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    Title: 有效稅率對公司資金使用決策影響—以2010稅改為例
    How do the companies act when the corporate income tax rate is lower? Evidence from 2010 tax reform
    Authors: 李德瑞
    Lee, Te-Jui
    Contributors: 羅光達
    楊子霆
    李德瑞
    Lee, Te-Jui
    Keywords: 公司稅率
    資金使用決策
    工具變數
    Corporate income tax rate
    Use of corporate funds
    Instrumental variable
    Date: 2017
    Issue Date: 2018-07-30 15:01:25 (UTC+8)
    Abstract: 本文主旨為探討台灣2010年稅改導致各公司有效稅率的變化對其資金使用決策的影響，而資金使用決策本文定義為其於投資、儲蓄及盈餘分配方面的行為。除了以往文獻常用之最小平方法分析外，本文也根據Rao（2016）以工具變數法分析有效稅率變化對各公司決策的影響。本文採用2009及2010年全國申報營利事業之申報書為樣本進行分析。實證結果指出，如以全體公司當作樣本則有效稅率變化對投資、儲蓄及盈餘分配的影響皆不顯著，但考慮不同規模公司行為決策也有很大不同，因此依據中央銀行調查民營公司的方式將公司依資產規模分為大型、中型及小型公司。大型公司有效稅率改變對其儲蓄有顯著負向關係，意即有效稅率下降會增加儲蓄，投資及盈餘分配皆無；而中、小型公司有效稅率改變對其投資、儲蓄及盈餘分配皆具有顯著負向關係，即有效稅率下降會使其增加投資、儲蓄及盈餘分配之金額。
    The main subject of this research is mainly focusing on how companies would use their extra fund if the corporate income tax is lower. The use of the fund can either be investing in other projects, distributed to the shareholders or saved for future. In addition to using the Ordinary Least Square, we adopt the method of Instrumental Variable to analyze the effect of the lowing corporate income tax.
    The database we use to do the research is the income tax return of all profit-seeking corporate in Taiwan between 2009 and 2010. The research shows that the change of the effective corporate income tax is negatively significant to saving in big companies. As for medium and small companies, the change of the effective corporate income tax is negatively significant in saving, investing or distributing earnings, meaning that the decrease of the effective corporate income tax will increase the money they use for corporate activities.
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    Description: 碩士
    國立政治大學
    財政學系
    104255025
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1042550251
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.PF.017.2018.F07
    Appears in Collections:[Department of Public Finance] Theses

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