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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/7468


    Title: 兩稅合一對公司價值股利政策與資本結構之影響─動態資本結構模型之應用與台灣產業之實証研究
    Other Titles: Effect of the Integration of Individual and Corporate Taxes on the Firm Value、Dividend Policy and Capital Structure －A Dynamic Capital Structure Model Based Analysis and Empirical Study of Taiwan Industries
    Authors: 黃瑞靜;徐守德;廖四郎
    Keywords: Dynamic Capital Structure;Integration of Individual and Corporate Taxes
    動態資本結構;兩稅合一
    Date: 2001-04
    Issue Date: 2008-11-14 12:27:57 (UTC+8)
    Abstract: 本研究以管理者追求股東財富極大化為目標，擴充Goldstein, Ju 及Leland (1998)的最適
    動態資本結構模型，探討兩稅合一對公司價值、股利政策及資本結構之影響。本文獲得三
    點結論：(1) 本次所得稅法修改對公司價值之影響，視保留盈餘稅率及股東適用稅率而定。
    (2)兩稅合一實施後，股利支付率會提高，且股利支付率愈高，公司價值愈高。(3)根據模
    型所模擬結果兩稅合一實施後公司負債比率應會下降，但實証上僅高科技產業符合預期，
    而一般產業反而增加，這可能是其他非租稅因素的變化導致一般產業舉債淨效果增加。
    This paper extends an optimal dynamic capital structure model of Goldstein, Ju and
    Leland(1998) to investigate the effect of implementation of the integration of individual and
    corporate taxes on the firm value、dividend policy and capital structure. There are three
    conclusions in this study. Firstly, to the extent of how tax reform affects firm value depends
    on the shareholder`s individual tax rate and the tax rate on the retained earnings. Secondly,
    dividend payment will increase after the implementation of the integration of individual and
    corporate taxes. Furthermore, the more dividend paid out, the higher firm value is. Finally,
    according to the model, debt ratio should decrease. The empirical result for the high
    technology industry has satisfied the theoretical prediction. However, the increase of the
    debt ratios of firms in the traditional industry indicate that there are some factors other than
    tax regime change have relative large impact on the debt ratios of these firms.
    Relation: 管理評論, 20(2), 43-74
    Data Type: article
    Appears in Collections:[Department of Money and Banking] Periodical Articles

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