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    題名: 2018年股利課稅新制對企業投資效率之影響
    Dividend Taxes and Investment Efficiency: Evidence from Taiwan’s 2018 Individual Dividend Tax Reform
    作者: 凃昱如
    Tu, Yu-Ru
    貢獻者: 何怡澄
    郭振雄
    Ho, Yi-Cheng
    Kuo, Jenn-Shyong
    凃昱如
    Tu, Yu-Ru
    關鍵詞: 股利課稅新制
    企業投資
    投資效率
    Dividend tax reform
    Firm investment
    Investment efficiency
    日期: 2024
    上傳時間: 2024-08-05 14:44:58 (UTC+8)
    摘要: 本文探討2018年股利課稅新制對企業投資及投資效率之影響。臺灣於2018年取消兩稅合一，實施股利課稅新制，自然人股東可選擇最高8萬元的可抵減稅額或28%的單一稅率。本研究以2012至2022年國內上市（櫃）公司為樣本，採用差異中的差異 (Difference-in-Differences, DiD) 架構分析。實證結果顯示，過度投資（投資不足、整體）樣本之實驗組相較控制組，於稅改後之投資減少、投資效率增加（減少、不變），顯示股利課稅新制對過度投資企業具改善資源配置之正面影響。其次，於敏感性分析將實驗組指標設定為連續變數、使用其他投資效率替代變數、擷取不同樣本期間，以及按企業生命週期分組，迴歸結果均無違反主要結果。最後，於額外測試分別檢視企業代理問題、財務限制、股利政策及勞動僱用，均與主要實證結果一致。
    This study examines the effect of Taiwan’s 2018 individual dividend tax reform on firm investment and investment efficiency. In 2018, Taiwan abolished the integrated income tax system. Individual shareholders can choose between a maximum tax deduction of $80,000 or a single tax rate of 28% when calculating dividend tax. Using the sample of TWSE/TPEx listed firms from 2012 to 2022 and exploiting the Difference-in-Differences (DiD) approach, the empirical results show that after the dividend tax reform, overinvesting firms decreased their investment and experienced an increase in investment efficiency; underinvesting firms reduced their investment, accompanied by a decrease in investment efficiency; overall firms reduced their investment, with no significant change in investment efficiency. This suggests that the new dividend tax reform has a positive impact on overinvesting firms in improving resource allocation. Additionally, by using a continuous treatment, substituting with other investment efficiency proxies, capturing different sample periods, and testing the results by groups according to firms’ life cycle, the sensitivity regression results support the main findings, ensuring the robustness of the main test. Lastly, the additional analyses examining firms’ agency problems, financial constraints, dividend policy and employment are consistent with the main results.
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    描述: 碩士
    國立政治大學
    財政學系
    111255012
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111255012
    資料類型: thesis
    顯示於類別:[財政學系] 學位論文

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