營利事業所得稅減稅對公司股利政策影響之實證研究

An empirical study of the impact of the corporate income tax cuts on dividend payout policy.

蔡明城(Ming-Chen Tsai)

指導教授 ： 楊清溪

國立臺北大學/商學院/會計學系/碩士(2013年)

摘要

我國所得稅法於2009年5月及2010年6月連續兩次修正，將營利事業所得稅的稅率由原本之25%降至17%，其修法目的在於貫策輕稅簡政之改革理念，並配合促進產業升級條例租稅減免之落日與吸引外資來台投資等。惟我國之所得稅制度係採設算扣抵法之兩稅合一制度，因此營利事業所得稅稅率之直接減稅，將影響股東可扣抵稅額比率之計算，間接影響到股東個人綜合所得稅。因此本研究欲探討營利事業所得稅的減稅政策，是否會對公司股利發放金額以及股利發放比率等公司股利政策造成影響。

　　本研究分別使用單變量分析與多變量分析，以營利事業所得稅減稅實施前後各二年度為研究期間，以我國上市櫃公司為研究樣本，探討營利事業所得稅減稅實施之後，對公司總股利發放金額、總股利發放比率、現金股利發放率、盈餘配股率、資本公積配股率之影響。

　　本研究的實證結果發現：1.營利事業所得稅減稅之後，公司總股利發放金額顯著上升。2.營利事業所得稅減稅之後，總股利發放比率下降。 3.營利事業所得稅減稅之後，現金股利發放率並無顯著改變。 4.營利事業所得稅減稅之後，盈餘配股率顯著下降。 5.營利事業所得稅減稅之後，資本公積配股率無顯著改變。

關鍵字

營利事業所得稅減稅 ； 兩稅合一 ； 股利政策

並列摘要

The Income Tax Law in Taiwan has been amended in May, 2009 and June, 2010 for twice, whereby the corporate income tax rate is reduced from 25% to 17%. The amendment aims to carry out the reform concept of reducing tax and streamlining administration, cope with the expiration of the Statute for Upgrading Industry and attract foreign investment. However, only Taiwan adopts the integration of income tax system of Imputation System, thus the direct reduction of corporate income tax rate may affect the rate calculation of imputation tax credit which leads to indirect influence on the shareholders’ individual consolidated income tax. Consequently, this study tries to explore the tax reduction policy for corporate income tax and whether it affects the corporate dividend policies, such as dividend amount and dividend payout ratio.

Based on the univariate analysis and multivariate statistical analysis, this study uses listed companies in Taiwan as samples with a research period of two years before and after the implementation of corporate income tax reduction policies respectively, so as to explore the effects of policy implementation on total dividend, total dividend payout ratio, cash dividend payout ratio, earnings dividend ratio and paid-in capital dividend ratio 。

According to the empirical results of this study, it can be found that after the reduction of income tax: 1, the total dividend of corporate rises dramatically; 2, the total dividend payout ratio declines; 3, there’s no significant changes in cash dividend payout ratio; 4, earnings dividend ratio declines largely; 5, paid-in capital dividend ratio has no notable changes.

並列關鍵字

Corporate income tax cut ； Dividend Policy ； Integration of income tax system

參考文獻

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, Vol.21, No.02, pp.257-277.

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