| Abstract: | 選擇性資金的租稅優惠措施在我國已行之有年,但是對其政策效果探討的研究卻甚為罕見。本研究從融資對投資的影響角度來研究此一課題。 首先,本研究指出由於企業特性的不同,企業對不同的資金來源會有不同的偏好,權益性資金的租稅優惠,例如股票投資抵減,應該對偏好權益性資金的企業有較大誘發投資的效果。換句話說,如果將權益性資金租稅優惠措施用於偏好權益資金的企業,其效果應該較好。 為驗證這種論點,本研究首先將破產成本加入Dammon & Senbet的模型,由理論上顯現權益資金租稅優惠可增加投資與產出,並減少企業負債資金的使用,同時對投資的影響與破產成本的增加呈正向變動。 在實證方面,本研究採用兩種方向來驗證,第一為驗證權益資金租稅優惠有關條例的受惠廠商的特性,利用因素分析方法,歸納出廠商融資策略的決定因素,再檢查這類廠商是否展現各種喜好權益資金的特性,實證結果給予相當的支持;第二則進一步探討融資對投資的影響,Bond & Meghir的模型,用GMM (Generalized Method of Moment)來檢定高負債的企業是否有較大的資金限制與受破產成本影響,實證上發現Bond & Meghir的模型僅在低負債的企業才未被拒絕,因此間接地顯示高負債的企業其融資策略對投資有較大的影響。
Tax credit for equity financing has been in effect for several years in Taiwan. The related research about its effectiveness, however, has not been well developed. This research investigate the subject from the point of view that investment is affected by financing strategy which, in turn, is affected by firm`s characteristics. We incorporated financial distress cost into Dammon & Senbet`s model to analyze the effects of equity tax credit on firm`s investment. In the model, equity tax credit can cause the replacement of debt by equity and increase firm`s investment and the increase of investment has a positive correlation with financial distress cost. Empirically, we tested two categories of firm`s characteristics: operating and financing. On operating subject, we employed factor analysis to extract the determinants of capital structure. Then, we tested the characteristics of those firm` which had used tax credit. The empirical result showed that those firms did consistently have some preference for equity to debt. On financing subject, we used bond & Meghir`s model to test whether highly indebted firms had greater financial constraints. The empirical result supported this view. |
