兩稅合一與未分配盈餘操縱及對盈餘反應係數影響之研究

Additional 10% Surtax on Undistributed Retained Earnings: Managerial and Market Responses

張秀瑜(Hsiu-Yu Chang)

指導教授 ： 林維珩

中原大學/商學院/會計研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200313

摘要

本研究的第一個主題在探討企業是否會利用股利發放及裁決性應計項目來操縱盈餘，以規避或減少87年度之未分配盈餘被加徵10%的營所稅。第二個主題則是在探討市場若預期企業為了節稅而有盈餘管理之行為，以及加徵部分之所得稅費用有不符配合原則的問題，則市場對於86、87及88年度之盈餘，是否會因為其盈餘品質較低，而相對的有較低之盈餘反應係數。
實證結果顯示，在股利發放部份，87年度之現金股利支付率顯著高於86年之現金股利支付率，且由87年度自由現金流量變動顯著為負的結果看來，樣本公司確實有刻意多發現金股利的現象。然而，86、87年之股票股利支付率並無顯著差異，其結果未如預期可能是因為87年不賺錢的公司預期未來的成長機會不佳，或避免未來的EPS被稀釋會降低公司的價值，因而減少發放股票股利。另外，由現金股利加股票股利支付率來看，87年度有賺錢的公司，其87年之現金與股票股利支付率顯著高於86年度之支付率，顯示公司會利用股利的發放來降低保留盈餘，以避免被額外加徵10%的營所稅。
在裁決性應計項目操縱部分，86年之裁決性應計項目顯著為正，且大於85年與87年之裁決性應計項目，顯示樣本公司於86年度有向上操縱盈餘之現象。而87與85年之裁決性應計項目則無顯著差異，可能係因為86年之應計項目操縱未於87年迴轉之故。
關於盈餘管理對於盈餘反應係數影響的部分，僅有88年度之盈餘反應係數顯著為負，與預期相同，顯示87年度未分配盈餘加徵10%之所得稅費用遞延至88年度才認列為費用，造成盈餘資訊品質的降低，因而其盈餘反應係數降低。然而，將三個年度之係數彙總來看，市場對於公司為降低稅負而為之盈餘管理行為未有顯著的負向反應。

關鍵字

盈餘反應係數 ； 股利政策 ； 盈餘操縱 ； 兩稅合一

並列摘要

The first object of this study attempts to investigate whether firms increase dividends payout ratio and manipulate earnings through discretionary accruals in order to avoid or minimize additional 10% surtax on undistributed current year layer to retained earnings. The manipulated earnings, while preserving tax-related cash flows, make assessment on earnings persistence more difficult. In addition, the 10% surtax on undistributed retained earnings will be recognized as income tax expense in next year. This accounting regulation violates matching principle. Therefore, the earnings response coefficients in years 1997, 1998 and 1999 are expected to be lower than than those in other normal years for lower earnings quality.
The empirical results are as follows:
1. Cash dividends payout ratio in 1998 is significantly higher than the cash dividends payout ratio in 1997, despite that change of free cash flow in 1998 is significantly negative. It appears that the increase in cash dividends cannot be explained by cash flows. There is no significant increase in stock dividends payout ratios in 1998 compared to 1997, the ensuing year of integrated income tax system. Firms whose change in retained earnings is negative decrease stock dividends. Future profitability or EPS dilution, which can be detrimental to firm value, is one reason behind the empirical findings. Take both cash and stock dividends together, firms with positive change in retained earnings increases dividends payout ratio in 1998. These firms lowered their retained earnings through dividends in order to avoid 10% surtax on retained earnings.
2. The discretionary accruals of 1997 calculated from cross-sectional Jones model is significantly positive, and is greater than discretionary accruals of both 1996 and 1998. It appears that sample firms manipulate earnings up in 1997. The discretionary accruals of 1998 are not lower than those of 1996. The positive discretionary accruals of 1997 might not reverse as expected in 1998.
3. With regard to the effects of earnings management on the earnings response coefficients, ERC in 1999 is significantly negative as expected. The additional 10% surtax on undistributed retained earnings earned in 1998 is recognized as income tax expense for 1999. The mismatch lowers earnings quality and the ERC. Nevertheless, the act of earnings management in 1997 in order to save cash outflow on income tax do not give rise to lower ERCs, earnings quality.

並列關鍵字

Earnings management ； Integrated income tax system ； Earnings response coefficient ； Dividend policy

參考文獻

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