Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/34204
|
| Title: | 兩稅合一對公司資本結構決定因素之影響 |
| Authors: | 劉明衢
Godman, Vito |
| Contributors: | 許崇源
劉明衢
Godman, Vito |
| Keywords: | 兩稅合一
資本結構
負債比率
tax integration
corporate financing structure
debt ratio |
| Date: | 2003 |
| Issue Date: | 2009-09-18 |
| Abstract: | 過去對公司資本結構的研究可分為兩大方向，一是對資本結構理論的探討，一是對影響公司資本結構因素的探討。我國於87年對投資所得改採兩稅合一制度後，兩稅合一對公司資本結構影響的探討成為研究的主流。本研究所要探討的問題有三。第一，兩稅合一後，公司的負債融資比例是否下降；第二，兩稅合一後，有效稅率、現金股給付率和獲利率與負債比率間的交互作用情況為何；第三，不同有效稅率或公司規模對負債比率的影響。
本研究的實證結果如下：
（一）兩稅合一後，公司的負債比率會下降。
（二）兩稅合一前後，有效稅率與負債比率均呈正向關係；而且兩稅合一
後，有效稅率對負債比率的影響下降。
（三）兩稅合一前後，現金股利給付率與負債比率均呈反向關係；而且兩
稅合一後，現金股利給付率對負債比率的影響下降。
（四）兩稅合一前後，獲利率和負債比率均呈反向關係；而且兩稅合一
後，獲利率對負債比率的影響上升。
（五）兩稅合一之後，原有效稅率較高之公司的負債比率下降程度較多，
而原有效稅率較低之公司的負債比率下降程度較少。
（六）兩稅合一之後，原規模較大之公司的負債比率下降程度較少，而原
規模較小之公司的負債比率下降程度較多。
The past researches on corporate financing structure can be divided into two lines, one in the corporate financing theories and the other in the determinants of corporate financing decisions. After the tax integration, the research whether the adoption of tax integration has a significant impact on corporate financing structure have become a mainstream.
The study investigates three issues. The first is to investigate whether the debt ratio decreases after tax integration. The second is to investigate the effect of effective tax ratio, dividend payout ratio, profitability on the debt ratio. The third is to investigate whether the effect of tax regime change on the debt ratio is difference between effective tax ratio and firm size.
The empirical results show follows: (1) After tax integration, the firm’s debt ratio decreased. (2) Effective tax ratio has positive relation with debt ratio no matter before or after tax integration. After tax integration, the degree of effective tax ratio effect on debt ratio declined. (3) Dividend payout ratio has negative relation with debt ratio no matter before or after tax integration. After tax integration, the degree of dividend payout ratio effect on debt ratio declined. (4) Profit ratio has negative relation with debt ratio no matter before or after tax integration. After tax integration, the degree of profit ratio effect on debt ratio increased. (5) After tax integration, the decline of debt ratio for company with higher debt ratio is more than the decline of debt ratio for company with lower debt ratio. (6) After tax integration, the decline of debt ratio for small firms is more than the decline of debt ratio for large firms. |
| Reference: | 中文部分
林世銘，2002，兩稅合一前後產業租稅環境與經營績效之比較，財稅研究，第34卷第3期（5月）：64-78。
周保亨，2001，兩稅合一對我國上市公司資本結構暨資金成本影響之研究，國立政治大學會計研究所碩士論文。
孫明德，1997，兩稅合一對企業財務決策影響之探討，國立中興大學企業管理研究所碩士論文。
陳麗媛，2000，租稅負擔與公司資本結構，國立政治大學財政研究所碩士論文。
陳美旭，2000，企業上市前後舉債程度影響因素之研究，私立東吳大學會計研究所博士論文。
陳隆麒、溫育芳，2002，國內上市公司資本結構決定因素之研究，臺灣銀行季刊，第53卷第1期（3月）：171-194。
張南寧，2002，台灣地區上市公司資本結構之實證研究，私立長庚大學企業管理研究所碩士論文。
黃小玲，2001，兩稅合一對公司資本結構之影響，國立中山大學財務管理學系研究所碩士論文。
葉秀鳳，2000，兩稅合一與租稅優惠對高科技產業公司股利政策之影響，國立中山大學財務管理研究所碩士論文。
廖子瑩，2003，兩稅合一前後我國上市公司融資決策之因素分析，國立台灣大學會計研究所碩士論文。
