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題名 從政策紅利到企業成長：境外資金匯回專法對台灣上市公司資本支出與經營績效的影響
From Policy Incentives to Corporate Growth: Impact of Overseas Fund Repatriation on Capital Expenditure and Performance of Taiwan's Listed Companies
作者 莊淑君
Chuang, Shu-Chun
貢獻者 黃嘉威
Huang, Chia-Wei
莊淑君
Chuang, Shu-Chun
關鍵詞 境外資金匯回專法
資本支出
研發支出
經營績效
雙重差分法
三重差分法
Overseas fund repatriation act
Capital expenditure
Research and development expenditure
Operational performance
Difference-in-differences
Triple difference
日期 2024
上傳時間 5-Aug-2024 13:42:20 (UTC+8)
摘要 本研究探討台灣「境外資金匯回管理運用及課稅條例」對企業資本支出、研發支出及經營績效的影響，以2019年至2021年台灣上市櫃公司為樣本，採用雙重差分法模型探討專法對企業資本支出、研發支出及經營績效的影響，並考慮COVID-19疫情及政府政策對特定產業的影響，使用三重差分法探討專法對相關產業經營績效的影響。實證結果顯示，專法有效提升了參與企業的實質投資，達到政府的預期目標。雖然專法對整體上市櫃公司經營績效的影響不一致，但對特定產業如製造業、半導體、軟體及綠能產業的經營績效有顯著正向影響。此外，專法對這些產業公司經營績效的正向影響主要來自其他因素，而非資本支出及研發支出的聯合效應。這可能是由於專法對匯回資金的限制多，且企業在考量投資風險與節稅利益後，專法對企業的吸引力及實質投資金額有限，無法充分發揮提升經營績效的效果。總結而言，本研究不僅提供了專法對企業資本支出、研發支出及經營績效的實證分析結果，特別是在特定產業上的影響，同時也揭示了其在政策實施上的限制及未來改進的方向。這些結果有助於政府未來制定相關政策，並為企業在應用類似政策時提供重要參考資訊。
This study examines the impact of Taiwan's "Overseas Fund Repatriation Act and Tax Regulations" on corporate capital expenditure, research and development (R&D) expenditure, and operational performance. Using Taiwan-listed companies from 2019 to 2021 as the sample, the study employs a difference-in-differences (DID) model to analyze the effects of the Act on these variables. It also considers the influence of the COVID-19 pandemic and government policies on specific industries using a triple difference (DDD) model to explore the Act's impact on industry-specific operational performance. Empirical results demonstrate that the regulation effectively enhances substantial investments by participating enterprises, aligning with government expectations. While the regulation shows mixed impacts on the overall operational performance of listed companies, it significantly improves operational performance in specific industries such as manufacturing, semiconductor, software, and green energy. Moreover, the positive effects on these industry firms' operational performance stem primarily from factors other than the combined effects of capital expenditures and R&D expenditures. This could be attributed to multiple restrictions on repatriated funds and the limited attractiveness and actual investment amount due to considerations of investment risks and tax benefits. In conclusion, this study not only provides empirical evidence of the regulation's impacts on corporate capital and R&D expenditures, and operational performance, especially in specific industries, but also reveals constraints in its policy implementation and suggests directions for future improvements. These findings contribute to informing future government policy formulation and serve as crucial reference information for enterprises applying similar policies.
