研究背景 1第三節、研究問題 5第四節、研究架構 6第二章、相關稅制之沿革 8第一節、營利事業所得稅 8第二節、股利所得之課稅 9第三節、未分配盈餘加徵營所稅制度 12第三章、文獻探討 14第二節、租稅與股利發放決策 14第一節、租稅與融資決策 17第三節、租稅與投資決策 19第四章、研究方法 21第一節、研究假說 21第二節、實證模型與研究方法 25第三節、變數之定義及衡量 29第四節、樣本篩選與資料來源 40第五章、實證結果與分析 43第一節、敘述性統計分析 43第二節、平均數檢定分析 50第三節、相關係數檢定分析 55第四節、迴歸分析 61第六章、額外分析—企業規模與產業 72第七章、額外分析—變動模型 78第八章、研究結論、建議及研究限制 84第一節、研究結論與研究建議 84第二節、研究限制 87參考文獻 88 zh_TW dc.format.extent 1485039 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353008 en_US dc.subject (關鍵詞) 所得稅制優化方案 zh_TW dc.subject (關鍵詞) 股利政策 zh_TW dc.subject (關鍵詞) 資本結構 zh_TW dc.subject (關鍵詞) 研發投資 zh_TW dc.subject (關鍵詞) 2018 Income Tax Reform en_US dc.subject (關鍵詞) Dividend Payout en_US dc.subject (關鍵詞) Financing Policy en_US dc.subject (關鍵詞) Investment Decisions en_US dc.title (題名) 所得稅制優化方案對企業股利、融資及投資決策之影響 zh_TW dc.title (題名) The Impacts of the 2018 Income Tax Reforms on Firms’ Dividend Payout, Financing Policy, and Investment Decisions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文文獻(期刊)王祝三，2006，我國上市公司偏好發放股票股利程度之決定因素及其對長期股價之影響，風險管理學報，第6卷第3期： 307 352。朱博湧、吳壽山與邱淑芳，1992，資本結構決定因素--臺灣實證探討，資本結構決定因素--臺灣實證探討，第9卷第2期： 159-177。宋秀玲，2003，未分配盈餘加徵10%營利事業所得稅之檢討，主計月刋，第570期：21-29。汪湍芝與陳明進，2007，兩稅合一前後上市公司融資決策之實證研究，交大管理學報，第27卷第1期：221-246。汪瑞芝，2006，兩稅合一制對公司資本投資影響之實證研究，中華管理評論國際學報，第9卷第2期：1-19。汪瑞芝與陳明進，2004，兩稅合一制前後上市公司股利發放之實證研究，管理學報，第21卷第2期：257-277。林素吟與丁學勤，1999，資本結構的影響因素探討與實證研究，企銀季刊，第23卷第2期：139-154。邱士豪、余俊憲與王怡心，2017，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46卷2期：31-51。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，中山管理評論，第15卷第4期：751-777。徐守德、王宗翔與陳妙玲，2004，兩稅合一與企業股利政策，財稅研究，第36卷1期：1-14。張瑞當、曾玉琦與黃天福，1999，我國兩稅合一新制對投資意願影響之實證研究，經濟情勢暨評論，第4卷第4期：200-224。郭婉君、曾子耘與吳朝欽，2017，稅制改革對企業實體投資與研發投資之影響，財稅研究，第46卷2期：52-79。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，第64卷第1期：84-99。陳隆麒與溫育芳，2002，國內上市公司資本結構決定因素之研究，台灣銀行季刊，第53卷第1期：171-194。曾玉琦與吳清在，2009，兩稅合一制度對企業資本結構影響之研究，中山管理評論，第17卷第2期：419-452。黃延辰，2009，營利事業所得稅稅率調降之市場反應研究，北商學報，第22期：1-29 。黃勢璋與楊佩烜，我國兩稅合一制度改革之初探，經濟前瞻，第174期：54-60。黃瓊如、何豔宏與張逢源，2012，產業創新條例施行對臺灣半導體產業研發支出的影響，當代財政，第18期： 43-52。楊純婷，2018，所得稅制優化方案推動目標及內涵(上)，財政園地電子月刊。趙寅州，2004，有效稅率與資本結構之探討－兩稅合一實施前後的比較，財稅研究，第36卷第4期：151-182。劉維琪與李怡宗，1989，融資順位理論之發展與實證，管理評論，第8卷：7-22。劉維琪與李怡宗，1993，融資順位理論之調查研究，管理評論，第12卷： 119-143。韓幸紋與廖惠玲，2016，臺灣營所稅率調降及促產條例落日對企業資金運用之影響，財稅研究，第45卷3期：63-89。羅時萬與孫克難，2015，公司有效稅率對盈餘分配決策的影響-臺灣之實證研究，國家圖書館財稅研究期刊，第44卷第1期：53-80。(碩博士論文)張菀兒，2009，未分配盈餘加徵10%稅負與企業投資決策之關係，國立政治大學會計研究所碩士論文。楊智宇，2020，股利課稅新制對企業股利發放與資本結構之影響，國立政治大學會計研究所碩士論文。 (其他)行政院財政部新聞與公告。取自： https://www.ey.gov.tw/Page/26952B6BCAD013A7財政部史料陳列室，2020，所得稅重要史料。取自：http://museum.mof.gov.tw/ct.asp?xItem=15556&ctNode=35&mp=1關於台灣營利事業所得稅稅率之調升，2018，法規鬆綁暨新創法規調適平台。取自：https://law.ndc.gov.tw/Suggestions_detail.aspx?ID=11155楊葉承、宋秀玲，稅務法規：理論與應用，臺北市，新陸書局股份有限公司，10 PLUS修訂版，2018年8月。徐偉初、羅時萬、陳國樑、李彥霖與林咸劭，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，計畫編號：105mof006。 二、外文文獻Barlow, T. 2006. 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