台灣股票除權除息之節稅策略研究

自2015年1月1日起，股東可扣抵稅額減半及富人稅(綜合所得淨額超過1000萬元的家庭，稅率由40％提高到45％)正式上路，新稅制的實施提高了股票投資者的稅賦負擔，且對綜所稅率45%之投資人，實際繳納稅率更可能一舉突破50%，因此如何使用適當的策略及工具，有效地降低投資者的稅負，實在是一個不得不重視的議題。本論文主要對股票投資者於除權息時可採取的節稅策略進行研究。本文提供投資者4種節稅策略，策略一：參與除權息，策略二：棄權棄息，策略三：棄權棄息＋期貨操作，以及策略四：棄權棄息＋投資公司配合。深入剖析每種策略的節稅效益、優缺點、可能承擔的風險、以及影響節稅操作效益的因素為何，讓投資者可依自己的稅率級距與風險偏好來做選擇，並以實際例子示範如何進行操作。除此之外，本論文亦對股票期貨之未平倉合約數進行分析，推測市場中是否已有投資者運用股票期貨來進行節稅操作。並以股利殖利率、可扣抵稅率兩因子為控制變數，分析這兩個因子對投資者進行節稅操作意願的影響為何？

關鍵字

除權；除息；節稅；兩稅合一；股票期貨

並列摘要

This study aims to find out some legal and efficient tax saving strategies during the ex-dividend and ex-dividend period in Taiwan. This study provides four tax saving strategies for stock investors, and analyzes in-depth each tax saving strategy’s performance and potential risk, so investors can choose the most suitable tax saving strategy according to their own income tax rate and risk preference. For the purpose of illustration, this study gives a practical example, demonstrating the whole process and calculating the amount of tax saving. In addition, the study analyzes the open interest of the stock futures in order to examine whether there are investors using stock futures for tax saving purpose during ex-right and ex-dividend days. This study also analyzes how the level of dividend yield and the level of imputation credit rate affect the investors’ intention to save tax.