參考文獻 王佩如（2021）。境外資金匯回管理運用及課稅條例對台灣中小企業主之影響 〔未出版之碩士論文〕。國立中興大學高階經理人碩士在職專班。 林巧燕（2021）。境外資金匯回管理運用及課稅條例專法之探討 〔未出版之碩士論文〕。東吳大學法律研究所。 陳瑞東、彭俊揚、陳俐臻（2017）。投資抵減、研發支出對企業經營績效之影響－以電子業為例。台灣財稅研究，46(3)，128-154。 盧聯生、卓芷菁（2021）。境外資金匯回管理運用及課稅條例之研析。台灣財稅研究，50(3)，50-81。 Adam, T., & Goyal, V. K. (2008). The investment opportunity set and its proxy variables. Journal of Financial Research, 31, 41-63. Akinyomi, O. J., & Olagunju, A. (2013). Determinants of capital structure in Nigeria. International Journal of Innovation and Applied Studies, 3(4), 999-1005. Fredriksson, A., & de Oliveira, G. M. (2019). Impact evaluation using difference-in-differences. RAUSP Management Journal, 54(4), 519-532. Atanassov, J., & Liu, X. (2020). Can corporate income tax cuts stimulate innovation? Journal of Financial and Quantitative Analysis, 55(5), 1415-1465. Bitzan, J., Hong, Y., & Huseynov, F. (2023). Did the tax cuts and jobs act stimulate capital expenditures? A firm-level approach. SSRN Electronic Journal. Bond, S., & Meghir, C. (1994). Dynamic investment models and the firm’s financial policy. The Review of Economic Studies, 61(2), 197-222. Hall, B., & Lerner, J. (2009). The financing of R&D and innovation. Handbook of the Economics of Innovation, 1 Hall, B., & Van Reenen, J. (2000). How effective are fiscal incentives for R&D? A review of the evidence. Research Policy, 29(4–5), 449-469. Canace, T.G., Jackson, S.B., & Ma, T. (2018). R&D investments, capital expenditures, and earnings thresholds. Review of Accounting Studies, 23, 265–295. Chen, P. C., Chan, W. C., Hung, S. W., Hsiang, H. J., & Wu., L. C. (2016). Do R&D expenditures matter more than those of marketing to company performance? The moderating role of industry characteristics and investment density. Technology Analysis & Strategic Management, 28(2), 205-216. Chen, Y., & Fang, J. (2018). Policy preference: pie or trap?—test of tax policy based on accelerated depreciation of fixed assets. Securities Market Guide, 311(06), 32–41. Hsu, C. W., Lien, Y. C., & Chen, H. (2015). R&D internationalization and innovation performance. International Business Review, 24(2), 187-195. Connolly, R. A., & Hirschey, M. (2005). Firm size and the effect of R&D on Tobin’s q. R&D Management, 35(2), 217-223. Himmelberg, C. P., Hubbard, R. G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53(3), 353-384. Shefer, D., & Frenkel, A. (2005). R&D, firm size and innovation: an empirical analysis. Technovation, 25(1), 25-32. Dimitrov, V., & Jain, P. C. (2006). Recapitalization of one class of common stock into dual-class: Growth and long-run stock returns. Journal of Corporate Finance, 12(2), 342-366. Cooper, D. J., & Ezzamel, M. (2013). Globalization discourses and performance measurement systems in a multinational firm. Accounting, Organizations and Society, 38(4), 288-313. Dharmapala, D., & Hines Jr, J. R. (2009). Which countries become tax havens? Journal of Public Economics, 93(9-10), 1058-1068. Duan, S., Lu, Y., Cheng, Y., & Liu, Q. (2023). The impact of tax reduction on enterprises’ financialization-a quasi-natural experiment based on the reduction of VAT rate. PLoS ONE, 18(12). Eberhart, A., Maxwell, W., & Siddique, A. (2004). An examination of long-term abnormal stock returns and operating performance following R&D increases. Journal of Finance, 59, 623-650. Fadhila, Z., & Handayani, R. (2019). Tax amnesty effect on tax avoidance and its consequences on firm value (empirical study on companies in Indonesia Stock Exchange). Jurnal Dinamika Akuntansi, 11(1), 34-47. Freihat, A. R., & Kanakriyah, R. (2017). Impact of R&D expenditure on financial performance: Jordanian evidence. European Journal of Business