營利事業所得稅率調降論對未分配盈餘之影響

The Influence of the Reduction of Corporate Tax Rate on Undistributed Earnings

李明正(Ming-Zheng Li)

指導教授 ： 楊麗文

朝陽科技大學/管理學院/會計系/碩士(2016年)

摘要

本研究探討兩稅合一及營利業事所得稅率調降後公司未分配盈餘之變化，所有實證樣本來自台灣經濟新報財經資料庫，比較兩稅合一制度實施以及營利業事所得稅率調降前後，對公司未分配盈餘可能之影響。將所選定變數納入多元迴歸模型來分析，公司特性與未分配盈餘比例之相關性，實證結果如下：
1. 兩稅合一與未分配盈餘比率呈顯著負向相關，代表兩稅合一後公司未分配盈餘減少，由於所得稅制下公司所繳之稅額成為股東預繳之稅款，當公司所繳稅額愈多代表著股東預繳稅款愈多，所獲之抵稅權也愈多，其股利發放也將愈多，且未分配盈餘加徵10%制度亦降低整體企業對未分配盈餘比例之偏好。
2. 營利事業所得稅率調降與未分配盈餘比率呈顯著正向相關，代表營利事業所得稅率由25%調降至17%後，公司直接租稅負擔大幅下降，兩稅間稅差幅度又形擴大，股東在規避稅負誘因增加下，保留公司的更多盈餘，因此使未分配盈餘比例提高。
3.獲利能力與未分配盈餘比率呈顯著正向相關，即公司規模及獲利能力愈大，該類公司之未分配盈餘亦會較高。
4.負債比率及董監持股比率與未分配盈餘比率呈顯著負向相關，當公司舉債程度愈高，所需支付利息愈高，使得公司盈餘愈低，而董監持股比率愈高時，股利發放比例愈高，故公司未分配盈餘比率愈低。

關鍵字

營利業事所得稅 ； 未分配盈餘 ； 兩稅合一

並列摘要

This study used a sample of listed companies in Taiwan’s industry during 1991~2013 to investigate whether the reduction of Corporate Income Tax from 25% to 17%, starting in 2010, has affected companies’ Undistributed Earnings. We obtain the outcome by applying Multiple Regression Analysis, and it proved that the reduction of Corporate Tax Rate and the company’s Undistributed Earnings ratio were positively correlated significantly. Owing to the drop of Corporate Income Tax from 25% to 17%, the tax differentiation between Corporate Income Tax and Consolidated Income Tax was hence widened, which led to the increase of the negative incentive of tax evasion for stockholders. As a result, the company was able to retain more profit, and its Undistributed Earnings were consequently improved. Moreover, there was a positive significance between the company’s competence to make a profit and its Undistributed Earnings. In other words, when the company scale was larger or when its capacity for profit-making was greater, it had more Undistributed Earnings . Furthermore, there was a significantly negative correlation between the company’s equity ratio , stock ownership ratio for broad of directors and the company’s Undistributed Earnings ratio. On one hand, when the company was in heavier debt ratio, it had to pay more interest, which resulted in fewer earnings accordingly; on the other, as the company’s board of directors had higher stock ownership, it had to pay more cashing dividends, which brought about lower Undistributed Earnings ratio.

並列關鍵字

Corporate Tax Rate ； Undistributed Earnings ； Integrated Income Tax

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