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| Title: | 美國2017年稅改對企業之租稅負擔與財務策略影響
The impact of the 2017 U.S. tax reform on corporate tax burden and financial strategy |
| Authors: | 何盈儒
Ho, Ying-Ju |
| Contributors: | 陳明進
Cheng, Ming-Chin
何盈儒
Ho, Ying-Ju |
| Keywords: | 減稅與就業法案
美國稅改
海外盈餘匯回
財務策略
Tax Cut and Jobs Act
U.S. tax reform
Foreign earnings repatriated
Financial strategy |
| Date: | 2020 |
| Issue Date: | 2020-07-01 13:33:19 (UTC+8) |
| Abstract: | 本研究主要採取個案研究之方式，分析美國至 2017 年底通過『減稅與就業法案』（Tax Cuts and Jobs Act, TCJA）以來，企業之有效稅率變化與財務策略影響。本研究主要分為兩大部分，第一部分透過分析及彙整個案公司之財務報表及法說會資訊，歸納出二十五間公司、五大產業在稅改的影響下，其有效稅率與租稅負擔的實際變化；第二部分則透過分析個案公司在庫藏股買回、償還債務、以及併購活動等財務策略之資金投入金額，探討本次稅改之實際效益及其對不同產業所造成之影響。
研究主要發現，稅改雖然使企業之法定所得稅率大幅下降，但原先將資金留置於海外低稅率國家的個案企業，在匯回稅的課徵下，均需承受一次性的鉅額租稅負擔，因此個案企業之有效稅率在 2018 年普遍呈現上升狀態，至 2019 年後，企業方能享受稅改所提供之租稅優惠。然而，即使個案企業之有效稅率在 2019 年後普遍均大幅下降，公司主要仍將稅改所釋出的資金以庫藏股買回及發放現金股利之方式返還給投資人，多數產業在併購活動方面之投資策略不會因一次性稅改增加資金而增加併購，而債務償還政策則未見一致改變，顯示稅改雖然提供了刺激經濟與增加投資機會之誘因，然而企業使用資金的方式卻不如政府預期。綜上所述，本文認為，在稅改的效益有限的情況下，政府之減稅政策應搭配與引導投資之配套措施，以確實規範企業使用海外資金之方式，方能達成減稅之實際目的。
Using case study method, this study analyzes the changes in U.S. companies’ effective tax rate and financial strategy under the influence of the Tax Cuts and Jobs Act (TCJA). This research is mainly divided into two parts. The first part selects 25 companies in 5 different industries and collects tax rate data from each companies’ SEC 10K financial statements. The second part discusses the actual impact of foreign cash repatriated back to the U.S. by analyzing the different financial strategies U.S. companies undertake such as share buybacks, debt repayments, and M&A activities.
The study found that the tax reform generally reduced the statutory income tax rate of U.S. companies. However, companies that originally kept their cash in foreign tax havens were subjected to a one-time repatriation tax. Therefore, the effective tax rate of such cases generally increased in 2018. However, for most companies that enjoy the benefits of the tax reform, cash was mainly returned to investors through share buybacks and cash dividends. On the other hand, debt repayment activities do not show a consistent change and M&A activities have even decreased in certain industries, showing that although the U.S. tax reform provides incentives to stimulate the economy, it does not cause firms to change their investment plans. All in all, this
study believes that under the limited effect of the U.S. tax reform, tax reduction policies should be matched with supporting measures that regulate companies and direct foreign cash repatriated into investment activities. |
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| Description: | 碩士
國立政治大學
會計學系
107353002 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353002 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000648 |
| Appears in Collections: | [會計學系] 學位論文
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