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題名 有效稅率於股利課稅制度改革中對股利分配政策之影響—以我國2018稅改為例
The Effect of Effective Tax Rate on Dividend Policy in the Dividend Tax Reform - Taking Taiwan Tax Reform of 2018 for Example
作者 洪昊緯
Hong, Hao-Wei
貢獻者 連賢明
洪昊緯
Hong, Hao-Wei
關鍵詞 2018稅改
有效稅率
股利分配政策
產業效果
日期 2021
上傳時間 4-Aug-2021 16:03:22 (UTC+8)
摘要 本文透過我國2018稅改前後之資料，以羅吉斯二元選擇模型實證研究稅改前有效稅率水準對於該公司稅改之後增加股利分配比率之機率的影響，該影響取決於兩種效果，分別為負的股利補發效果與正的稅負態度效果。根據我國符合條件之1,017間上市櫃公司得出之實證結果呈現出稅改前有效稅率水準對稅改後增加股利分配比率之機率呈正向影響。該結果隱含正的稅負態度效果大過於負的股利補發效果。\n其他重要實證結果包括股東權益報酬率之變化為股利分配政策變化之重要影響因子，呈現負相關，顯示若資金留於公司交由公司進行運用達成之報酬率降低，公司決策者將傾向增發股利。另外，重工業之代理問題顯著影響股利分配政策之變化，若公司持股10%以上之大戶及董監事持股股數上升，大股東對公司之控制程度越高，可能基於公司再投資之需求，使得公司增發股利之機率降低。
Based on the data before and after Taiwan`s tax reform in 2018, this article uses Logit Model to study the effect of the effective tax rate level before the tax reform on the probability of the company raise their dividend distribution ratio after the tax reform. The impact depends on two effects, respectively for the negative dividend reissue effect and the positive tax attitude effect. According to the empirical results of 1,017 qualified listed companies in Taiwan, the effective tax rate level before the tax reform has a positive effect on the probability of increasing the dividend distribution ratio after the tax reform. This result implies that the tax attitude effect is much greater than the dividend reissue effect.\nOther important empirical results include that the change in the return on equity is an important factor affecting the change in dividend distribution policy, showing a negative correlation, indicating that if the funds are left in the company and handed over to the company for use to achieve a lower return rate, the company`s decision makers will tend to issue additional dividends. In addition, the agency problem of the heavy industry has significantly affected the changes in dividend distribution policies. If the company holds more than 10% of the company’s shares and the number of shares held by the directors and supervisors increases, the greater the degree of control of the company by the major shareholders, which may be based on the company’s reinvestment needs, will reduces the probability of the company issuing additional dividends.
參考文獻 中文文獻\n江衍陞(2001)。兩稅合一對我國資訊電子業上市上櫃公司股利政策影響之實證研究。國立中央大學企業管理系碩士論文。\n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。\n陳明進(2010)。舊制與新制稅法未分配盈餘加徵稅負之實證研究。管理評論，第二十九卷第一期，1-18。\n陳明進、汪瑞芝(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，第二十一卷第二期，257-277。\n陳明進、汪瑞芝(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，第二十七卷第一期，221-246。\n李常青、彭鋒(2008)。現金股利研究的新視角:基於企業生命週期理論。財經理論與實踐，第三十卷第五期；67-73。\n馬孝璿(1999)。兩税合一對上市上櫃公司股利政策影響之探討。國立中山大學財務管理系碩士論文。\n楊麗菊(2015)。股東可扣抵稅額減半對股利政策之影響。國立臺北大學會計學系碩士論文。\n盧育仕(2000)。兩稅合一對我國上市公司股利政策影響之實證研究。逢甲大學會計與財稅研究所碩士論文。\n羅時萬、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。財稅研究，第四十四卷第一期，53-80。\n \n英文文獻\nAdizes, I. (1989) Corporate Life Cycles: How and Why Corporations Grow and Die an What to Do About It. Englewood-Cliffs, NJ: Prentince Hall.\nAmbarish, R., John, K. & Williams, J. (1987). Efficient Signalling with Dividends and Investments. The Journal of Finance (New York): 321-343.\nAng, J. S., Blackwell, D. W. & Megginson, W. L. (1991). The Effect of Taxes on the Relative Valuation of Dividends and Capital Gains: Evidence from Dual‐Class British Investment Trusts. The Journal of Finance 46(March) :383-413.\nBhattacharyya, N. (2007). Dividend Policy: A Review. Managerial Finance,33(1): 4-13.