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| Title: | 從政策紅利到企業成長：境外資金匯回專法對台灣上市公司資本支出與經營績效的影響
From Policy Incentives to Corporate Growth: Impact of Overseas Fund Repatriation on Capital Expenditure and Performance of Taiwan's Listed Companies |
| Authors: | 莊淑君
Chuang, Shu-Chun |
| Contributors: | 黃嘉威
Huang, Chia-Wei
莊淑君
Chuang, Shu-Chun |
| Keywords: | 境外資金匯回專法
資本支出
研發支出
經營績效
雙重差分法
三重差分法
Overseas fund repatriation act
Capital expenditure
Research and development expenditure
Operational performance
Difference-in-differences
Triple difference |
| Date: | 2024 |
| Issue Date: | 2024-08-05 13:42:20 (UTC+8) |
| Abstract: | 本研究探討台灣「境外資金匯回管理運用及課稅條例」對企業資本支出、研發支出及經營績效的影響，以2019年至2021年台灣上市櫃公司為樣本，採用雙重差分法模型探討專法對企業資本支出、研發支出及經營績效的影響，並考慮COVID-19疫情及政府政策對特定產業的影響，使用三重差分法探討專法對相關產業經營績效的影響。實證結果顯示，專法有效提升了參與企業的實質投資，達到政府的預期目標。雖然專法對整體上市櫃公司經營績效的影響不一致，但對特定產業如製造業、半導體、軟體及綠能產業的經營績效有顯著正向影響。此外，專法對這些產業公司經營績效的正向影響主要來自其他因素，而非資本支出及研發支出的聯合效應。這可能是由於專法對匯回資金的限制多，且企業在考量投資風險與節稅利益後，專法對企業的吸引力及實質投資金額有限，無法充分發揮提升經營績效的效果。總結而言，本研究不僅提供了專法對企業資本支出、研發支出及經營績效的實證分析結果，特別是在特定產業上的影響，同時也揭示了其在政策實施上的限制及未來改進的方向。這些結果有助於政府未來制定相關政策，並為企業在應用類似政策時提供重要參考資訊。
This study examines the impact of Taiwan's "Overseas Fund Repatriation Act and Tax Regulations" on corporate capital expenditure, research and development (R&D) expenditure, and operational performance. Using Taiwan-listed companies from 2019 to 2021 as the sample, the study employs a difference-in-differences (DID) model to analyze the effects of the Act on these variables. It also considers the influence of the COVID-19 pandemic and government policies on specific industries using a triple difference (DDD) model to explore the Act's impact on industry-specific operational performance. Empirical results demonstrate that the regulation effectively enhances substantial investments by participating enterprises, aligning with government expectations. While the regulation shows mixed impacts on the overall operational performance of listed companies, it significantly improves operational performance in specific industries such as manufacturing, semiconductor, software, and green energy. Moreover, the positive effects on these industry firms' operational performance stem primarily from factors other than the combined effects of capital expenditures and R&D expenditures. This could be attributed to multiple restrictions on repatriated funds and the limited attractiveness and actual investment amount due to considerations of investment risks and tax benefits.
In conclusion, this study not only provides empirical evidence of the regulation's impacts on corporate capital and R&D expenditures, and operational performance, especially in specific industries, but also reveals constraints in its policy implementation and suggests directions for future improvements. These findings contribute to informing future government policy formulation and serve as crucial reference information for enterprises applying similar policies. |
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| Description: | 碩士
國立政治大學
財務管理學系
111357010 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111357010 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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