兩稅合一制對資本投資與股利政策影響之實證研究

The Impact of Imputation Tax System on Capital Investment and Dividend Policy

王建棟(Chien-Tung Wang)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300253

摘要

摘 要

我國之兩稅合一稅制自民國八十七年一月一日起開始實行，其主要內容係採「股利完全設算扣抵制」與「未分配盈餘加徵10﹪營利事業所得稅」配套措施，主要目的為消除重複課稅、改善投資環境進而促進投資，然稅制改革究係有無增加企業資本投資？是否達到租稅政策之預期目標，尤其對保留盈餘課稅，更是引起多方面討論。本文研究重點為此一新制實行，對企業之資本投資決策、股利政策是否會有所影響，並探討兩決策間相互關聯性。

本文實證研究結果為：1.兩稅合一新制之實行，其「未分配盈餘加徵10﹪營利事業所得稅」對投資之負面影響大於「股利設算扣抵制」對投資之正面影響，故兩稅合一後企業之資本投資顯著降低，「未分配盈餘加徵10﹪營利事業所得稅」確實妨礙資本累積，阻礙企業擴充，對資本投資有不利影響。2.區分產業別，兩稅合一新制主要影響非電子產業，而對高科技電子產業之影響則由於電子產業享有投資抵減等租稅優惠，影響程度低。3.以資本密集度區分，高資本密集度產業受兩稅合一稅制對資本投資的不利影響大於低資本密集度產業。4.兩稅合一新制實施後，不論是「股利設算扣抵制」或是「未分配盈餘加徵10﹪營利事業所得稅」皆增加股東對盈餘分配請求動機，故企業現金股利發放率於兩稅合一稅制後顯著增加，而盈餘配股則減少。5.企業之股利政策獨立於投資決策，而制定投資時則會一併將股利發放政策納入考量，兩者間並非相互影響而是存在單向因果關係，且兩決策間有資金競用替代效果。

關鍵字

資本投資 ； 股利政策 ； 兩稅合一

並列摘要

Abstract

To eliminate double tax-levying and to boost investment incentives, the government has instituted several policies including “Dividend Imputation”and“Additional 10% Surtax on Undistributed Retained”designed to integrate personal income tax and corporate income tax into a whole since 1998.The purpose of this research is to empirically test the impact of Imputation Tax System on capital investment and dividend policy.

The results showed:

1.The negative impact of ”Additional 10% Surtax on Undistributed Retained” on capital investment overshadowed any positive effects arising from the “Dividend Imputation”.

2. While the tax system has significant effect industries except the electronic industry, which enjoy the protection of the investment tax credit.

3. Capital investments by firms with high capital intensity are more affected by tax system than are firms with relatively lower capital intensity.

4. After the implement of Imputation Tax System, coporates pay more cash dividends and less stock dividends.

5. Capital investment decisions will be based primarily on dividend policy. On the other hand, we comprehend competing uses effect of firms’cash flows between these two financial strategies.

並列關鍵字

Dividend policy ； Capital investment ； Integration of income tax system.

參考文獻

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