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    题名: 租稅不確定性與企業股利政策 -以臺灣上市櫃公司為例
    Tax uncertainty and corporate dividend payouts - evidence from Taiwan
    作者: 李婉瑄
    Lee, Wan-Hsuan
    贡献者: 何怡澄
    Ho, Yi-Cheng
    李婉瑄
    Lee, Wan-Hsuan
    关键词: 租稅不確定
    股利支付政策
    Tax uncertainty
    Dividend payouts
    日期: 2018
    上传时间: 2018-08-29 15:58:55 (UTC+8)
    摘要: 股利發放通常被視為一種訊號，代表企業對未來的預測及前景，本研究探討企業的租稅不確定與股利支付政策關聯，並加入各項影響股利發放之企業特徵，另進一步探討財務受限與成長期企業是否對租稅不確定與股利支付政策具有調節效果。
    本研究採用台灣2001年至2016年上市櫃公司資料，分別以兩種方法來做迴歸分析。實證結果顯示，過去五年的租稅不確定對未來股利支付的總額及機率均有負面影響，其經濟意涵為為租稅不確定上升一個標準差，股利發放數量減少19.2%，且在財務受限企業效果更加明顯，而成長期公司則能夠減輕這兩者的負向關係。此係因租稅不確定會影響公司內部現金的波動，經理人會參酌企業的自由現金來做為是否發放股利及發放數量的依據，就財務受限公司來說，其股利發放政策較不平滑，因此其股利發放受租稅不確定影響更甚。此外，若該企業是處於企業生命週期中的成長階段，因為其盈餘較低，調整股利可能是其節省現金支出的一種方式，因此租稅不確定可能非其租稅支付政策影響的重要因素。
    股利一直是投資大眾所關心的議題，以往被用來預測企業營運情況，投資人可以根據其係偏好股利或者投資公司之未來發展來選擇其投資標的，本篇提供投資人以另一種角度解讀股利支付政策訊號，低股利發放的企業可能背後隱含著該企業的稅務態度，而考量後續因租稅規避所引發之稅務風險，是否會對企業整體健全有所影響。
    Dividend payouts policy is usually regarded as a signal , which represents the prosperity and provision of firms’ future. The paper aims to examine the association between tax uncertainty and dividend payout policy. Furthermore, the study examines whether financially constrained firms and firms at the capital-infusion stage (which means growing firms) have ability to regulate the association between tax uncertainty and dividend payout policy. I collect publicly available data of dividend payouts by publicly traded companies in Taiwan between 2001 and 2016, and applied OLS and logit to regress dividend on tax uncertainty.
    The empirical results show negative effect of tax uncertainty on dividend levels. The results are economically meaningful as a one standard deviation higher tax uncertainty leads to a 19.2% point lower payout amounts or 3.3% point lower probability. Taken together, my findings provide investors with different perspectives to dividend payout. The low dividend payouts may imply firms’ attitude toward tax avoidance.
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    描述: 碩士
    國立政治大學
    財政學系
    105255028
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0105255028
    数据类型: thesis
    DOI: 10.6814/THE.NCCU.PF.026.2018.F07
    显示于类别:[財政學系] 學位論文

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