\nBond, M. T. & Mougoué, M. (1991). Corporate dividend policy and the partial adjustment model. Journal of Economics and Business, 43(2): 165-178.\nBrennan, M. J. (1970). Taxes, Market Valuation and Corporate Financial Policy. National Tax Journal, 23(1):41.\nBrown, J. R., Liang, N. & Weisbenner, S. (2007). Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. The Journal of Finance (New York), 62(4): 1935-1965.\nChang, R. P. & Rhee, S. G. (1990). The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions. Financial management, 19 (2): 21-31\nChetty, R. & Saez, E. (2006). The Effects of the 2003 Dividend Tax Cut on Corporate Behavior: Interpreting the Evidence. The American Economic Review, 96(2): 124-129.\nChunchi, W. (1991). Taxes and Dividend Policy. International Review of Economics & Finance, 5(3): 291-305.\nDanny, Y. (2015). Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut. The American Economic Review, 105(12): 3531-3563.\nDenis, D. & Osobov, I. (2008). Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy. Journal of Financial Economics, 89(1): 62-82.\nFarrar, D. E. & Selwin, L. L. (1967). Taxes, Corporate Financial Policy and Return to Investors. National Tax Journal, 20(4): 444-454.\nFischer, B. (1976). The Dividend Puzzle. The Journal of Portfolio Management Winter, 2(2): 5-8.\nGordon, M. J. (1959). Dividends, Earnings, and Stock Prices. The Review of Economics and Statistics, 41(2): 99-105.\nGordon, M. J. (1963). Optimal Investment and Financing Policy. Journal of Finance 18(5):264-272.\nGriffin, J. M. (1988). A Test of the Free Cash Flow Hypothesis: Results from the Petroleum Industry. The Review of Economics and Statistics, 70(1): 76-82.\nJensen M. 1986.Agency Cost of Free Cash Flows, Corporate Finance and Takeover, American Economic Review 76: 323-329.\nJesse, E. (2013). Four facts about dividend payouts and the 2003 tax cut. International tax and public finance, 20 (5): 769-784.\nLeming, L. & Mark, J. F. (2013). Do personal Taxes Affect Capital Structure? Evidence from the 2003 Tax Cut. Journal of Financial Economics, 109 (2), 549-565.\nLintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American economic review, 46(2): 97-113.\nMeans, D. B., Charoenwong, C. & Kang Y. k. (1991). Changing Dividend Policies Caused by the Tax Reform Act of 1986: An Empirical Analysis. Journal of Economics and Finance, 16(3): 153-160.\nMiller, M. H. & Franco, M. (1961). Dividend Policy, Growth and The Valuation of Shares. The Journal of Business, 34(4): 411-433.\nMiller, M. H. & Rock, K. (1985). Dividend Policy under Asymmetric Information. The Journal of Finance, 40(4):1031–1052.\nMyers, S. C. & 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.\nPapaioannou, G. J. & Savarese, C. M. (1994). Corporate Dividend Policy Response to the Tax Reform Act of 1986. The Journal of The Financial Management Association, 23(1):56-63.\nPattenden, K. & Twite, G. (2008). Taxes and Dividend Policy Under Alternative Tax Regimes. Journal of Corporate Finance (Amsterdam, Netherlands), 14(1), 1-16.\nPaul, J. B. & Vahan, J. (1991). Dividend Policy and Valuation Effects of the Tax Reform Act of 1986. National Tax Journal, 44(4): 511-518.\nRamli, N. M. (2010). Ownership Structure and Dividend Policy: Evidence from Malaysian Companies. International Review of Business Research Papers, 6(1): 170-180.\nRochmah, H. N., Ardianto, A. & Ntim, C. G. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business & Management, 7 (1), 1-16.
