本研究主要分為兩個部分,第一部份係從稅法對員工分紅入股按實價課稅的規定進行合理性之探討。從稅法規定合理性之探討得知,政府在有足夠法源依據並克服稽徵技術上的問題後,應儘速實施實價課稅。 第二部分係以事件研究驗證政府擬實施員工分紅入股按實價課稅之政策的宣布,對證券市場之股票價格所造成的影響。根據實證檢定結果顯示,證券市場的股票價格確實受到政府實價課稅政策宣布的影響。 針對實價課稅減損員工個人實質所得加以分析,公司管理階層除全面調整公司管理政策外,對於現金股利、股票股利之發放比例,以及紅利、薪資及獎金之規劃已成為公司另一項重要課題。員工在獲得分紅配股股票後,為降低股票出售年度高稅率之所得稅負擔,如何逐年分散所得以及如何運用時間來累積財富,將是個人財富規劃之圭臬。
The thesis includes two major discussions and conclusions. 1. There is no relevant, consistent regulation and accounting rule taxing capital gain in Taiwan stock market while option holders exercising their rights, which should be taxed according to their fair value of stocks’ market price. Furthermore, the announcements of Government regarding that receiving stock bonus would be taxed at its market value indeed implies an incentive effect of market price.