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題名：兩稅合一稅制對上市公司股利稅評價效果影響之研究
作者：趙雅儀 引用關係
作者(外文)：Ya-Yi Chao
校院名稱：國立成功大學
系所名稱：會計學系碩博士班
指導教授：吳清在
學位類別：博士
出版日期：2002
主題關鍵詞：股利稅評價模式；股利稅資本化；股利政策；未分配盈餘；設算扣抵；兩稅合一；Retained Earnings；Imputation Tax Credit；Valuation Model；Capitalization of Dividend Tax；Dividend Policy；Integrated Income Tax System
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　　臺灣之所得稅制在民國八十七年由公司營利事業所得稅與個人綜合所得稅之兩稅分離稅制，改為公司所繳納之營所稅可在股東收到股利收入時設算扣抵其個人綜所稅之兩稅合一稅制，此稅制上之重大變革，提供絕佳機會驗證股東之股利租稅負擔與企業股權評價之關係。故本研究旨在探討投資者是否將未來所需面臨之股利稅資本化入股價，亦即股利稅股權評價效果(股利稅資本化效果)之存在與否及其影響因素，並且討論兩稅合一制實施此一股利稅負規定之改變對股利稅資本化效果之影響。實證模式主要以Harris and Kemsley(1999)所推導在公司營所稅與個人綜所稅分離稅制下，納入「未分配盈餘將來分配股利給投資者時，其會面臨股利稅負擔」觀點之股利稅後股權評價模式為基礎，再根據臺灣實施兩稅合一稅制之特性延申，俾檢測兩稅合一前、後股利稅評價效果之存在及其影響因素。本研究以民國83-90年兩稅合一前、後之臺灣上市公司為樣本，主要實證結果彙總如下。
　　(一)股利稅評價(股利稅資本化)效果：反應未分配盈餘終將面臨股利稅負擔，兩稅合一前未分配盈餘存在顯著之負向股利稅資本化評價效果；屬於兩稅合一後未分配盈餘所發放之股利可享股東稅額扣抵，股東平均股利稅負擔較兩稅合一前降低，因此兩稅合一後公司股利稅資本化之程度小於兩稅合一前。
　　(二)股利政策對股利稅資本化程度之影響：(1)兩稅合一前股利稅資本化程度與公司整體股利政策有關，股利發放率愈大公司之股利稅資本化程度愈大。兩稅合一後因為公司所繳營所稅可供股利發放時股東股利稅扣抵，故“公司股利發放率愈大其股利稅資本化程度愈大”之程度會減少。(2)因股票股利可享股利稅負緩課之優惠，故公司股票股利相對發放率愈高，則其股利稅資本化之程度愈低。民國89年以後因為股票股利緩課優惠取消，故公司股利稅資本化程度提高。
　　(三)兩稅合一後股利稅資本化程度之影響因素：屬於兩稅合一後之未分配盈餘所發放之股利因可享股東稅額扣抵，故其股利稅負平均而言小於兩稅合一前之未分配盈餘，因此公司屬於兩稅合一後未分配盈餘所占之比重愈大，公司股利稅資本化程度愈小；而且公司之稅額扣抵比率愈高，股利稅資本化程度愈小。
　　(四)公司股權結構對公司股利稅資本化程度之影響：(1)「法人股東」(兩稅合一設算扣抵稅制受惠較少)持股比重愈大之公司，其兩稅合一後股利稅資本化程度減少之效果愈小。(2)實證結果未發現免稅及僑外投資者(未受惠兩稅合一設算扣抵稅制)持股比重與兩稅合一後股利稅資本化程度減少效果間之顯著關係。
　　歸納而言本研究之實證結果顯示，資本市埸的確反應出股東股利租稅負擔對公司未分配盈餘評價效果之影響，投資者不但將公司未分配盈餘將來分配股利時，其終將面臨之股利稅負擔資本化入股價以減少股權之評價，而且隨著股利稅負規定之改變(兩稅合一稅制之實施、股票股利緩課優惠取消等)，股利稅評價效果亦隨之改變，驗證股利稅評價理論在臺灣資本市埸之適用性。
　　The income tax system in Taiwan changed form the classical tax system which business income tax paid at the corporate level could not be used to offset the shareholders’ individual income taxes, to the integrated income tax system since 1998. The tax reform in Taiwan gives us a good chance to detect the relationship between shareholder-level tax liability and equity valuation. If rational investors assume equity will eventually be paid out as dividends, then future dividend taxes will be capitalized into share prices (capitalization of dividend tax). This study aims to examine how taxes on dividends affect the relative valuation of retained earnings versus contributed equity and how the implementation of integrated income tax system affects the capitalization of dividend tax. Based on the equity valuation model on an after-dividend-taxes basis developed by Harris and Kemsley (1999) under classical tax system, the equity valuation models used in this study extend to the implementation of integrated income tax system and other factors affect the capitalization of dividend taxes. The sample of this study consists of firms listed in the Taiwan Stock Exchange from 1994 through 2001. The empirical results are summarized as follows:
　　1. Capitalization of dividend taxes: The dividend taxes liabilities of retained earnings have significant negative impacts on equity valuation before the implementation of integrated income tax system. Because the business income taxes paid at the corporate level can be used to offset the shareholders’ individual income taxes, and therefore, the dividend taxes liabilities of retained earnings are reduced, the empirical results show that capitalization of dividend taxes decrease significantly after the implementation of integrated income tax system.
　　2. Firms’ dividend policy and the capitalization of dividend taxes: The capitalization of dividend taxes is positively related with the firms’ total dividends payout ratios before the implementation of integrated income tax system. However, such relationship becomes weaker significantly after the implementation of integrated income tax system. The capitalization of dividend tax is negatively related with the firms’ earnings stock dividends payout ratios because the taxes on stock dividends can be deferred. In addition, capitalization of dividend tax decrease after the cancellation of the deferral of tax on stock dividends in 2000.
　　3. Factors affecting the capitalization of dividend taxes after the implementation of integrated income tax system: The new tax rule applied to the dividend distributed from retained earnings earned after 1998, therefore the investors should have higher valuation on them. The results show that the capitalization of dividend tax is negatively related with the firms’ relative weight of retained earnings earned after1998 to total retained earnings. It also is negatively related with the firms’ imputation tax credit ratio. For firms with higher imputation tax credit ratio, their stockholder will have greater tax benefit.
　　4. Firms’ stockholder structures and the capitalization of dividend taxes: Decrease in capitalization of dividend tax after the implementation of integrated income tax system is negatively related with the level of local institutional ownerships (with less tax benefit from new tax rule), but is not significantly related with the ownerships of local tax exemption and oversea stockholders (which has no tax benefit from new tax rule).
　　In summary, the empirical results of this study show that the dividend tax liabilities of retained earnings have been capitalized into share prices to reduce the valuation of equity, and the capitalization of dividend tax change with the tax reform (implementation of integrated income tax system after 1998, cancellation of the deferral of tax on stock dividends after 2000), the dividend policy of the firm, and the stockholder structures of the firm. Empirical results show significant relationship between shareholder-level tax liability and equity valuation. It also proves the applicability of valuation models on an after-dividend-tax basis in the Taiwan stock market.
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