English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 90756/120810 (75%)
Visitors : 25018351      Online Users : 314
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/120336

    Title: 公司有效稅率對股利政策之影響-以2010年稅改為例
    Corporate Taxation and Dividend Behavior: Evidence from 2010 Tax Reform in Taiwan
    Authors: 陳怡寧
    Chen, Yi-Ning
    Contributors: 羅光達
    Lo, Kuang-Ta
    Chen, Yi-Ning
    Keywords: 股利發放率
    Dividend payout ratio
    2010 Tax Reform
    Corporate income tax
    Statute for upgrading industries
    Instrumental variable
    Date: 2018
    Issue Date: 2018-10-01 12:23:37 (UTC+8)
    Abstract: This paper uses an exogenous change of 2010 corporate tax reform in Taiwan to identify the causal effect of corporate income tax on dividend payout ratio. I combine shareholder-level and firm-level tax return data to examine the reform-induced change in dividend payout ratio. Additionally, an instrumental variables (IV) strategy is applied in this study to address the endogeneity between corporate income tax and dividend payout ratio. This paper gets three findings as follows. First, for full sample, corporate income tax is found to have a positive effect on dividend payout ratio. Second, for subgroups composed of firms dominated by non-individual shareholders, corporate income tax does not have an impact on dividend payout ratio. Finally, for subgroups consisting of firms dominated by individual shareholders, corporate income tax is found to have a positive effect on dividend payout ratio; the result supports the clientele effect as the effect is the same as the tax preference for domestic individual shareholders.
    Reference: 汪瑞芝, & 陳明進. (2004). 兩稅合一制前後上市公司股利發放之實證研究. 管理學報, 21(2), 257-277. [Wang, J.-C. and Chen, M.-C. (2004). An empirical investigation of impacts of the imputation tax system on corporate dividend payouts. Journal of Management and Business Research,. 21(2), 257-277.]

    林靖傑, & 李文智. (2016). 兩稅合一制下調降營利事業所得稅率與股利發放之研究. 臺大管理論叢, 26(3), 35-62. [Lin, C.-C. and Li, W.-C. (2016). Association between corporate income tax rate reduction and dividend payouts in an integrated tax system. NTU Management Review. 26(3), 35-62.]

    秦嘉偉. (2014). 二○一○年稅制改革對企業股利及紅利發放之影響,臺北商業技術學院會計財稅研究所學位論文。[Chin, C.-W. (2014). The effect on dividends payout and bonuses payout from 2010 tax system reform. Master’s thesis of Department of Public Finance and Tax Administration, National Taipei University of Business, Taipei, Taiwan.]

    馬孝璿. (1999). 兩稅合一對上市上櫃公司股利政策影響之探討. [Ma, H.-H. (1999). The impacts on corporate dividend policies before and after the imputation tax system in Taiwan. Public Finance Review, 31 (6), 134-158.]

    郭欣怡. (2016). 營利事業所得稅調降及促產落日對股利政策之影響. 淡江大學會計學系碩士班學位論文, 1-52. [Kuo, S.-Y. (2016). The effect of income tax rate reduction and the termination of Statute for Upgrading Industries on dividend policy. Master’s thesis of Department of Accounting, National Tam Kang University, Taipei, Taiwan.]

    陳正芳(2013)「營利事業所得稅稅率調降對公司股利政策之影響」,臺灣銀行季刊第64卷第1期 [Chen, C.-F. (2013). The impact of income tax rate reduction on corporate dividend policy. Bank of Taiwan Quarterly, 64(1), 84-99.]

    陳明進. (2003). 我國租稅優惠對營利事業租稅負擔之影響. 管理評論, 22(1), 127-151. [Chen, M.-C. (2003). The impact of Taiwan tax incentive on profit-seeking enterprises’ tax burden. Management Review. 22(1), 127-151.]

    陳韋安. (2016). 公司有效稅率對員工薪資之影響-以2010稅改為例 (未出版之碩士論文). 國立政治大學, 臺北市. [Chen, W.-A. (2016). The effect of effective corporate income tax rate on wages: Evidence from 2010 tax reform. Unpublished master’s thesis of Department of Public Finance, National Cheng Chi University, Taipei, Taiwan.]

    曾子耘 (2018). 營所稅稅率調降與產業創新條例實施對股利政策之影響. 會計與公司治理, 13(1), 1-22. [Tseng, T.-Y. (2018). Influences of reduction of corporate income tax rate and implementation of Industrial Innovation Act on firms’ dividend policy. Journal of Accounting and Corporate Governance. 13(3), 1-22.]

