股東可扣抵稅額減半對股利政策之影響

The Impacts of Halving the Shareholder Tax-Deductible Amount on Dividend Policy

楊麗菊(Li-Chu Yang)

指導教授 ： 張仲岳

國立臺北大學/商學院/會計學系/碩士(2015年)

摘要

財政部於2014年宣布的「財政健全方案」促使我國自2015年1月1日起採行新修訂之所得稅法；此次所得稅法之修正有下列重要項目：(1) 股東獲配股利總額所含可扣抵稅額改為減半扣抵；(2) 對綜合所得淨額超過一千萬元者課45%之累進稅率。前述修正顯著影響營利事業及個人之未來稅負：獲配股利者可能付出更高股利補稅金額，或得到較少退稅金額。本研究乃探討前述修正是否會促使公司在稅法修正案生效之前，分配更多股利給股東。本研究對在2012和2013年的非金融上市櫃公司選取795家公司，共取得1590筆資料，再做多元迴歸之統計分析。實證研究發現，股東可扣抵稅額可全額扣抵的最後一年(2013年)，公司會增加該年(發放時點在2014年)之總股利及現金股利之發放；但對於股票股利之發放並無顯著之影響。顯示公司在決定股利政策時，會考量股東的租稅壓力。

關鍵字

股東可扣抵稅額 ； 股利政策 ； 兩稅合一

並列摘要

In 2014, the Ministry of Finance announced the new policy: Strengthening Fiscal Administration. Accordingly, the amended Income Tax Law was enforced, starting from January 1, 2015. The Amendment includes the following important revisions: 1) the shareholder tax deductible amount is halved; and 2) the progressive tax rate on taxpayers whose net consolidated income exceeds NT$ 10 million is increased to 45%. These amendments have great impacts on both the individuals and the profit-seeking enterprises regarding their future tax burden. Those who receive dividends shall either pay higher tax amount or suffer a reduced amount of tax return. This study investigated whether enterprises would increase dividend payouts to their shareholders to reflect the aforementioned law amendment before it was effective. The study selected samples from those non-financial listed companies for the periods of 2012 and 2013. 795 companies were chosen and 1590 samples were taken from them. Multiple regression analysis was conducted on these samples. The study found that enterprises increased the total dividend and cash dividend for the year 2013 (that were paid out in 2014), but did not increase the stock dividend in the last year (2013) that shareholders could deduct the full tax-deductible amount. The results suggest that enterprises might indeed take into account the tax burden of their shareholders.

並列關鍵字

Tax-Deductible of Shareholders ； Dividend Policy ； Imputed Tax System

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