股東可扣抵稅額減半政策對企業發放現金股利之影響

本文研究期間以我國修正所得法第66條規定實施年度為基點，以2013年至2016年之台灣上市櫃公司作為研究對象，探討股東可扣抵稅額減半政策實施後是否會對企業發放現金股利產生影響，並加入外國機構投資人持股比例、控制股東股權集中度及其控制權與現金流量權偏離程度作為自變數，並分別探討其對企業發放現金股利是否會受到此政策而產生不同之影響。實證結果發現，股東可扣抵稅額減半政策與每股現金股利呈現顯著正向關係，表示政策實施後，企業會增加發放現金股利。此外，相較於此政策實施前，高外國機構投資人持股比例的企業會顯著增加企業發放現金股利數量。同樣地，相較於此政策實施前，高股權集中度的企業會增加發放現金股利。然而，本研究並未發現該政策會對控制股東其控制權與現金流量權偏離程度與企業發放現金股利的關係產生任何顯著影響。

關鍵字

股東可扣抵稅額減半政策；現金股利；外國機構投資人；股權集中度；控制權與現金流量權偏離程度

並列摘要

Owing to the implementation of the Article 66 of income tax law, I use the sample of the Taiwan listed companies in year 2013-2016 to explore the impact of shareholder halved imputation tax credit policy on corporate cash dividends. Moreover, I address on the foreign institutional ownership, concentration of controlling shareholders’ ownership, and deviation between control rights and cash flow rights and test how the cash dividends will be affected by shareholder halved imputation credit policy. Empirical results show that the shareholder halved imputation credit policy and the cash dividends per share show a significant positive relationship. This implies that after the implementation of this policy, companies will increase cash dividends distributed. In addition, companies with high foreign institutional ownership will significantly increase cash dividends with this policy. Similarly, companies with high concentration of controlling shareholders’ ownership will increase cash dividends before the implementation of this policy. However, the impact of control-cash flow rights deviation of controlling shareholders on corporate cash dividends is not found in my empirical results.