描述 碩士
國立政治大學
財政學系
108255008
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108255008
資料類型 thesis
dc.contributor.advisor 連賢明zh_TW
dc.contributor.author (Authors) 洪昊緯zh_TW
dc.contributor.author (Authors) Hong, Hao-Weien_US
dc.creator (作者) 洪昊緯zh_TW
dc.creator (作者) Hong, Hao-Weien_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 16:03:22 (UTC+8)-
dc.date.available 4-Aug-2021 16:03:22 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 16:03:22 (UTC+8)-
dc.identifier (Other Identifiers) G0108255008en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=155746-
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) 108255008zh_TW
dc.description.abstract (摘要) 本文透過我國2018稅改前後之資料，以羅吉斯二元選擇模型實證研究稅改前有效稅率水準對於該公司稅改之後增加股利分配比率之機率的影響，該影響取決於兩種效果，分別為負的股利補發效果與正的稅負態度效果。根據我國符合條件之1,017間上市櫃公司得出之實證結果呈現出稅改前有效稅率水準對稅改後增加股利分配比率之機率呈正向影響。該結果隱含正的稅負態度效果大過於負的股利補發效果。\n其他重要實證結果包括股東權益報酬率之變化為股利分配政策變化之重要影響因子，呈現負相關，顯示若資金留於公司交由公司進行運用達成之報酬率降低，公司決策者將傾向增發股利。另外，重工業之代理問題顯著影響股利分配政策之變化，若公司持股10%以上之大戶及董監事持股股數上升，大股東對公司之控制程度越高，可能基於公司再投資之需求，使得公司增發股利之機率降低。zh_TW
dc.description.abstract (摘要) Based on the data before and after Taiwan`s tax reform in 2018, this article uses Logit Model to study the effect of the effective tax rate level before the tax reform on the probability of the company raise their dividend distribution ratio after the tax reform. The impact depends on two effects, respectively for the negative dividend reissue effect and the positive tax attitude effect. According to the empirical results of 1,017 qualified listed companies in Taiwan, the effective tax rate level before the tax reform has a positive effect on the probability of increasing the dividend distribution ratio after the tax reform. This result implies that the tax attitude effect is much greater than the dividend reissue effect.\nOther important empirical results include that the change in the return on equity is an important factor affecting the change in dividend distribution policy, showing a negative correlation, indicating that if the funds are left in the company and handed over to the company for use to achieve a lower return rate, the company`s decision makers will tend to issue additional dividends. In addition, the agency problem of the heavy industry has significantly affected the changes in dividend distribution policies. If the company holds more than 10% of the company’s shares and the number of shares held by the directors and supervisors increases, the greater the degree of control of the company by the major shareholders, which may be based on the company’s reinvestment needs, will reduces the probability of the company issuing additional dividends.en_US
dc.description.tableofcontents 第壹章 緒論 1\n第一節 研究背景 1\n第二節 研究範圍與限制 6\n第三節 研究架構 7\n第貳章 稅制沿革 9\n第一節 稅制介紹 9\n第二節 稅負試算 12\n第參章 文獻回顧 17\n第一節 股利政策理論文獻 18\n第二節 股利政策實證文獻 23\n第肆章 研究方法 28\n第一節 研究假說 28\n第二節 模型設定 30\n第三節 變數說明 35\n第四節 資料來源及樣本選擇 39\n第伍章 實證結果 42\n第一節 敘述性統計分析 42\n第二節 相關係數檢定 48\n第三節 實證結果 50\n第陸章 穩健性測試 55\n第一節 公司投資變數測試 55\n第二節 新增變數測試 56\n第三節 樣本選擇測試 58\n第四節 研究期間測試 59\n第柒章 研究結論 60\n參考文獻 63zh_TW
dc.format.extent 2101150 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108255008en_US
dc.subject (關鍵詞) 2018稅改zh_TW
dc.subject (關鍵詞) 有效稅率zh_TW
dc.subject (關鍵詞) 股利分配政策zh_TW
dc.subject (關鍵詞) 產業效果zh_TW
dc.title (題名) 有效稅率於股利課稅制度改革中對股利分配政策之影響—以我國2018稅改為例zh_TW
dc.title (題名) The Effect of Effective Tax Rate on Dividend Policy in the Dividend Tax Reform - Taking Taiwan Tax Reform of 2018 for Exampleen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻\n江衍陞(2001)。兩稅合一對我國資訊電子業上市上櫃公司股利政策影響之實證研究。國立中央大學企業管理系碩士論文。\n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。\n陳明進(2010)。舊制與新制稅法未分配盈餘加徵稅負之實證研究。管理評論，第二十九卷第一期，1-18。\n陳明進、汪瑞芝(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，第二十一卷第二期，257-277。\n陳明進、汪瑞芝(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，第二十七卷第一期，221-246。\n李常青、彭鋒(2008)。現金股利研究的新視角:基於企業生命週期理論。財經理論與實踐，第三十卷第五期；67-73。\n馬孝璿(1999)。兩税合一對上市上櫃公司股利政策影響之探討。國立中山大學財務管理系碩士論文。\n楊麗菊(2015)。股東可扣抵稅額減半對股利政策之影響。國立臺北大學會計學系碩士論文。\n盧育仕(2000)。兩稅合一對我國上市公司股利政策影響之實證研究。逢甲大學會計與財稅研究所碩士論文。\n羅時萬、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。財稅研究，第四十四卷第一期，53-80。