and Management, 9, 73-83. Graham, J. R. (2003). Taxes and corporate finance: a review. The Review of Financial Studies, 16(4), 1075-1129. Griffith, R., Redding, S., & Van Reenen, J. (2004). Mapping the two faces of R&D: productivity growth in a panel of OECD industries. Review of Economics and Statistics, 86(4), 883-895. Griliches, Z. (1990). Patent statistics as economic indicators: a survey. Journal of Economic Literature, 28, 1661-1707. Griner, E.H., & Gordon, L.A. (1995). Internal cash flow, insider ownership, and capital expenditures: a test of the pecking order and managerial hypotheses. Journal of Business Finance & Accounting, 22, 179-199. Hall, B. H., Mairesse, J., & Mohnen, P. (2010). Measuring the returns to R&D. Handbook of the Economics of Innovation, 2, 1031-1082. Hirschey, M., & Weygandt, J. J. (1985). Amortization policy for advertising and research and development expenditures. Journal of Accounting Research, 23(1), 326-335. Hsieh, P. H., Mishra, C. S., & Gobeli, D. H. (2003). The return on R&D versus capital expenditures in pharmaceutical and chemical industries. IEEE Transactions on Engineering Management, 50(2), 141-150. Hashmi, S.D., Gulzar, S., Ghafoor, Z. et al. (2020). Sensitivity of firm size measures to practices of corporate finance: evidence from BRICS. Future Business Journal, 6, 9. Long, S. K., Yemane, A., & Stockley, K. (2010). Disentangling the effects of health reform in Massachusetts: How important are the special provisions for young adults? American Economic Review, 100 (2), 297-302. Rahman, M. M., & Howlader, M. S. (2022). The impact of research and development expenditure on firm performance and firm value: evidence from a South Asian emerging economy. Journal of Applied Accounting Research, 23(4), 825-845. Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175. Nurlaela, S., Mursito, B., Kustiyah, E., Istiqomah, I., & Hartono, S. (2019). Asset turnover, capital structure and financial performance consumption industry company in Indonesia Stock Exchange. International Journal of Economics and Financial Issues, 9(3), 297-301. Nguyen, A. D. M., Onnis, L., & Rossi, R. (2021). The macroeconomic effects of income and consumption tax changes. American Economic Journal: Economic Policy, 13(2), 439-66. Opler, T.C., & Titman, S. (1994). Financial distress and corporate performance. The Journal of Finance, 49, 1015-1040. Perfect, S. B., & Wiles, K. W. (1994). Alternative constructions of tobin’s q: An empirical comparison. Journal of Empirical Finance, 1(3-4), 313-341. Rajan, R.G., & Zingales, L. (1995). What do we know about capital structure? some evidence from international data. The Journal of Finance, 50, 1421-1460. Ramey, V. A. (2011). Can government purchases stimulate the economy? Journal of Economic Literature, 49(3), 673-85. Sa’adah, N. (2018). Tax amnesty policy as an effort to improve state revenues and investment growth. IOP Conference Series: Earth and Environmental Science, 175. Taipi, E., & Ballkoci, V. (2017). Capital expenditure and firm performance evidence from albanian construction sector. European Scientific Journal, 13(28), 231. Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19. Usman, M., Shaique, M., Khan, S., Shaikh, R., & Baig, N. (2017). Impact of R&D investment on firm performance and firm value: evidence from developed nations (G-7). Journal of Management, Finance and Accounting, 7(2), 302-321. Ramey, V. A. (2011). Can government purchases stimulate the economy? Journal of Economic Literature, 49(3), 673-685. Yue, Z., Yang, G., & Wang, H. (2023). How do tax reductions motivate technological innovation? Palgrave Communications, 10(1), 1-18.
