股利所得課稅新制對企業現金股利政策的影響：從所有權結構來探討

本研究以 2016 年及2018 年之臺灣上市櫃公司作為研究對象，探討2018年股利所得課稅新制規定實施後對企業現金股利政策的影響，並從所有權結構切入來探討國外機構投資程度及其現金流量與控發現，股利所得課稅新制規定實施後，企業會增加發放現金股利。由於過去公司治理文獻指出現金股利也有保護投資人的效果，因此本研究探討在不同所有權結構下，該股利所得課稅新制規定的影響。因實證結果顯示國外機構投資程度與政策實施的交乘項結果顯著負相關，顯示企業擁有高國外機構投資程度，其發放現金股利會因股利所得稅新制政策實施而減少，表示政策帶來的邊際效果是減少發放現金股利，可能為內外資稅率因股利所得課稅新制實施後差距縮小，使得國外機構投資程度越高的公司，發放現金股利更少。最後，本研究並未發現在股利所得課稅新制實施後，現金流量與控制權偏離比率越高的企業，其現金股利發放有顯著差異。

關鍵字

股利所得課稅新制；現金股利；國外機構投資程度；現金流量與控制權偏離比率

並列摘要

This study discusses the impact of the new dividend taxation rules in 2018 on corporate cash dividend policies, and investigates if the ownership of foreign institutional investors and control-cash flow deviation have effects on corporate cash dividends. Empirical results find that after the implementation of the new system of taxation of dividend income, companies increase the distribution of cash dividends. Corporate governance literature point out that cash dividends is a mechanism of investor protection. Hence, this study investigates the impact of the new taxation rules on dividend income under different ownership structures. Empirical results show that the degree of investment of foreign institutions is significantly negatively correlated with corporate dividends after the new tax policy implementation, that is, the company has a high degree of foreign institution investment, and its cash dividends will be reduced due to the implementation of the new dividend income tax policy. In other words, the policy brings the marginal effect that is to reduce the distribution of cash dividends, which may be because the gap between domestic and foreign tax rates after the implementation of the new taxation of dividend income has reduced, making firms with higher foreign investment levels pay less cash dividends. Finally, this study does not find the control-cash flow deviation has any significant impact on corporate cash dividends according to this new tax policy.