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    題名: 我國實行兩稅合一前後有效稅率與隱含稅率之關聯性研究
    其他題名: The Associations between Effective Tax Rate and Implicit Tax Rate before and after the Integration of Individual and Corporate Taxes
    作者: 俞洪昭;戚務君;許崇源
    關鍵詞: 兩稅合一;有效稅率;除息;除權;股東可扣抵稅額;隱含稅率
    Tax integration;Effective tax rate;Ex-dividend;Ex-right;Imputation tax credit;Implicit tax rate
    日期: 2000
    上傳時間: 2007-04-18 16:37:44 (UTC+8)
    出版者: 臺北市：國立政治大學會計學系
    摘要: 本研究採用理論分析的模式，透過股東可扣抵稅額、企業有效稅率與邊際股東隱含稅率(定義為使得公司除息前股價等於除息後股價再加計稅後股利金額之個人所得稅率)的相互關係，來探討兩稅合一對於投資人參與除息與除權行為的可能影響，以提供投資人決定是否參與除息(權)之經濟決策及公司股利政策的理論參考依據。分析結果有三點發現：第一，兩稅合一以前，無論企業發放現金股利或股票股利，公司之有效稅率與邊際股東之個人隱含稅率間並無任何關聯；然而，在兩稅合一實施後，除非公司所發放的股利均來自於86年(含)以前之盈餘，否則公司之有效稅率與隱含稅率間存在正向的關係；第二，就現金股利的除息而言，若公司之有效稅率愈高，其邊際股東之個人隱含稅率易愈高，這代表著在考量稅負效果之後，對更多的投資人而言，參加除息是有利的；第三，就股票股利的除權而言，在兩稅合一實施前，租稅效應僅發生於股價有「填權」的情況；然而，由於兩稅合一後，基於股東可扣抵稅額所產生之抵稅效果，租稅效應無論在股價「填權」或「貼權」的情況下均會發生。
    This study theoretically examines the effects of the imputation tax system on investors` decision of going ex-dividend or ex-rights. Based on the interactions among imputation tax credits, firm`s effective tax rate, and marginal shareholders` implicit tax rate (defined as a shareholder`s personal tax rate that equates stock price before ex-dividend or ex-rights day and stock price after ex-dividend or ex-rights day plus after-tax dividends), the analytical results reveals three important results. First, before the imputation tax system, there is no relationship between firm`s effective tax rate and marginal shareholders` implicit tax rate on ex-dividend or ex-rights day. Second, under the imputation tax system with ex-dividend, the higher a firms` effective tax rate, the higher the marginal shareholders` implicit tax rate. This result implies that tax effect causes it more favorable for more investors to go ex-dividend. Finally, under the imputation tax system with ex-rights, tax effect influences stock price behavior before and after the ex-rights day due to the wealth effect resulting from imputation tax credits.
    描述: 核定金額：401700元
    資料類型: report
    顯示於類別:[會計學系] 國科會研究計畫

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