有效稅率與稅額扣抵比率影響因素之研究

The Study on the Influential Factors of the Effective Tax Rate and Imputed Tax Credit Ratio

林淑真(Shu-Chen Lin)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500695

摘要

有效稅率係指企業實際稅負占所得之比率，主要適用於評估過去租稅負擔之分配，而稅額扣抵比率係於兩稅合一制度實施後始產生者，由於兩稅合一制之實施係為了消除營利所得重複課稅之現象，故將原本各自獨立之營利事業所得稅與綜合所得稅改採兩稅合一制度，使得營利事業所得稅成為綜合所得稅之暫繳性質，又為了計算當企業將盈餘分配予股東時可抵繳稅額之多寡，企業須於其會計帳簿外設置股東可扣抵稅額帳戶，用以計算稅額扣抵比率。有效稅率對租稅制定者而言是一個重要的參考指標，藉以瞭解在各產業間稅賦分布之情況，以評估租稅公平性，而稅額扣抵比率可協助投資人估算所獲配之股利中所含之抵稅權，作為其選股決策之參考。
　　從以往之文獻中提及有效稅率之高低會影響公司的資本結構，同時公司的資本結構亦會影響有效稅率，故資本結構對有效稅率而言是一個重要的影響因素；且以往之研究者針對非負債稅盾，由於資料取得之不易，少有將投資抵減數納入者，故本研究亦將投資抵減數納入非負債稅盾，且又由於認為盈餘保留率對有效稅率亦有其影響性，故亦將盈餘保留率予以納入本研究。
兩稅合一制度實施後較兩稅合一制度實施前有效稅率對資本結構的影響降低，且不同的企業組織型態，會因為來自於外在更多的監督，而對有效稅率有不同的影響，又由於不同的產業其資本密集度、財務結構均不相同，且租稅優惠常獨厚於某些特定產業，因此，產業別亦是影響公司有效稅率的重要因素之一。故本研究探討資本結構、盈餘保留率及非負債稅盾對有效稅率與稅額扣抵比率之影響，及其影響因素是否因兩稅合一制度、上市上櫃公司別、電子及非電子產業別而有所差異。
　　本研究以1994年至2002年之上市上櫃公司為樣本，使用Tobit模型。實證結果發現，資本結構、盈餘保留率及非負債稅盾會對有效稅率產生影響，然而，這些因素會由於兩稅合一制度、上市或上櫃公司別、電子及非電子產業別而對有效稅率呈現不同的影響；且資本結構、盈餘保留率及非負債稅盾會對稅額扣抵比率產生影響，然而，這些因素亦會由於上市或上櫃公司別、電子及非電子產業別而對稅額扣抵比率呈現不同的影響，且實證結果亦發現兩稅合一制度實施後，影響有效稅率之因素與影響稅額扣抵比率之因素是有所差異的。
　　本研究針對有效稅率之研究係採與以往不同之實證方法，期以更嚴謹之方式探究影響有效稅率之因素，且針對非負債稅盾之變數，本研究亦將投資抵減數予以納入，亦更進一步的將盈餘保留率予以納入，以探討其對有效稅率與稅額扣抵比率之影響；而以往針對稅額扣抵比率之研究多在其對公司股利政策或財務決策之影響，且其研究亦都以稅額扣抵比率預計數，而本研究係採稅額扣抵比率實際數，且係在探討稅額扣抵比率之影響因素。

關鍵字

有效稅率 ； 盈餘保留率 ； 資本結構 ； 稅額扣抵比率 ； 非負債稅盾

並列摘要

The effective tax rate meaning the ratio of actual tax divided the firm's income is used to estimate the admeasurements of the tax burden. In order to eliminate double taxation, the integration of income tax system is implemented. Owning to calculate the shareholder deductible tax, the firm should set up the integration credit account to estimate the imputed tax credit ratio. The effective tax rate is an important guideline for Legislature. It is used to be known the distribution of industry and tax-equity. On the other hand, setting up the imputed tax credit account can help the investors to estimate their integration credit account of the divided and help them knowing how to choose the stock.
Based on the several references, they thought that the effective tax rate will be affected by the firm's capital structure. In the past, few researchers let the investment tax credit enter to the non-debt tax shield because of unavailable data. However, our research not only adds investment tax credit, but also earnings retention ratio into the non-debt tax shield.
The effective tax rate is less affected by the firm's capital structure after the implement of integration of income tax system than before it. Based on the outside administration from the diversified organization in the firm, it will be different affection from the effective tax rate. Hence, the types of industry is also the mainly factor affecting the effective tax ratio in the firm. Our research analyze the influence of the effective tax rate from the change of the capital structure, earnings retention ratio, or non-debt tax shield, and want to investigate whether the impacting factors will be different from the variance of the integration of income tax system, or the industry.
There are several consequences in our research as follows:
1. The effective tax rate and the imputed tax credit ratio will be affected by the capital structure, earnings retention ratio, or non-debt tax shield. And those impacting factors will be different by the variance of the integration of income tax system, or the industry.
2. We find that after the implement of integration of income tax system, the impacting factors is distinguished between the effective tax rate and the imputed tax credit ratio.

並列關鍵字

Capital structure ； Earnings retention ratio ； Non-debt tax shield ； Effective tax rate ； Imputed tax credit ratio

參考文獻

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