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引文資料
題名:
The Effects of Tax Reforms under Imputation Systems on Corporate Foreign Ownership
書刊名:
中華會計學刊
作者:
張嘉文
/
陳明進
/
陳宇紳
作者(外文):
Chang, Chia-wen
/
Chen, Ming-chin
/
Chen, Vincent Y. S.
出版日期:
2016
卷期:
12:1
頁次:
頁43-80
主題關鍵詞:
兩稅合一
;
外資股權
;
租稅顧客效果
;
最低稅負制
;
Imputation system
;
Foreign ownership
;
Tax clientele hypothesis
;
Alternative minimum tax
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
2
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
2
共同引用:0
點閱:31
本研究探討我國實施兩稅合一制及兩稅合一制下施行最低稅負制及調降營利事業所得稅率對於上市櫃公司外資股權比例之影響。本文的實證結果顯示,兩稅合一制實施後,上市櫃公司稅額扣抵比率愈高者,其外資持股比率下降愈多,符合租稅顧客效果假說。此外,兩稅合一制下施行最低稅負制後,加徵最低稅負之上市櫃公司,其外資股東之持股比率減少與最低稅負加徵之稅額有顯著之正向關係。最後,兩稅合一制下調降營利事業所得稅率後,有效稅率降低之上市櫃公司,其外資股東之持股比率顯著增加。本文的研究發現延伸租稅顧客效果之研究,提供股東的租稅顧客效果於兩稅合一稅制下之實證證據,亦有助於了解兩稅合一制下公司稅制租稅變革的實質稅負效果。
以文找文
This study examines the effects of imputation systems and tax reforms under the imputation system on foreign ownership of Taiwanese listed firms. As the tax clientele theory predicted, the results show that after the implementation of imputation systems in 1998, Taiwanese firms with higher imputation credit tend to have a lower percentage of foreign ownership, ceteris paribus. Further, after adopting the alternative minimum tax in 2006, firms paying the higher alternative minimum tax tend to have a lower percentage of foreign ownership. Finally, after reducing the corporate income tax rate in 2010, firms with a decreased effective tax rate tend to have a greater percentage of foreign ownership. Our study extends prior research by providing empirical evidence on the tax clientele theory under an imputation system and contributes to the understanding of the substantive effects of corporate tax reforms under such an imputation system.
以文找文
期刊論文
1.
Twite, Garry(2001)。Capital Structure Choices and Taxes: Evidence from the Australian Dividend Imputation Tax System。International Review of Finance,2(4),217-234。
2.
Wei, Z.、Xie, F.、Zhang, S.(2005)。Ownership Structure and Firm Value in China's Privatized Firms: 1991-2001。Journal of Financial and Quantitative Analysis,40(1),87-108。
3.
Chen, Ming-Chin、Gupta, Sanjay(2011)。An empirical investigation of the effect of imputation credits on remittance of overseas dividends。Journal of Contemporary Accounting & Economics,7(1),18-30。
4.
Dhaliwal, D. S.、Wang, S. W.(1992)。The effect of book income adjustment in the 1986 alternative minimum tax on corporate financial reporting。Journal of Accounting and Economics,15(1),7-26。
5.
Jensen, M. C.、Ruback, R. S.(1983)。Market for corporate control: The scientific evidence。Journal of Financial Economics,11(1),5-50。
6.
Pattenden, Kerry、Twite, Garry(2008)。Taxes and dividend policy under alternative tax regimes。Journal of Corporate Finance,14(1),1-16。
7.
Agrawal, A.、Jayaraman, N.(1994)。The dividend policies of all equity firms: A direct test of free cash flow theory。Managerial Decision Economics,15(2),139-148。
8.
Allen, F.、Bernardo, A. E.、Welch, I.(2000)。A Theory of Dividends based on Tax Clienteles。The Journal of Finance,55(6),2499-2536。
9.
Bajaj, M.、Vijh, A. M.(1990)。Dividend clienteles and the information content of dividend changes。Journal of Financial Economics,26(2),193-219。
10.
Bartov, E.、Bodnar, G. M.(1996)。Alternative accounting methods, information asymmetry and liquidity: Theory and evidence。The Accounting Review,71(3),397-418。
11.
Black, E. L.、Legoria, J.、Sellers, K. F.(2000)。Capital investment effects of dividend imputation。The Journal of the American Taxation Association,22(2),40-59。
12.
Dhaliwal, D. S.、Erickson, M.、Trezevant, R.(1999)。A test of the theory of tax clienteles for dividend policies。National Tax Journal,52(2),179-194。
13.
Gramlich, J. D.(1991)。The effect of the alternative minimum tax book income adjustment on accrual decisions。The Journal of the American Taxation Association,13(1),36-56。
14.
Manzon, G. B. Jr.(1992)。Earnings management of firms subject to the alternative minimum tax。Journal of the American Taxation Association,14(2),88-111。
15.
Prevost, A.、Rao, R. P.、Wagster, J. D.(2002)。Dividend imputation and shareholder wealth: The case of New Zealand。Journal of Business Finance & Accounting,29(7/8),1079-1104。
16.
Schulman, Craig T.、Thomas, Deborah W.、Sellers, Keith F.、Kennedy, Duane B.(1996)。Effects of Tax Integration and Capital Gains Tax on Corporate Leverage。National Tax Journal,49(1),31-54。
17.
Elkinawy, S.(2005)。Mutual fund preferences for Latin American equities surrounding financial crises。Emerging Markets Review,6(3),211-237。
18.
Rozeff, Michael S.(1982)。Growth, beta and agency costs as determinants of dividend payout ratios。Journal of Financial Research,5(3),249-259。
19.
Elton, Edwin J.、Gruber, Martin J.(1970)。Marginal stockholder tax rates and the clientele effect。Review of Economics and Statistics,52(1),68-74。
20.
Fama, Eugene F.、French, Kenneth R.(2001)。Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?。Journal of Financial Economics,60(1),3-43。
21.
Denis, David J.、Denis, Diane K.、Sarin, Atuiya(1994)。The information content of dividend changes: Cash flow signaling, overinvestment, and dividend clienteles。Journal of Financial and Quantitative Analysis,29(4),567-587。
22.
Dahlquist, Magnus、Robertsson, Göran(2001)。Direct foreign ownership, institutional investors, and firm characteristics。Journal of Financial Economics,59(3),413-440。
23.
Kang, Jun-Koo、Stulz, Rene M.(1997)。Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan。Journal of Financial Economics,46(1),3-28。
24.
Baek, Jae-Seung、Kang, Jun-Koo、Park, K. S.(2004)。Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis。Journal of Financial Economics,71(2),265-313。
25.
Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review,76(2),323-329。
26.
Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。
研究報告
1.
Khanna, T.、Palepu, K.(1999)。Emerging market business groups, foreign investors, and corporate governance。National Bureau of Economic Research。
2.
Rajgopal, S.、Venkatachalam, M.(1997)。The role of institutional investors in corporate governance: An empirical investigation。University of Iowa。
3.
Richardson, V. J.(1997)。An empirical investigation of the relationship between information asymmetry and earnings management。University of Illinois。
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