    黃瑞靜, 徐守德, & 廖四郎. (2001). 兩稅合一對公司價值, 股利政策與資本結構之影響-動態資本結構模型之應用與臺灣產業的實證研究. 管理評論, 20, 43-74. [Huang, J.-C., Hsu, S.-T. and Liao, S.-L. (2001). Effect of the integration of individual and corporate taxes on the firm value, dividend policy and capital structure: A dynamic capital structure model based analysis and empirical study of Taiwan industries. Management Review. 20, 43-74.]

    廖惠玲. (2016). 台灣調降營所稅率及促產落日對企業資金運用之比較. 淡江大學會計學系碩士班學位論文, 1-90. [Liao, H.-L. (2016). The reduction of enterprise income tax rate and the termination of Statute for Upgrading Industries on the use by comparison of corporate funds in Taiwan. Master’s thesis of Department of Accounting, National Tam Kang University, Taipei, Taiwan.]

    蔡明城. (2013). 營利事業所得稅減稅對公司股利政策影響之實證研究. 臺北大學會計學系學位論文, 1-65. [Tsai, M.-C. (2013). An empirical study of the impact of the corporate income tax cuts on dividend payout policy. Master’s thesis of Department of Accounting, National Taipei University, Taipei, Taiwan.]

    鄧佳文. (2012). 營利事業所得稅調降對公司股利政策之影響. 成功大學會計學系學位論文, 1-48. [Deng, C.-W. (2012). The effect of income tax rate reduction on dividend policy. Unpublished master’s thesis of Department of Accounting, National Cheng Kung University, Tainan, Taiwan.]

    羅時萬,孫克難,「公司有效稅率對盈餘分配的影響-臺灣之實證研究」,財稅研究,第四十四卷第1期,53-80頁,民國 104年。[Lo, S.-W. and Sun, K.-N. (2015). Effect of the effective corporate taxes on earning distribution: An empirical study of Taiwan. Public Finance Review. 44(1), 53-80.]

    Amidu, M., & Abor, J. (2006). Determinants of dividend payout ratios in Ghana. The journal of risk finance, 7(2), 136-145.

    Amoako-Adu, B., Rashid, M., & Stebbins, M. (1992). Capital gains tax and equity values: Empirical test of stock price reaction to the introduction and reduction of capital gains tax exemption. Journal of Banking & Finance, 16(2), 275-287.

    Chang, C. W., Chen, M. C., & Chen, V. Y. (2017). Are Corporate Tax Reductions Real Benefits under Imputation Systems?. European Accounting Review, 26(2), 215-237.

    Dam, L., & Scholtens, B. (2013). Ownership concentration and CSR policy of European multinational enterprises. Journal of Business Ethics, 118(1), 117-126.

    Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of political economy, 93(6), 1155-1177.

    Farrar, D. E., Farrar, D. F., & SELWYN, L. L. (1967). Taxes, corporate financial policy and return to investors. National Tax Journal, 20(4), 444-454.

    Gill, A., Biger, N., & Tibrewala, R. (2010). Determinants of dividend payout ratios: evidence from United States. The Open Business Journal, 3(1).

    Higgins, R. C. (1972). The corporate dividend-saving decision. Journal of Financial and Quantitative Analysis, 7(2), 1527-1541.

    Angrist, J., & Imbens, G. (1995). Identification and estimation of local average treatment effects.

    Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97-113.

    Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. the Journal of Business, 34(4), 411-433.

    Nicodème, G. (2001). Computing effective corporate tax rates: comparisons and results.

    Poterba, J. M., & Summers, L. H. (1984). New evidence that taxes affect the valuation of dividends. The Journal of Finance, 39(5), 1397-1415.

    Rao, N. (2016). Do tax credits stimulate R&D spending? The effect of the R&D tax credit in its first decade. Journal of Public Economics, 140, 1-12.

    Staiger, D. O., & Stock, J. H. (1994). Instrumental variables regression with weak instruments.
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0105266004
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.IMES.007.2018.F06
    Appears in Collections:[應用經濟與社會發展英語碩士學位學程 (IMES) ] 學位論文

    Files in This Item:

    There are no files associated with this item.

    All items in 政大典藏 are protected by copyright, with all rights reserved.

    社群 sharing

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback