2018年稅制改革與法人董監事席次比例及內部股東股權結構對股利政策影響

The impact of 2018 tax reform with legal board and supervisors and the ownership structure of internal shareholder on corporate dividend policy.

彭勝國(SHEN-KUO PENG)

指導教授 ： 單騰笙

中原大學/商學院/會計研究所/碩士(2020年)

https://doi.org/10.6840/cycu202000191

摘要

由於2018年度起稅制改革予以廢除兩稅合一部分設算扣抵制度，營所稅由17%調升至20%，未分配盈餘稅由10%減半至5%，使得公司之股利政策將有所影響，由於我國當年度股東大會係決議發放前一年度盈餘，本研究以選取股利發放年度為2017至2018年，盈餘等財務資料則為2016年至2017年之TEJ資料庫資料進行實證研究。

由於不同身分內部股東持股率、法人董監席次比例對稅改前後年度公司股利政策有強烈影響力，故本研究先探討內部法人股東、內部自然人股東持股率、法人董監席次比例、電子業與非電子業、2018年稅改後實施年度虛擬變數對2017年~2018年公司股利政策影響。實證結果發現公司內部法人股東持股率高，總股利發放率、現金股利發放率高及股票股利發放率低；公司內部自然人持股率高，總股利發放率、現金股利發放率及股票股利發放率低；法人董監席次高，總股利發放率、現金股利發放率低及股票股利發放率高；電子業總股利發放率、現金股利發放率及股票股利發放率均較非電子業低；2018年稅制改革下，當年度上市櫃公司總股利發放率、現金股利發放率及股票股利發放率明顯提升。

本研究再予以探討公司內部法人股東持股率、內部自然人持股率、法人董監事席次比例、電子業及非電子業均與2018年稅改後實施年度虛擬變數交乘項後對公司股利政策之影響。實證結果發現內部法人股東持股率高，總股利發放率、現金股利發放率高及股票股利發放率低；內部自然人股東持股率高，總股利發放率、現金股利發放率及股票股利發放率低；於不區分內部股東身分，法人董監席次高，總股利發放率、現金股利發放率及股票股利發放率高，區分內部股東身分時，稅制改革並未改變法人股東及自然人股東對股利所得偏好，致法人董監席次高，總股利發放率、現金股利發放率低及股票股利發放率高；2018年稅制改革，未改變內部法人股東及自然人股東，對股利所得及資本利得課稅架構，內部法人股東及自然人股東稅改前與稅改後股利分配方式並無很大差異；且電子業總股利發放率、現金股利發放率及股票股利發放率均較非電子業低。

關鍵字

股利政策 ； 法人董監事席次 ； 稅制改革 ； 電子業 ； 內部自然人股東 ； 法人股東

並列摘要

Since the tax reform in 2018 have abolished the Integrated Income Tax System and Imputation Credit Account, the income tax rate for profit-seeking enterprises rises from the current 17% to 20%, and the tax rate on undistributed surplus earnings decreases from 10% to 5%. It affected the company’s dividend policy. Due to the resolutions of the shareholders' meeting distribute the surplus earnings of the previous year, this study used the financial data of TEJ database from 2016 to 2017 and the dividend payment data of TEJ database from 2017 to 2018 for empirical research.
Since the internal shareholding ratio of different shareholders and the seats of corporate directors and supervisors have a strong influence on the annual dividend policy before and after the tax reform, this study first discusses the effect of the shareholding ratio of internal corporate shareholders and internal natural shareholders and seats of corporate directors and supervisors and electronic industry and non-electronics industry and the implementation of the annual virtual variables after the tax reform in 2018 on the impact of company's dividend policy from 2017 to 2018. The empirical results show a high total dividend payment rate and a high cash dividend payment rate and a low stock dividend payment rate when the company's internal corporate shareholders have a high shareholding ratio; the total dividend payment rate and cash dividend payment rate and stock dividend payment rate are low when internal natural shareholders have a high shareholding ratio; the total dividend payment rate and cash dividend payment rate and stock dividend payment rate are high when the seats of corporate directors and supervisors is second high; the total dividend payment rate and cash dividend payment rate and stock dividend payment rate of the electronics industry are all lower than those of the non-electronic industry; the total dividend payment rate and cash dividend payment rate and stock dividend payment rate of by Listed and OTC companies in the year have increased significantly under the tax reform in 2018.
This study further discuss the impact on company dividend policy of the shareholding ratio of the company's internal corporate shareholders and internal natural person and corporate directors and supervisors and the electronic and non-electronic industries all multiplied by the 2018 tax reform annual virtual variable. The empirical results show a high total dividend payment rate and a high cash dividend payment rate and a low stock dividend payment rate when the company's internal corporate shareholders have a high shareholding ratio; the total dividend payment rate and cash dividend payment rate and stock dividend payment rate are low when internal natural shareholders have a high shareholding ratio; the total dividend payment rate and cash dividend payment rate and stock dividend payment rate are high when the seats of corporate directors and supervisors is second high if it is not to distinguish internal shareholders; if it is distinguishing internal shareholders, tax reform has not changed the preference of corporate shareholders and natural shareholders for dividend income. The total dividend payment rate and cash dividend payment rate and stock dividend payment rate are high when the seats of corporate directors and supervisors is second high. The tax reform in 2018 has not changed the tax structure for the dividend income and capital gains of the internal corporate and natural shareholders and there is no significant difference in the distribution of dividends between internal corporate shareholders and internal natural shareholders before and after tax reform; the total dividend payment rate and cash dividend payment rate and stock dividend payment rate of the electronics industry are all lower than those of the non-electronic industry.

並列關鍵字

dividend policy ； seats of corporate directors and supervisors ； tax reform ； electronics industry ； internal natural person shareholders ； internal corporate shareholders

參考文獻

1. 王蘭芬、張仲岳、楊麗菊(2017)。股東可扣抵稅額減半對股利政策之影響。輔仁管理評論，中華民國 106 年 9 月，第二十四卷第三期，頁1-44。

2. 李俊男(2007)。「兩稅合一制度下股東可扣抵稅額對股利政策 之影響」， 國立雲林科技大學會計研究所碩士論文。

3. 汪瑞芝、陳明進(2004)。「兩稅合一制前後上市公司股利發放之實證研究」，管理學報，第 21 卷第 2期，頁 257-277。

4. 侍台誠(1994)。董事會特性家族因素與經營績效-兼論法人董事的影響，台大會計所碩士論文。

5. 林光仁(2011)。「公司法第二十七條法人董監事制度存廢之研究」，《台大法學論叢》，第40 卷第1 期，253-350。