兩稅合一前後上市公司股權規劃之實證研究

An Empirical Investigation of Impacts of the Imputation Tax System on Corporate Shareholder Structures

汪瑞芝(Jui-Chih Wang) ； 陳明進(Ming-Chin Chen)

《當代會計》 4卷2期 (2003/11) Pp. 190-212

https://doi.org/10.6675/JCA.2003.4.2.03

摘要

本研究探討我國實施兩稅合一制對上市公司法人股東股權規劃之影響。在兩稅合一制下，公司當年度盈餘未於次年底前分配者，將被加徵10%營利事業所得稅，因此公司盈餘分配的壓力較兩稅合一前大為增加。但如果透過法人股東持有公司股票，則可以避免公司分配的盈餘直接歸課股東的個人綜合所得稅，而直接適用較高的個人邊際稅率。本研究迴歸實證的結果也支持，在其他情況相同下，兩稅合一實施後，上市公司法人股東的持股比率較兩稅合一實施前增加。但稅額扣抵比率高低與其法人股東持股比率的變動則有負向之關係。此外，兩稅合一後，僑外投資股東持股比率的減少與其法人股東持股比率的增加有正向之關係；而個人股東持股比率的增加，則與其法人股東持股比率的減少有正向之關係。這些實證結果顯示，股東基於個人與公司稅率差距的考量下，會因應兩稅合一的實施而產生股權移轉之租稅規劃，以減少新稅制對股東稅負負擔的影響。

關鍵字

兩稅合一 ； 股權規劃 ； 法人股東 ； 稅額扣抵比率

並列摘要

This study examines the impacts of the Imputation Tax System on corporate shareholder structures. After implementation of the new tax system, companies will bear additional 10% surtax levied on undistributed earnings. Therefore, companies will have greater incentive to distribute more dividends to shareholders, which, however, will result in individual shareholders' paying greater income taxes. To alleviate the adverse tax impact, individual shareholders may shift their stocks to holding companies in that dividend income is nontaxable for corporate shareholders under the new income tax system. The empirical results of this sutdy support that, certeris paribus, the percentages of corporate shareholders of listed companies increased after implementation of the Imputation Tax System. Companies with higher imputation tax credit ratios under the new tax system, the percentages of corporate shareholders are also decreased. Further, companies with lower the percentages of overseas shareholders after implementation of the new tax system, the greater the percentages of the corporate shareholders. Finally, companies with higher the percentage of individual shareholders after implementation of the new tax system, the lower the percentage of the corporate shareholders. The empirical results of this study indicate that, in response to the implementation of the Imputation Tax System, there is a significant switch in corporate shareholder structures in alleviating the adverse impact of the new tax system on shareholders' tax burden, supporting the tax clientele hypothesis.

並列關鍵字

Imputation tax system ； Shareholder structure planning ； Corporate shareholders ； Imputation tax credit ratios

參考文獻

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