本文研究期間以我國2018年1月18日立法院通過所得稅法部分條文修正案為基點,研究對象為2016年至2019年之臺灣上市櫃公司,討論2018年減徵未分配盈餘稅率5%後對企業的影響,主要從公司現金股利發放、資本投資支出及企業績效三方面作迴歸分析。 研究結果發現,減徵未分配盈餘稅負後,對於公司現金股利發放、資本投資支出的影響為顯著負相關,對企業績效的影響為顯著正相關。在考慮外資對我國資本市場及產業的影響下,加入外資持股比例作為調節變數後,其交乘項與現金股利發放、資本投資支出及企業績效皆達顯著正相關。
The research period of this article is based on the amendment to some provisions of the Income Tax Law passed by the Legislative Yuan on January 18, 2018.The research objects are Taiwan listed companies in 2016 to 2019.Discuss the impact of the 5% reduction of the undistributed earnings tax rate in 2018 on enterprises. Mainly from the company's cash dividend payment, capital investment expenditures and corporate performance to test three aspects. The study found that after reducing the tax burden on undistributed surplus,The impact on the company's cash dividend payment and capital investment expenditure is significantly negatively correlated, and the impact on corporate performance is significantly positively correlated.Considering the impact of foreign capital on my country’s capital market and industry,After adding foreign shareholding ratio as an adjustment variable, its payment and cash dividend distribution, capital investment expenditures and corporate performance have all reached a significant positive correlation.