兩稅合一對公司資本結構影響之研究－高科技產業與傳統產業之比較

Tax Imputation Effect on Capital Structure-A Comparison between High-tech and Traditional Industries

洪榮華(Jung-Hua Hung) ； 郭怡萍(Yi-Ping Kuo) ； 蕭雯華(Wen-Hua Hsiao)

《輔仁管理評論》 13卷2期 (2006/05) Pp. 29-55

https://doi.org/10.29698/FJMR.200605.0002

摘要

本研究以資本結構理論檢視兩稅合一對公司資本結構的影響，並探討高科技產業與傳統產業融資行為的異同。實施兩稅合一後，股利僅負擔一次所得稅，降低了權益資金成本，在縮小權益資金成本與舉債資金成本間的差距下，預期公司會增加發行新股，負債比率可能降低，同時，對保留盈餘加徵10%營利事業所得稅的規定，將導致公司內部融資來源的成本提高，預期保留盈餘會降低。本文參考Watson 和Wilson（2002）之方法，探討國內上市公司之融資行為是否符合靜態抵換理論或融資順位理論，並以Claggett（1991）的Goodman-Kruskal gamma方法增加結果之穩定性。研究發現高科技產業與傳統產業均未支持融資順位理論，而高科技產業在兩方法下均符合靜態抵換理論，傳統產業僅在Goodman-Kruskal gamma 方法下符合靜態抵換理論。市場時機理論（Market Timing Theory）在解釋公司資本結構時扮演重要的角色。兩稅合一改變了過去企業融資的習慣。

關鍵字

靜態抵換理論 ； 融資順位理論 ； 兩稅合一 ； 市場時機

並列摘要

This paper investigates the financing behavior of high-tech and traditional industries based on the view of capital structure theory. After tax imputation, shareholders only pay the income tax for dividends, we expect the firms will use more equity finance. At the same time, 10% tax imposed on the retained earnings will lead to a rise of the cost of internal fund, thereby decreasing the retained earnings. Following the methods used by Watson and Wilson(2002) as well as Claggett(1991), we found that the financing policy of high-tech firms is consistent with that of the trade-off theory in both methods but traditional firms only fits the trade-off theory in Goodman-Kruskal gamma test, which was used by Claggett(1991).Neither industry follows the pecking order theory. The market timing theory plays an important role when explaining the capital structure of companies. Tax imputation changes firms' financing preference.

並列關鍵字

trade-off theory ； pecking order theory ； tax imputation ； market timing

參考文獻

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