國內企業內部人的稅賦偏好對支付政策之影響

The Effect of Insiders’ Tax Preference on Firms’ Payout Policy in Taiwan

郭逸凡(YI-FAN KUO)

指導教授 ： 王祝三

國立臺北大學/商學院/企業管理學系/碩士(2009年)

摘要

支付政策受稅賦影響之相關研究於國外已行之有年，然而國內稅制為兩稅合一，與美國獨立課稅制迥然不同，故我國股東取得現金股利雖須課以所得稅，但卻存在稅額扣抵效果，而另一方面，國內資本利得免稅也與美國不同。另外葉文郁(1995)探討現金股利與稅賦之關係，然而卻無法證實其有關聯性，鄭桂蕙(2005)探討國內大股東是否會影響支付政策，而其實證結果亦不顯著，因此我國企業內部人是否會存在稅賦偏好而產生代理問題，實待釐清。國內文獻多針對大股東或董監事探討其對支付政策之影響，此做法卻影響了實證結果之可信度。這是由於支付政策乃由公司經理人所決定，再經由董事會同意，故只衡量大股東或董監事並不恰當。稅賦與股票購回之既有相關文獻之樣本期間大多都限於三年內，故本文使用八年之樣本期間，可提供較可信之研究結果，進而釐清真相。本文實證結果顯示，代表內部人稅賦偏好之內部人持股比率愈高，公司愈傾向以現金股利之支付方式將現金發還給股東，此發現與國外文獻截然相反。其隱含當持股比率較低時，內部人偏好透過股票購回之方式來提高自身持股比率，進而達到強化其對公司控制權之目的。因此，控制權之考量才是內部人決定支付政策的決定因素，而非稅賦偏好。

關鍵字

內部人 ； 稅賦偏好 ； 支付政策 ； 現金股利 ； 股票購回

並列摘要

Empirical studies for tax effects on the corporate payout policy are abundant in the foreign literature. However, an imputation tax system is adopted in Taiwan, in contrast to a separate tax system in the U.S. Therefore, dividends are only taxed at shareholders’ personal tax rates and are actually tax-free at the corporate level in Taiwan. Further, capital gains are tax-free in Taiwan, which is also quite different from that in the U.S. This discrepancy in tax systems makes whether insiders’ tax preference induce the agency problem in Taiwanese firms an interesting research issue. Our evidence shows that the stronger the insiders’ tax preference, which is proxied by insider ownership, the more likely that firms will choose paying dividends as the way to return cash to shareholders. This finding is contrary to those documented in the foreign literature and implies that when share ownership is low, insiders will enhance their control over the firm by increasing their ownership through share repurchases. That is, maintaining control is the primary consideration in deciding the corporate payout policy for insiders, rather than tax preference.

並列關鍵字

insider ； tax preference ； payout policy ； repurchase ； dividend

參考文獻

1. 王祝三(2004)，「我國上市公司偏好發放股票股利程度之決定因素及其對長期股價之影響」，風險管理學報，6卷3期:頁307-344。

2. 汪瑞芝、陳明進(2003)，「兩稅合一制前後上市公司股利發放之實證研究」，當代會計期刊，4卷2期:頁169-190。

9. 鄭桂蕙(2005)，「股票購回對股利發放之影響」，會計評論，41期:頁77-101。

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