營所稅稅率調降與產業創新條例實施對公司股利政策之影響

Influences of Reduction of Corporate Income Tax Rate and Implementation of Industrial Innovation Act on Firms' Dividend Policy

曾子耘(Tseng Tzu Yun)

《會計與公司治理》 13卷1期 (2018/06) Pp. 1-21

摘要

我國的租稅環境在2010年起了相當大的變化，一方面以「產業創新條例」接續「促進產業升級條例」，刪除多項租稅優惠，另一方面則調降營所稅稅率此次稅改，可說是我國稅制改革中另一重要的里程碑。本次稅改，再次拉大公司稅稅率與個人稅稅率的差距，引發企業不配息的疑慮，因此，檢驗本次租稅制度改變對公司股利政策之影響有其心要性，本研究結果將能增加對我國本次租稅改革成效之了解，並補充關於租稅與公司股利政策關連之相關文獻。本研究實證結果顯示本次租稅制度改變後，公司的股利支付率下降，其中又以大股東持股率較低的公司較為顯著。

關鍵字

產業創新條例 ； 營利事業所得稅稅率 ； 個人稅稅率 ； 股利政策

並列摘要

In 2010, Taiwan made a big change in her tax environment. The government releases the Industrial Innovation Act and cuts the corporate tax rate. Enterprises face a whole new tax environment. It is no doubt that this tax reform is the most influential institutional change in Taiwan in recent years. This tax reform expands the gap between corporate tax rate and personal tax rate. It may induce the motivation to avoid the tax for the blockholders by not paying dividends. Hence, it is necessary to investigate whether the tax environment change impacts firms' dividend policy. The results of this study will increase the understandings about the effectiveness of this tax reform and supplement the literature regarding the relationship between tax and corporate dividend policy. The empirical results of this study show that after the change of the tax environment, the company's total dividend payout rate decreased. Companies with a lower blockholder ratio are more significant.

並列關鍵字

Industrial Innovation Act ； Corporate Tax Rate ； Personal Tax Rate Dividend Policy

參考文獻

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