描述 碩士
國立政治大學
財務管理學系
111357010
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357010
資料類型 thesis
dc.contributor.advisor 黃嘉威zh_TW
dc.contributor.advisor Huang, Chia-Weien_US
dc.contributor.author (Authors) 莊淑君zh_TW
dc.contributor.author (Authors) Chuang, Shu-Chunen_US
dc.creator (作者) 莊淑君zh_TW
dc.creator (作者) Chuang, Shu-Chunen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:42:20 (UTC+8)-
dc.date.available 5-Aug-2024 13:42:20 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:42:20 (UTC+8)-
dc.identifier (Other Identifiers) G0111357010en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152721-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 111357010zh_TW
dc.description.abstract (摘要) 本研究探討台灣「境外資金匯回管理運用及課稅條例」對企業資本支出、研發支出及經營績效的影響，以2019年至2021年台灣上市櫃公司為樣本，採用雙重差分法模型探討專法對企業資本支出、研發支出及經營績效的影響，並考慮COVID-19疫情及政府政策對特定產業的影響，使用三重差分法探討專法對相關產業經營績效的影響。實證結果顯示，專法有效提升了參與企業的實質投資，達到政府的預期目標。雖然專法對整體上市櫃公司經營績效的影響不一致，但對特定產業如製造業、半導體、軟體及綠能產業的經營績效有顯著正向影響。此外，專法對這些產業公司經營績效的正向影響主要來自其他因素，而非資本支出及研發支出的聯合效應。這可能是由於專法對匯回資金的限制多，且企業在考量投資風險與節稅利益後，專法對企業的吸引力及實質投資金額有限，無法充分發揮提升經營績效的效果。總結而言，本研究不僅提供了專法對企業資本支出、研發支出及經營績效的實證分析結果，特別是在特定產業上的影響，同時也揭示了其在政策實施上的限制及未來改進的方向。這些結果有助於政府未來制定相關政策，並為企業在應用類似政策時提供重要參考資訊。zh_TW
dc.description.abstract (摘要) This study examines the impact of Taiwan's "Overseas Fund Repatriation Act and Tax Regulations" on corporate capital expenditure, research and development (R&D) expenditure, and operational performance. Using Taiwan-listed companies from 2019 to 2021 as the sample, the study employs a difference-in-differences (DID) model to analyze the effects of the Act on these variables. It also considers the influence of the COVID-19 pandemic and government policies on specific industries using a triple difference (DDD) model to explore the Act's impact on industry-specific operational performance. Empirical results demonstrate that the regulation effectively enhances substantial investments by participating enterprises, aligning with government expectations. While the regulation shows mixed impacts on the overall operational performance of listed companies, it significantly improves operational performance in specific industries such as manufacturing, semiconductor, software, and green energy. Moreover, the positive effects on these industry firms' operational performance stem primarily from factors other than the combined effects of capital expenditures and R&D expenditures. This could be attributed to multiple restrictions on repatriated funds and the limited attractiveness and actual investment amount due to considerations of investment risks and tax benefits. In conclusion, this study not only provides empirical evidence of the regulation's impacts on corporate capital and R&D expenditures, and operational performance, especially in specific industries, but also reveals constraints in its policy implementation and suggests directions for future improvements. These findings contribute to informing future government policy formulation and serve as crucial reference information for enterprises applying similar policies.en_US
dc.description.tableofcontents 誌謝 i 摘要 ii Abstract iii 第一章 緒論 1 第一節 研究動機 1 第二節 研究目的 3 第三節 研究流程 4 第二章 文獻回顧 5 第一節 「境外資金匯回管理運用及課稅條例」介紹 5 第三節 企業資本支出及研發支出對經營績效之影響 15 第四節 研究假說 16 第三章 研究方法與設計 17 第一節 研究方法 18 第二節 變數解釋 20 第三節 實證模型 26 第四節 資料來源與樣本選擇 28 第四章 實證結果與分析 29 第一節 敘述統計分析 29 第二節 相關係數分析 30 第三節 專法對資本支出及研發支出影響之實證分析 30 第四節 專法對經營績效影響之實證分析 31 第五節 專法對特定產業經營績效影響之實證分析 32 第六節 資本及研發支出在專法影響下對經營績效聯合影響之實證分析 33 第五章 結論與研究限制 35 參考文獻 37 附錄 43zh_TW
dc.format.extent 2358253 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357010en_US
