未分配盈餘稅調降對企業資本支出之影響

本文主要探討2018年所得稅制優化方案實施後，調降未分配盈餘稅率對於企業資本支出之影響，以驗證政府的租稅政策是否達成激勵企業投資意願的效益。本文以我國2017年至2020年上市櫃公司為研究對象，實證結果發現，未分配盈餘稅率調降之後，企業的資本支出比率提高；再者，公司規模的差異在稅率調降後，其資本支出並無改變，而經營績效佳的企業，投資意願則增加；最後，將產業區分為電子業及非電子產業時發現，不同公司規模的電子業在稅率調降後其資本支出並無影響，而經營績效較好的電子業，其資本支出增加，但非電子產業中不論公司規模或經營績效等特性對於資本支出皆未有所影響。

關鍵字

未分配盈餘稅；資本支出；經營績效

並列摘要

This study mainly discusses the impact of undistributed surplus tax rate reduction on corporate capital expenditures and investigates whether the government’s taxation policy could encourage corporate investment intentions after the implementation of the optimization program for the income tax system since 2018. The research subjects of this study are Taiwanese listed firms for the period from 2017 to 2020. The empirical results show that the percentage of the capital expenditure increases after the reduction of the undistributed earnings tax rate. Furthermore, after the tax rate reduction, the capital expenditures were not changed for the firms in different size, but firms with better operating performance have higher investment intentions. Additionally, after partitioning the samples into the electronics and non-electronics industries, the results indicate that the capital expenditures remained constant for the electronics firms in different size; however, the electronics firms with better operating performance show higher capital expenditures during the post-tax rate reduction periods. Moreover, after controlling both the firm size and operating performance, the capital expenditures of the non-electronics firms were not changed in contrast with the electronics firms.