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題名 所得稅制優化方案對企業投資之影響
The Impact of the 2018 Taiwan Income Tax Reform on Firms’ Investment Decisions作者 郭忻瑩
Kuo, Sin-Ying貢獻者 陳明進
Chen, Ming-Chin
郭忻瑩
Kuo, Sin-Ying關鍵詞 所得稅制優化方案
投資決策
營利事業所得稅
未分配盈餘
2018 Income tax reform
Investment decision
Profit-seeking enterprise income tax
Undistributed earnings日期 2022 上傳時間 1-Jul-2022 16:02:35 (UTC+8) 摘要 本研究藉由固定效果模型實證方法，檢測我國 2018 年實施「所得稅制優化方案」對上市櫃公司研究發展投資與實體資產投資之影響。實證結果如下：一、綜合營所稅稅率由 17% 提高至 20% 與未分配盈餘加徵營所稅稅率由 10% 降低至 5% 之影響，研究發現 2018 年稅改之施行對公司的研究發展投資有正向影響，使其提高研發支出意願，且達統計上的顯著性。然而，實體資產投資方面則因所需花費時程長，須經完整可行性評估後才得以進行，使短期內未發現其顯著改變。二、2018 年稅改後，未分配盈餘比率相較稅改前上升 16.69%，顯示公司受益於未分配盈餘稅率下降，保留盈餘的成本減少，而出現提高保留盈餘比率之情形；亦發現稅改實施後未分配盈餘比率高的公司，顯著地較實施前增加了實體資產投資。三、高科技產業之研究發展投資與實體資產投資皆在 2018 年稅改後顯著地減少，顯示其受到法定所得稅率提高的負面衝擊遠大於研發費用與折舊費用的稅盾利益。四、規模較大的公司須持續地進行資本投資以維持市場領先地位，其研究發展投資與實體資產投資皆在 2018 年稅改後增加，然而僅有研發投資部分達顯著水準。
Using fixed-effects model, this empirical study investigates the impact of the 2018 Taiwan Income Tax Reform on firms’ R&D investments and on the physical assets investments of listed companies.The empirical results are as follows:1. The combined effect of the rate of the profit-seeking enterprise income tax increases from 17% to 20%, and the tax rate on undistributed surplus earnings (USE) decreases from 10% to 5%. We find that the 2018 Income Tax Reform demonstrates a positive impact on companies’ R&D investments. Also, the income tax reform increases firms’ willingness to engage in R&D investment with statistical significance. However, the impact on the physical assets is not statistically significant, possibly due to the long-term evaluation of making an investment plan, so that short-term changes were not shown.2. Post 2018 Income Tax Reform, the USE ratio increases by 16.69%, representing corporate benefit from the reduction in the tax rate cuts on USE. When companies reduce the cost of retaining the surplus, the USE ratio will increase. Results show that after implementation of 2018 Income Tax Reform, companies with high USE ratio significantly increased their physical assets investments.3. After the 2018 Income Tax Reform, both R&D investments and physical assets investments in the high-tech industry decreased significantly. Results show that the negative impact of raising the statutory income tax rate is far greater than the tax benefit of R&D expenses and depreciation expenses.4. To maintain their market leadership, larger companies must continue their process of investment. Results show that their investments in R&D and physical assets increased after the 2018 Income Tax Reform. 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Influence of cross-listing on the relationship between financial leverage and R&D investment: A sustainable development strategy. Sustainability 13(18): 10341. 描述 碩士
國立政治大學
會計學系
108353105資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353105 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) 郭忻瑩 zh_TW dc.contributor.author (Authors) Kuo, Sin-Ying en_US dc.creator (作者) 郭忻瑩 zh_TW dc.creator (作者) Kuo, Sin-Ying en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:02:35 (UTC+8) - dc.date.available 1-Jul-2022 16:02:35 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:02:35 (UTC+8) - dc.identifier (Other Identifiers) G0108353105 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140567 - 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) 108353105 zh_TW dc.description.abstract (摘要) 本研究藉由固定效果模型實證方法，檢測我國 2018 年實施「所得稅制優化方案」對上市櫃公司研究發展投資與實體資產投資之影響。實證結果如下：一、綜合營所稅稅率由 17% 提高至 20% 與未分配盈餘加徵營所稅稅率由 10% 降低至 5% 之影響，研究發現 2018 年稅改之施行對公司的研究發展投資有正向影響，使其提高研發支出意願，且達統計上的顯著性。然而，實體資產投資方面則因所需花費時程長，須經完整可行性評估後才得以進行，使短期內未發現其顯著改變。二、2018 年稅改後，未分配盈餘比率相較稅改前上升 16.69%，顯示公司受益於未分配盈餘稅率下降，保留盈餘的成本減少，而出現提高保留盈餘比率之情形；亦發現稅改實施後未分配盈餘比率高的公司，顯著地較實施前增加了實體資產投資。三、高科技產業之研究發展投資與實體資產投資皆在 2018 年稅改後顯著地減少，顯示其受到法定所得稅率提高的負面衝擊遠大於研發費用與折舊費用的稅盾利益。四、規模較大的公司須持續地進行資本投資以維持市場領先地位，其研究發展投資與實體資產投資皆在 2018 年稅改後增加，然而僅有研發投資部分達顯著水準。 