趙寅州，2003，有效稅率與資本結構影響因素之探討-兩稅合一實施前後的比較，國立東華大學企業管理研究所在職專班碩士論文。
劉維琪、劉玉珍，1989，融資順位理論，管理評論，78年7月：7-22。
劉維琪、李怡宗，1993，融資順位理論之調查研究，管理評論，第十二卷（7月）：120-139。
臧仕維、商景明、林義欽，2000，兩稅合一與公司資本結構理論，財稅研究，第三十二卷第三期（5月）：1-27。
蔡文麗，2002，兩稅合一對跨國企業經營政策之影響，財稅研究，第三十四卷第三期（5月）：158-167。
盧育仕，2000，兩稅合一對我國上市公司股利政策影響之研究，私立逢甲大學會計與財稅研究所碩士論文。
藍瑞卿，2000，台灣地區股票上櫃公司資本結構影響因素之探討，國立台北大學企業管理研究所碩士論文。
英文部分
Bradley, M., G. A. Jarrell, and E. H. Kim. 1984. On the existence of an optimal capital structure. The Journal of Finance 39: 857-878.
Brennan, M., and A. Kraus. 1987. Efficient financing under asymmetric information. Journal of Finance 42(December): 1225-1243.
Cai, F., and A. Ghosh. 2003. Tests of capital structure theory: a binomial approach. The Journal of Business and Economic Studies 9(Fall): 20.
DeAngelo, H., and R. W. Masulis. 1980. Optimal capital structure under
corporate and personal taxation. Journal of Financial Economics 8(March):3-30.
Gupta, S., and K. Newberry. 1997. Determinants of the variability in corporate effect tax rates: evidence from longitudinal data. Journal of Accounting and Public Policy 16(Spring): 1-34.
Hall, G., P. Hutchinson, and N. Michaelas. 2000 Industry effects of the determinants of unquoted SMEs capital structure. International Journal of The Economics of Business. 7: 297-312.
Jessen, M. C., and W. H. Meckling. 1976. Theory of the firm: managerial behavior, agency cost and capital structure. Journal of Financial Economics 3(October): 305-360.
Kim, E.H. 1978. A mean-variance theory of optimal capital structure and corporate debt capacity. Journal of Finance 33: 45-63.
Miller, M. H. 1977. Debts and taxes. Journal of Finance 32(May): 261-275.
Modigliani, F.F., and M. H. Miller. 1958. The cost of capital, corporation finance, and the theory of investment. American Economic Review 48(June): 261-275.
Modigliani, F. F., and M. H. Miller. 1963. Corporate income taxes and the cost of capital: a correction. American Economic Review 53(June): 433-443.
Myers, S.C. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5: 147-175
Myers, S. C. 1984. The capital structure puzzle. Journal of Finance 39(July): 575-592.
Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13(June): 187-221.
Ooi, J. 1999. The determinants of capital structure evidence on UK property companies. Journal of Property Investment and Finance 17, Iss. 5: 464.
Titman, S., and R. Wessels. 1988. The determinants of capital structure choice. The Journal of Finance 43 (March): 1-19.
Quan, V. D. H. 2002. A rational justification of the pecking order hypothesis to the choice of sources of financing. Management Research News 25: 74-90.
Schulman, C. T., D. W. Thomas, K. F. Sellers, and D. B. Kennedy. 1996. Effects on tax integration and capial gains tax on corporate leverage. National Tax Journal 49(March): 31-54. |
| Description: | 碩士
國立政治大學
會計研究所
91353012
92 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0091353012 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