dc.subject (關鍵詞) 境外資金匯回專法zh_TW
dc.subject (關鍵詞) 資本支出zh_TW
dc.subject (關鍵詞) 研發支出zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) 雙重差分法zh_TW
dc.subject (關鍵詞) 三重差分法zh_TW
dc.subject (關鍵詞) Overseas fund repatriation acten_US
dc.subject (關鍵詞) Capital expenditureen_US
dc.subject (關鍵詞) Research and development expenditureen_US
dc.subject (關鍵詞) Operational performanceen_US
dc.subject (關鍵詞) Difference-in-differencesen_US
dc.subject (關鍵詞) Triple differenceen_US
dc.title (題名) 從政策紅利到企業成長：境外資金匯回專法對台灣上市公司資本支出與經營績效的影響zh_TW
dc.title (題名) From Policy Incentives to Corporate Growth: Impact of Overseas Fund Repatriation on Capital Expenditure and Performance of Taiwan's Listed Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 王佩如（2021）。境外資金匯回管理運用及課稅條例對台灣中小企業主之影響 〔未出版之碩士論文〕。國立中興大學高階經理人碩士在職專班。 林巧燕（2021）。境外資金匯回管理運用及課稅條例專法之探討 〔未出版之碩士論文〕。東吳大學法律研究所。 陳瑞東、彭俊揚、陳俐臻（2017）。投資抵減、研發支出對企業經營績效之影響－以電子業為例。台灣財稅研究，46(3)，128-154。 盧聯生、卓芷菁（2021）。境外資金匯回管理運用及課稅條例之研析。台灣財稅研究，50(3)，50-81。 Adam, T., & Goyal, V. K. (2008). The investment opportunity set and its proxy variables. Journal of Financial Research, 31, 41-63. Akinyomi, O. J., & Olagunju, A. (2013). Determinants of capital structure in Nigeria. International Journal of Innovation and Applied Studies, 3(4), 999-1005. Fredriksson, A., & de Oliveira, G. M. (2019). Impact evaluation using difference-in-differences. RAUSP Management Journal, 54(4), 519-532. Atanassov, J., & Liu, X. (2020). Can corporate income tax cuts stimulate innovation? Journal of Financial and Quantitative Analysis, 55(5), 1415-1465. Bitzan, J., Hong, Y., & Huseynov, F. (2023). Did the tax cuts and jobs act stimulate capital expenditures? A firm-level approach. SSRN Electronic Journal. Bond, S., & Meghir, C. (1994). Dynamic investment models and the firm’s financial policy. The Review of Economic Studies, 61(2), 197-222. Hall, B., & Lerner, J. (2009). The financing of R&D and innovation. Handbook of the Economics of Innovation, 1 Hall, B., & Van Reenen, J. (2000). How effective are fiscal incentives for R&D? A review of the evidence. Research Policy, 29(4–5), 449-469. Canace, T.G., Jackson, S.B., & Ma, T. (2018). R&D investments, capital expenditures, and earnings thresholds. Review of Accounting Studies, 23, 265–295. Chen, P. C., Chan, W. C., Hung, S. W., Hsiang, H. J., & Wu., L. C. (2016). Do R&D expenditures matter more than those of marketing to company performance? The moderating role of industry characteristics and investment density. Technology Analysis & Strategic Management, 28(2), 205-216. Chen, Y., & Fang, J. (2018). Policy preference: pie or trap?—test of tax policy based on accelerated depreciation of fixed assets. Securities Market Guide, 311(06), 32–41. Hsu, C. W., Lien, Y. C., & Chen, H. (2015). R&D internationalization and innovation performance. International Business Review, 24(2), 187-195. Connolly, R. A., & Hirschey, M. (2005). Firm size and the effect of R&D on Tobin’s q. R&D Management, 35(2), 217-223. Himmelberg, C. P., Hubbard, R. G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53(3), 353-384. Shefer, D., & Frenkel, A. (2005). R&D, firm size and innovation: an empirical analysis. Technovation, 25(1), 25-32. Dimitrov, V., & Jain, P. C. (2006). Recapitalization of one class of common stock into dual-class: Growth and long-run stock returns. Journal of Corporate Finance, 12(2), 342-366. Cooper, D. J., & Ezzamel, M. (2013). Globalization discourses and performance measurement systems in a multinational firm. Accounting, Organizations and Society, 38(4), 288-313. 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