臺灣自民國八十七年起實施兩稅合一之制度,合格投資人(僅限於本國自然人及本國公司)從被投資公司所獲配之股利,因為被投資公司已完納營利事業所得稅後再分配股利與投資人。因此,當投資人獲得股利之同時,亦獲得可扣抵稅額,即股東可扣抵稅額等於股利淨額乘以稅額扣抵比率。因此理論上,合格投資人應該較偏好投資可扣抵稅額較高之公司,此種現象亦稱為顧客效果。 由於以往國內外文獻,對於顧客效果之實證研究結果並不一致,因此本文之研究目的在於更深入探討股東可扣抵稅額與投資人投資偏好之關連性,在其他條件不變下,享有股東可扣抵稅額之投資人是否會因為被投資公司之稅額扣抵比率高低而影響其持股率,並藉以驗證顧客效果理論是否存在於臺灣之資本市場中? 本研究分別就整體上市上櫃公司及細分為金融業及非金融業個別樣本進行關聯性分析,分別採用有母數之多元迴歸分析檢定和無母數之等級偏相關分析檢定。本文之實證結果顯示,在其他條件不變下,享有股東可扣抵稅額之投資人會較為偏好高稅額扣抵比率公司之股票(即享有股東可扣抵稅額之股東之持股率與稅額扣抵比率呈正相關),並可推論在臺灣地區之資本市場確實存在顧客效果。
Taiwan has implemented the integration system of corporate and individual income taxes since 1998. As qualified investors (only limited to domestic natural person and domestic company) receive dividends from the investee companies, the qualified investors also obtain shareholder tax-deductible amount because the investee companies has paid their corporate income taxes. The shareholder tax-deductible amount is equal to net dividend amount multiplied by tax-deductible ratio. In theory, the qualified investors should prefer to invest in the companies with higher tax-deductible ratios. The phenomenon is also called clientele effect. As the current domestic and foreign literature has shown inconsistent empirical evidences for the clientele effect, accordingly, the purpose of this paper is to further investigate the relationship between shareholder tax-deductible amount and investors’ investment preference. Specifically, are the qualified investors that can enjoy shareholder tax-deductible amount, ceteris paribus, are affected by the tax-deductible ratios of the investee companies so that their percentage of ownerships for the investee companies will vary? In other words, does the clientele effect exist in Taiwanese capital market? This paper has conducted association analysis on the entire companies listed on the Taiwan Stock Exchange and Over-the-counter Market. The sample companies are further partitioned into financial companies and non-financial companies. The study use both parametric multivariate regression analysis and non-parametric ranked partial correlation analysis. The empirical results of this study indicate that, ceteris paribus, investors that can enjoy shareholder tax-deductible amount tend to prefer the companies with higher tax-deductible ratios (that is, the percentage of ownership for qualified investors are positively associated with the tax-deductible ratios). Thus, the clientele effect has existed in Taiwan capital market.