台灣從1998 年開始實施兩稅合一,並採用「全部設算扣抵制」,此一制度使稅收大幅減少,立法院因此於2014 年三讀通過兩稅合一之修正案,從2015 年開始實施「部分設算扣抵制」,本文主要探討兩稅合一變革之影響,由於兩稅合一新制下股東抵稅權減少,因此本研究檢驗部分設算扣抵制度的實施是否會影響公司的股利發放政策以及盈餘管理行為。並且進一步考量大股東的抵稅權益,檢視公司股東的股權集中度的不同,是否會因扣抵制度減半實施而有不同地股利發放政策與盈餘管理行為。 實證結果發現在部分設算扣抵制下,股利發放率低於全部設算扣抵制下的股利發放率;而且股權集中度愈低公司,在部分設算扣抵制下的股利發放率愈低。另一方面,在部分設算扣抵制下的盈餘管理程度低於全部設算扣抵制下的盈餘管理程度;而股權集中度愈低公司,盈餘管理程度影響亦同。此結果意味著在部分設算扣抵制實施前,公司會提高股利發放率,以及所得調增的盈餘管理行為,以使公司股東能夠享有全部扣抵的抵稅權,而在部分設算扣抵實施後,由於股東抵稅權減半,故公司的股利發放率與所得調增的盈餘管理行為則減緩。
Taiwan from 1998 began to implement the Imputation Tax system (ITS)with full imputation credit system and led to a substantial reduction in taxation. After the enactment of Income Tax Act of 2014, from 2015 implement partial imputation credit system to replace full imputation system. This study examines the effects of the ITS changed on the earnings management and dividend policy. The empirical results show that the dividend payment rate and the degree of earnings management are lower with partial imputation system than full imputation system. In other words, companies increased the dividend payment rate and degree of earnings management before adapted the partial imputation credit system, and firms with higher ownership concentration have the same results, however, the lower ownership concentration did not have the phenomenon.