zh_TW dc.description.abstract (摘要) Using fixed-effects model, this empirical study investigates the impact of the 2018 Taiwan Income Tax Reform on firms’ R&D investments and on the physical assets investments of listed companies.The empirical results are as follows:1. The combined effect of the rate of the profit-seeking enterprise income tax increases from 17% to 20%, and the tax rate on undistributed surplus earnings (USE) decreases from 10% to 5%. We find that the 2018 Income Tax Reform demonstrates a positive impact on companies’ R&D investments. Also, the income tax reform increases firms’ willingness to engage in R&D investment with statistical significance. However, the impact on the physical assets is not statistically significant, possibly due to the long-term evaluation of making an investment plan, so that short-term changes were not shown.2. Post 2018 Income Tax Reform, the USE ratio increases by 16.69%, representing corporate benefit from the reduction in the tax rate cuts on USE. When companies reduce the cost of retaining the surplus, the USE ratio will increase. Results show that after implementation of 2018 Income Tax Reform, companies with high USE ratio significantly increased their physical assets investments.3. After the 2018 Income Tax Reform, both R&D investments and physical assets investments in the high-tech industry decreased significantly. Results show that the negative impact of raising the statutory income tax rate is far greater than the tax benefit of R&D expenses and depreciation expenses.4. To maintain their market leadership, larger companies must continue their process of investment. Results show that their investments in R&D and physical assets increased after the 2018 Income Tax Reform. However, only the R&D investments reached statistical significance (α=0.01). en_US dc.description.tableofcontents 第一章、緒論 1第一節、研究背景、動機與目的 1第二節、研究問題 2第三節、研究架構 3第二章、文獻探討 5第一節、所得稅制優化方案之介紹 5第二節、我國營利事業所得稅沿革 7第三節、未分配盈餘加徵稅負制度 8第四節、租稅與投資 12第三章、研究方法 19第一節、研究假說 19第二節、實證模型 22第三節、變數之定義與衡量 25第四節、資料來源與處理 31第四章、實證結果與分析 33第一節、敘述性統計分析 33第二節、相關係數檢定分析 38第三節、迴歸分析 41第五章、額外分析-高科技產業與企業規模 47第六章、額外分析-境外資金匯回專法 50第七章、結論與建議 53第一節、研究結論及建議 53第二節、研究限制 55參考文獻 56 zh_TW dc.format.extent 3238984 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353105 en_US dc.subject (關鍵詞) 所得稅制優化方案 zh_TW dc.subject (關鍵詞) 投資決策 zh_TW dc.subject (關鍵詞) 營利事業所得稅 zh_TW dc.subject (關鍵詞) 未分配盈餘 zh_TW dc.subject (關鍵詞) 2018 Income tax reform en_US dc.subject (關鍵詞) Investment decision en_US dc.subject (關鍵詞) Profit-seeking enterprise income tax en_US dc.subject (關鍵詞) Undistributed earnings en_US dc.title (題名) 所得稅制優化方案對企業投資之影響 zh_TW dc.title (題名) The Impact of the 2018 Taiwan Income Tax Reform on Firms’ Investment Decisions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文文獻王建棟，2003，兩稅合一制對資本投資與股利政策影響之實證研究，中原大學會計研究所碩士論文。中華民國統計資訊網，上網日期：2022年6月19日。檢自：https://statdb.dgbas.gov.tw/pxweb/Dialog/varval.asp?ma=ES0104A1M&ti=%A4u%B7~%A5%CD%B2%A3%AB%FC%BC%C6-%A4%EB&path=../PXfile/EconomicStatistics/&lang=9&strList=L宋秀玲，2003，未分配盈餘加徵 10% 營利事業所得稅之檢討，主計月刊，第 570 期：21-29。李秀玉，2005，未分配盈餘加徵百分之十營利事業所得稅對企業創新活動影響之實證研究，國立政治大學會計學系未出版碩士論文。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。孫克難與劉涵秦，2004，臺灣邊際有效稅率、租稅減免與投資行為(1956∼1997)，財稅研究，第 36 卷第 6 期：60-78。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 105 年委託研究計劃，計畫編號：105mof006。張克偵，1997，兩稅合一與企業經營效益，會計研究月刊，第134 期：64-66。張家春與謝金國，2004，兩稅合一之保留盈餘課稅對投資影響之分析，實用稅務，第 354 卷：58-64。張清讚，2005，論未分配盈餘加徵之存廢，稅務旬刊，第 1941 期：7-10。張莞兒，2010，未分配盈餘加徵 10% 稅負與企業投資決策之關係，國立政治大學會計學系未出版碩士論文。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。張福淙，2000，兩稅合一應取消未分配盈餘課稅規定，稅務旬刊，第 1767 期：13-14。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。陳忠勤，1997，新稅制~兩稅合一之剖析(下)，會計師會訊，3月：1-18。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29卷1期：1-18。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。黃玉均，2019，近年我國超額儲蓄之變化，主計月刊，第765期：56-62。趙育培，2001，取消「保留盈餘」稅負 提高投資誘因，國家政策論壇，第 1 卷第 8 期：124-125。鄭月遂，1996，談兩稅合一的架構與實施的時機，中國稅務旬刊，第 1616 期：12-15。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 卷第 3 期：63-89。經濟部工業局，2022，境外資金匯回實質投資平台，上網日期：2022年6月23日。檢自：https://www.moeaidb.gov.tw/ctlr?PRO=policy.rwdPolicyView&id=10855二、英文文獻Ahn, S., D. 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