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題名：兩稅合一制前後上市公司股利發放之實證研究
書刊名：管理學報
作者：汪瑞芝 引用關係／陳明進 引用關係
作者(外文)：Wang, Jui-chih／Chen, Ming-chin
出版日期：2004
卷期：21:2
頁次：頁257-277
主題關鍵詞：兩稅合一；稅額扣抵比率；現金股利；股票股利；Imputation tax system；Imputation tax credit ratios；Cash dividend；Stock dividend
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(25) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:22
  • 共同引用共同引用:24
  • 點閱點閱:183
本文以民國84年至89年兩稅合一前後上市公司樣本實證研究兩稅合一制實施對公司股利發放的影響，以探討我國兩稅合一制的實施是否能有效導正過去獨立課稅制下租稅對股利發放的扭曲。研究結果顯示，兩稅合一制實施後，現金股利發放率較實施前增加，但原因可能是受到健全股利政策推行的影響。而盈餘配股發放率則較實施前減少，可能是受到股票股利緩課取消的影響。在控制其他解釋變數後，迴歸模式的實證結果顯示，兩稅合一制實施後，上市公司稅額扣抵比率與總(盈餘)股利發放率呈正相關，且上市公司稅額扣抵比率愈高者，其總（盈餘）股利發放率、現金股利發放率及盈餘配股發放率皆較兩稅合一制實施前高。這些實證結果顯示，兩稅合一制實施後，稅額扣抵比率確實具有提高公司股利發放的效益，可減少稅負對公司股利發放決策之扭曲。
This study examines the impact of the imputation tax system on corporate dividend payouts by using 1995-2000 financial statement data of listed companies. Before 1998, corporate dividends in Taiwan were subject to double taxation, one is profit-seeking enterprise income tax when companies have earnings, the other is individual income tax when corporate earnings are distributed to shareholders. The double taxation on dividends was notoriously criticized for it distorted corporate dividend policy and increased tax burdens on investment. In 1998, in order to ease the double taxation on dividends, Taiwan implemented the imputation tax system, allowing income taxes paid by corporations to offsets their shareholders’ individual income taxes on dividends. We predict that under the imputation tax system, companies will increase dividend payouts and the increased dividend payouts are positively related with corporate imputation tax credit ratios on dividends, ceteris paribus. Our analyses indicate that cash dividend payout ratios increase significantly after implementation of the imputation tax system. However, the increases in cash dividends are likely, in part, influenced by the promotion of a balanced dividend policy by the SEC. Conversely, stock dividend payout ratios decrease significantly after implementation of the imputation tax system, possibly due to the cancellation of tax deferral on corporate stock dividends. The empirical results show that ceteris paribus, imputation tax credit ratios are positively related with total dividends payout ratios. Further, companies with higher imputation tax credit ratios tend to increase their total dividend payouts, both cash dividends and stock dividends, after initiation of the imputation tax system. The findings of this study suggest that the imputation tax credit provides an incentive for companies to increase their dividend payouts and thus may relieve the tax-induced distortion in corporate dividend policy under the traditional income tax system.
期刊論文
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學位論文
1.李皓(2001)。內部人、股市多空及兩稅合一對我國上市公司股利政策影響之探討(碩士論文)。國立中正大學。  延伸查詢new window
2.洪秀美(1999)。兩稅合一制對企業財務決策之影響(碩士論文)。國防管理學院。  延伸查詢new window
3.陳舒怡(199706)。上市公司發放現金股利與無償配股問題之研究(碩士論文)。東吳大學。  延伸查詢new window
4.唐明良(1994)。台灣股票上市公司股利政策管理動機之實證研究(碩士論文)。國立成功大學。  延伸查詢new window
5.楊蕙瑄(1982)。企業盈餘處理政策之研究(碩士論文)。國立政治大學。  延伸查詢new window
6.張志揚(1997)。兩稅合一制度之採行對我國中小企業理財策略之影響(碩士論文)。淡江大學。  延伸查詢new window
7.謝明樹(1999)。我國租稅制度對公司股利政策之影響(碩士論文)。淡江大學。  延伸查詢new window
8.江衍陞(2001)。兩稅合一對我國資訊電子業上市上櫃公司股利政策影響之實證研究(碩士論文)。國立中央大學。  延伸查詢new window
9.曾秀玉(2001)。我國兩稅合一制對上市公司股利政策影響之研究(碩士論文)。朝陽科技大學。  延伸查詢new window
10.盧育仕(2000)。兩稅合一對我國上市公司股利政策影響之實證研究(碩士論文)。逢甲大學。  延伸查詢new window
11.林聖斌(1992)。現金股利，公司盈餘與盈餘成長率關係之研究，0。  延伸查詢new window
12.謝佳純(2001)。兩稅合一對公司股利政策及除權各事件日股票市場價量行為之影響，沒有紀錄。  延伸查詢new window
13.林吟山(2000)。我國上市公司公積配股顧客效應之研究，沒有紀錄。  延伸查詢new window
14.葉秀鳳(2001)。兩稅合一與租稅優惠對高科技產業公司股利政策之影響，沒有紀錄。  延伸查詢new window
圖書
1.Greene, W. H.(2000)。Econometric Analysis。New York：Macmillan。  new window
 
 
 
 
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