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| Title: | 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 |
| Authors: | 郭忻瑩
Kuo, Sin-Ying |
| Contributors: | 陳明進
Chen, Ming-Chin
郭忻瑩
Kuo, Sin-Ying |
| Keywords: | 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 |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:02:35 (UTC+8) |
| Abstract: | 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. However, only the R&D investments reached statistical significance (α=0.01). |
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| Description: | 碩士
國立政治大學
會計學系
108353105 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108353105 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200649 |
| Appears in Collections: | [會計學系] 學位論文
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