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| Title: | 所得稅制優化方案對企業股利、融資及投資決策之影響
The Impacts of the 2018 Income Tax Reforms on Firms’ Dividend Payout, Financing Policy, and Investment Decisions |
| Authors: | 莊佳璋
Chuang, Chia-Chang |
| Contributors: | 陳明進
Chen, Ming-Chin
莊佳璋
Chuang, Chia-Chang |
| Keywords: | 所得稅制優化方案
股利政策
資本結構
研發投資
2018 Income Tax Reform
Dividend Payout
Financing Policy
Investment Decisions |
| Date: | 2021 |
| Issue Date: | 2021-07-01 16:43:09 (UTC+8) |
| Abstract: | 我國於民國107年實施所得稅制優化方案，旨在簡化稅政、促進經濟發展及建構公平稅制。本研究目的為探討稅改對企業股利發放、負債結構及研發投資支出之影響，以民國104至108年，國內上市(櫃)公司為研究樣本，變數將股利細分為現金股利、股票股利及總股利；資本結構分為負債比率及長期有息負債比率；企業投資分為研究發展費用及資本資產投資，並針對前述變數分別進行迴歸分析。
實證結果發現：(1)所得稅制優化方案施行後，未分配盈餘稅調降之效果大於股利所得稅負減輕之影響，故企業出現減少現金股利分派，以留存自有資金之情形。(2)營所稅稅率上升致稅盾效果提升，導致企業增加舉債，進而使企業負債結構上升。(3)由於使用內部資金及對外發行權益籌資之資金成本下降，加上營所稅稅率增加、稅盾提高之雙重影響下，企業增加研究發展支出因應，然而資本資產投資則因決策彈性小、需長期規劃，故短期內未有明顯變化。上述顯示本次修法結果，有達成累積投資動能、提高投資意願之立法目的，但亦使企業財務結構之風險增加。
此外，進一步將企業規模及產業進行額外分析，結果顯示：(1)所得稅制優化方案廣泛影響不同規模水準之企業。 (2)於減少盈餘分派上，對電子業與非電子產業具有普遍性的影響。 (3)相較於電子產業，非電子產業研究發展費用及長期有息負債之增長更加明顯。
In 2018, Taiwanese government implemented the 2018 Income Tax Reform, shifting from the impoutation systems to the traditional income tax systems. The 2018 Income Tax Reform is the most profound tax reform over the past two decades and aims to simplify the tax system, to promote economic development, and to construct a fair tax system. Using a sample of Taiwanese listed companies from 2015 to 2019, this study examines the impacts of the 2018 Income Tax Reform on firms’ dividend payout, financing policy, and investment decisions. The dependant variables of empirical models include dividends payout ratios, including cash dividends, stock dividends and total dividends, capital structures, including debt ratio and long-term interest-bearing debt ratio, and corporate investments, including research and development expenditures and investment in capital assets.
The empirical results of this study are as follows. (1) After the implementation of the 2018 Income Tax reform, the effect of the reduction in the taxation of undistributed earnings is greater than the reduction in the taxation of dividends, resulting in a reduction in firms distribution of cash dividends to retain internal funds. (2) The increase in the income tax rate for profit-seeking enterprise leads to an increase in the interest tax shield effect, resulting in an increase in corporate borrowing. (3) The decrease in capital cost of internal funds and external equity issuance, coupled with the increase in profit-seeking enterprise income tax, results in an increase in research and development expenditures. However, the effect of the capital asset investment is insignificantly, possibly due to the low flexibility for the short-term capital asset investment decisions, which normally follows firms’ long-term expansion planning. In conclusions, the results of this study show that the 2018 Income Tax reform appears to have achieved its policy objective in increasing firms’ investments; however, it also increases the firm’s financial leverage.
Finally, this study also conducts several additional analysis on the effects of size of the business and the industry membership. The results of the additional analyses are as follows. (1) The impacts of the 2018 Income Tax Reform vary with different size levels of companies. (2) After the 2018 Income Tax Reform, both electronics firms and non-electronics firms reduce their distribution of surplus. (3) The effects of changes in R&D expenditure and long-term interest-bearing liabilities with interest are more significant for the non-electronic firms than their electronics counterparts. |
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| Description: | 碩士
國立政治大學
會計學系
108353008 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108353008 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100524 |
| Appears in Collections: | [會計學系] 學位論文
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