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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/157767


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    題名: 現股當沖降稅政策對公司股利政策的影響
    The Impact of Day-Trading Transaction Tax Reduction on Corporate Dividend Policy
    作者: 游捷凱
    Yu, Chieh-Kai
    貢獻者: 黃嘉威
    Huang, Chia-Wei
    游捷凱
    Yu, Chieh-Kai
    關鍵詞: 當沖降稅
    股利政策
    證券交易稅條例
    Day-trading tax cut
    Dividend policy
    Securities Transaction Tax Act
    日期: 2025
    上傳時間: 2025-07-01 14:48:55 (UTC+8)
    摘要: 本研究旨在探討2017年臺灣實施「現股當日沖銷交易證交稅減半政策」（簡稱當沖降稅政策）後，對於上市櫃公司股利政策之影響。相較於過往文獻多聚焦於政策對市場流動性、波動性或成交量之影響，本文進一步延伸關注至政策對企業財務決策層面之潛在影響。本研究以2013年至2020年之臺灣非金融類上市櫃公司為樣本，透過差異中的差異法（Difference-in-Differences, DiD）進行實證分析，另透過動態DiD模型與安慰劑檢驗強化研究結論之可信度。實證結果顯示，相較於控制組，受政策影響程度較高之實驗組公司在政策實施後，其現金殖利率顯著上升，且此效果主要來自於股利發放水準之提升，而非股價下跌所致，推測為企業因應當沖降稅政策造成之投資人結構改變，進而調整其股利政策。
    This study investigates the impact of Taiwan’s 2017 policy to halve the securities transaction tax on day-trading transaction (hereafter, the "day-trading tax cut policy") on corporate dividend policies. While prior literature has predominantly focused on the policy’s effects on market liquidity, volatility, or trading volume, this paper extends the discussion to its potential influence on corporate financial decisions. Using a sample of Taiwan’s non-financial listed firms from 2013 to 2020, this study employs a Difference-in-Differences (DiD) empirical strategy to estimate the policy’s effect. In addition, dynamic DiD models and placebo tests are applied to strengthen the credibility of the findings. The empirical results indicate that, compared to the control group, firms more exposed to the policy experienced a significant increase in dividend yield after the policy was implemented. Further analysis reveals that this effect primarily stems from higher dividend payouts rather than a decline in stock prices. The findings suggest that companies adjusted their dividend policies in response to investor base changes induced by the tax cut policy.
    參考文獻: 吳貞慧、王姿韻（2020），〈調降當日沖銷證券交易稅之影響：臺灣股票市場實證研究〉，《會計評論》，70，135–169。
    沈盈妤（2022），《當日沖銷降稅政策與其延長對於臺股市場交易之影響》，碩士論文，國立政治大學財政學系，臺北市。
    李姿瑩（2008），《股票流動性與企業現金股利政策》，碩士論文，國立臺灣大學國際企業學研究所，臺北市。
    邱金蘭（2024），〈當沖七年2／年輕人當沖取代長期投資 當沖降稅延不延 財政部考量有這些〉，《經濟日報》，2024 年 5 月 20 日。
    Banerjee, S., Gatchev, V. A., and Spindt, P. A. (2007). Stock Market Liquidity and Firm Dividend Policy. Journal of Financial and Quantitative Analysis, 42(2), 369–397.
    Subrahmanyam, A., and Titman, S. (1999). The Going‐Public Decision and the Development of Financial Markets. Journal of Finance, 54(3), 1045–1082.
    Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and “The Bird in the Hand” Fallacy. Bell Journal of Economics, 10(1), 259–270.
    Miller, M. H., and Rock, K. (1985). Dividend Policy under Asymmetric Information. Journal of Finance, 40(4), 1031–1051.
    John, K., and Williams, J. (1985). Dividends, Dilution, and Taxes: A Signalling Equilibrium. Journal of Finance, 40(4), 1053–1070.
    Aggarwal, R., Cao, J., and Chen, F. (2012). Information Environment, Dividend Changes, and Signaling: Evidence from ADR Firms. Contemporary Accounting Research, 29(2), 403–431.
    Jain, R. (2007). Institutional and Individual Investor Preferences for Dividends and Share Repurchases. Journal of Economics and Business, 59(5), 406–429.
    Fama, E. F., and French, K. R. (2001). Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay? Journal of Financial Economics, 60(1), 3–43.
    Aivazian, V., Booth, L., and Cleary, S. (2003). Do Emerging Market Firms Follow Different Dividend Policies from U.S. Firms? Journal of Financial Research, 26(3), 371–387.
    Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329.
    DeAngelo, H., DeAngelo, L., and Stulz, R. M. (2006). Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life‐Cycle Theory. Journal of Financial Economics, 81(2), 227–254.
    Lintner, J. (1956). Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes. American Economic Review, 46(2), 97–113.
    Cheng, W.-H., Ni, Y., Ho, T.-H., Chiang, C.-J., Huang, P., & Cheng, Y. (2021). Are the shareholding and trading behaviors of diverse investors affected by the relaxation of day trading? PLOS ONE, 16(4), e0250121.
    描述: 碩士
    國立政治大學
    財務管理學系
    112357001
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0112357001
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

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