2014年通過健全財政方案之所得稅法修正案,其中有關兩稅合一部分,個人股東可扣抵稅額由完全扣抵制修正為部分扣抵制,惟本國法人股東仍維持原制,本文主要探討公司是否為了股東抵稅權益而於新稅制實施前一年超發股利,及法人股東持股比例愈高之公司股利政策是否有所不同,本研究以股東會年度於2011年至2015年上市櫃公司為研究對象,有效樣本共計5,486個,分別以羅吉斯迴歸及複迴歸檢定是否超發股利及超發股利幅度。 實證結果發現公司於新稅制實施前一年(2014年)現金股利超發及總股利超發情形已達統計上顯著水準,且與股利超發幅度亦為正相關;另法人股東持股比例與股利超發及股利超發幅度皆呈現負相關。
When government passed the Amendment to the Income Tax Act of the Robust Finance Administration System in 2013, the imputation tax credit of the individual shareholders became 50% of the original amount after January 1, 2015. This paper studies the relationship between the new tax system and the dividend policies in public listed companies in Taiwan from 2011 to 2015. This research found that companies distribute dividends exceeding the EPS substantially before the year of implementation the Amendment. However, this situation is mitigated when institute stockholder own more stocks.