- 學位論文
兩稅合一前後影響企業盈餘決策之因素分析－以上市櫃公司為例
A STUDY OF THE IMPACT OF INCOME TAX INTEGRATION ON BUSINESS RETAINED EARNINGS
摘要
有鑑於兩稅合一後未分配盈餘加徵之反彈與改革聲浪四起，本文利用台灣經濟新報(TEJ)之統計資料，並運用因素分析及多元迴歸分析之方法，探討民國80-95年兩稅合一實施前後企業之未分配盈餘變化及影響。研究結果如下： 一、根據未分配盈餘比例之長期統計資料顯示，無論就產業別或資本額層級區分，大部分企業於民國84年左右，未分配盈餘比例會異常提升，以規避稅制改革後所增加之租稅負擔。 二、利用因素分析法歸納出公司特性，分別為規模、成長性、獲利能力、資產抵押價值、產業特性及股權集中度等六大潛伏因素，以簡化投入變數及解決共線性之問題。並運用因素分析所產生之公司特性因素分數，投入多元迴歸模型中分析，探討各種公司特性因素對於企業內部未分配盈餘之相關性。規模、獲利能力、非債稅盾及營運風險與董監事持股比例與未分配盈餘比例呈正相關，成長性、資產抵押價值及大股東持股比例與未分配盈餘比例呈現負相關。 三、實證結果顯示，未分配盈餘加徵制度，確實降低多數企業對於未分配盈餘之偏好。
並列摘要
In 1998, when Taiwan integrate the business income tax with personal income tax system, an ten percent surtax was also levied on businesses that accumulative retained earnings in order to take advantage of the tax exemption on capital gains of securities transactions. Although many scholars and businesses have been strongly opposing to the surtax, only few literature examines the influence of the surtax on retained earnings. This thesis tries to apply the method of factor analysis and multiple regression analysis to answer the public’s concerns with the 1991-2006 extracted data from Taiwan Economic Journal (TEJ). My findings include: (1) Most companies’ accumulative retained earnings were increased dramatically three years before the integration of income tax system, apparently for the purpose of avoiding future surtax burden. (2)Through Factor Analysis, with summarized some companies’ features as independent variables, size, profitability, non-debt tax shield, operation risk, and stock holding ratio of board of directors have positive effects on the ratio of accumulative retained earnings, while potential of growth, asset composition, and the holding ratio of block shareholders with negative effects. (3)The system of surtax on accumulative retained earnings certainly reduced the companies’ preference of retained earnings.