\n \n英文文獻\nAdizes, I. (1989) Corporate Life Cycles: How and Why Corporations Grow and Die an What to Do About It. Englewood-Cliffs, NJ: Prentince Hall.\nAmbarish, R., John, K. & Williams, J. (1987). Efficient Signalling with Dividends and Investments. The Journal of Finance (New York): 321-343.\nAng, J. S., Blackwell, D. W. & Megginson, W. L. (1991). The Effect of Taxes on the Relative Valuation of Dividends and Capital Gains: Evidence from Dual‐Class British Investment Trusts. The Journal of Finance 46(March) :383-413.\nBhattacharyya, N. (2007). Dividend Policy: A Review. Managerial Finance,33(1): 4-13.\nBond, M. T. & Mougoué, M. (1991). Corporate dividend policy and the partial adjustment model. Journal of Economics and Business, 43(2): 165-178.\nBrennan, M. J. (1970). Taxes, Market Valuation and Corporate Financial Policy. National Tax Journal, 23(1):41.\nBrown, J. R., Liang, N. & Weisbenner, S. (2007). Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. The Journal of Finance (New York), 62(4): 1935-1965.\nChang, R. P. & Rhee, S. G. (1990). The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions. Financial management, 19 (2): 21-31\nChetty, R. & Saez, E. (2006). The Effects of the 2003 Dividend Tax Cut on Corporate Behavior: Interpreting the Evidence. The American Economic Review, 96(2): 124-129.\nChunchi, W. (1991). Taxes and Dividend Policy. International Review of Economics & Finance, 5(3): 291-305.\nDanny, Y. (2015). Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut. The American Economic Review, 105(12): 3531-3563.\nDenis, D. & Osobov, I. (2008). Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy. Journal of Financial Economics, 89(1): 62-82.\nFarrar, D. E. & Selwin, L. L. (1967). Taxes, Corporate Financial Policy and Return to Investors. National Tax Journal, 20(4): 444-454.\nFischer, B. (1976). The Dividend Puzzle. The Journal of Portfolio Management Winter, 2(2): 5-8.\nGordon, M. J. (1959). Dividends, Earnings, and Stock Prices. The Review of Economics and Statistics, 41(2): 99-105.\nGordon, M. J. (1963). Optimal Investment and Financing Policy. Journal of Finance 18(5):264-272.\nGriffin, J. M. (1988). A Test of the Free Cash Flow Hypothesis: Results from the Petroleum Industry. The Review of Economics and Statistics, 70(1): 76-82.\nJensen M. 1986.Agency Cost of Free Cash Flows, Corporate Finance and Takeover, American Economic Review 76: 323-329.\nJesse, E. (2013). Four facts about dividend payouts and the 2003 tax cut. International tax and public finance, 20 (5): 769-784.\nLeming, L. & Mark, J. F. (2013). Do personal Taxes Affect Capital Structure? Evidence from the 2003 Tax Cut. Journal of Financial Economics, 109 (2), 549-565.\nLintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American economic review, 46(2): 97-113.\nMeans, D. B., Charoenwong, C. & Kang Y. k. (1991). Changing Dividend Policies Caused by the Tax Reform Act of 1986: An Empirical Analysis. Journal of Economics and Finance, 16(3): 153-160.\nMiller, M. H. & Franco, M. (1961). Dividend Policy, Growth and The Valuation of Shares. The Journal of Business, 34(4): 411-433.\nMiller, M. H. & Rock, K. (1985). Dividend Policy under Asymmetric Information. The Journal of Finance, 40(4):1031–1052.\nMyers, S. C. & 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.\nPapaioannou, G. J. & Savarese, C. M. (1994). Corporate Dividend Policy Response to the Tax Reform Act of 1986. The Journal of The Financial Management Association, 23(1):56-63.\nPattenden, K. & Twite, G. (2008). Taxes and Dividend Policy Under Alternative Tax Regimes. Journal of Corporate Finance (Amsterdam, Netherlands), 14(1), 1-16.\nPaul, J. B. & Vahan, J. (1991). Dividend Policy and Valuation Effects of the Tax Reform Act of 1986. National Tax Journal, 44(4): 511-518.\nRamli, N. M. (2010). Ownership Structure and Dividend Policy: Evidence from Malaysian Companies. International Review of Business Research Papers, 6(1): 170-180.\nRochmah, H. N., Ardianto, A. & Ntim, C. G. (2020). Catering dividend: Dividend premium and free cash flow on dividend policy. Cogent Business & Management, 7 (1), 1-16.zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202100752en_US