臺灣於2011年1月26日公布新修正之所得稅法第43條之2,新增反自有資本稀釋條款,規定自2011年度起,企業及其直接或間接的關聯方之債務與股權融資的比例如超過3,超過部分之利息支出,在申報營利事業所得稅時,不得列為費用或損失,其用意在於防止資本稀釋對我國稅基之侵蝕。 本研究探討2011年反自有資本稀釋條款實施後,對於我國上市企業負債比率及籌資管道之影響;本研究實證結果發現,在反自有資本稀釋條款實施前,由於企業舉債之利息費用,不論其金額之多寡,企業皆可於計算應付所得稅前扣除,具有舉債租稅優惠的稅盾效果,故企業舉債愈多,其可獲得之租稅利益愈大,增加股東之利益,侵蝕我國之稅基。 自2011年實施反自有資本稀釋條款後,由於企業舉債額度若超過限額,其利息費用將不得扣抵;實證結果發現,負債比率較實施前低;原來高負債比率之企業,在實施反自有資本稀釋條款後,其籌資管道亦有降低向外舉債的情形。
Taiwan released the amended Article 43-2 of the Income Tax Act on the 26th of January, 2011 with Anti-Thin Capitalization Rules added. The rules indicate that from 2011, if the debt and equity financing ratio of corporations and its direct or indirect affiliates exceeds 3, excess interest expenditure incurred shall not be listed as expense or loss. The intension of this amendment is to prevent the erosion of Taiwan’s tax base from thin capitalization. This research explored the impact on Taiwan listed corporations’ debt-to-equity ratio and financing channels since the implementation of Anti-Thin Capitalization Rules on 2011. The empirical study result indicated that before the implementation of the Anti-Thin Capitalization Rules, corporations had the debt-raising tax benefit by deducting debt-raising interest expenditure with calculating taxable income. The more debt corporations raise, the more tax benefit they attain. This has affected shareholders’ interest and eroded our country’s tax base. However, after the practice of the Anti-Thin Capitalization Rules from 2011, if corporations exceed their debt raising quotas, interest expenditures shall not be deductible from taxable income. The empirical study showed that debt-to-equity ratio has dropped to a lower percentage since the implantation of the Rules. As to corporations with higher debt-to-equity ratio, their financing channels has also changed to decline the debt ratio.