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| Title: | 股利課稅新制對企業股利發放與資本結構之影響 |
| Authors: | 楊智宇
Yang, Chih-Yu |
| Contributors: | 陳明進
Chen, Ming-Chin
楊智宇
Yang, Chih-Yu |
| Keywords: | 股利課稅新制
股利發放
資本結構
兩稅合一廢除
Integrated Income Tax System
Dividend Payout Ratio
Capital Structure |
| Date: | 2020 |
| Issue Date: | 2020-07-01 13:35:55 (UTC+8) |
| Abstract: | 本論文探討股利課稅新制實施後對上市櫃公司股利發放和資本結構的影響。有鑑於兩稅合一部分設算扣抵制度的廢除，而改採用分開計稅以及併入綜合所得淨額課稅二擇一的方式合併申報，上市櫃公司股利發放政策和資本結構因股利課稅方式有所改變，在大股東稅負降低的情況下據以建立研究假說，並進行多變量的迴歸分析。本研究的實證結果如下:
一、股利課稅新制實施後，上市櫃公司總股利發放率和現金股利發放率顯著增加，係因為大股東整體稅負有所下降，而大股東由於持股比例高，通常於董事會決議盈餘分配議案時有影響力，使上市櫃公司全體有增加現金股利發放率的傾向。然而在股票股利方面由於實施平衡股利政策後上市櫃公司逐漸以發放現金股利取代股票股利，以避免股本膨脹進而稀釋每股盈餘，導致股利課稅新制實施後上市櫃公司股票股利發放率並沒有顯著下降。
二、股利課稅新制實施後，上市櫃公司負債比率並未有顯著降低的趨勢，其原因可能為負債比率不僅包含融資決策所產生的付息負債，尚包含營業活動所產生的應付票據、應付帳款等，故導致負債比率的降低的幅度未達預期。為排除因營業活動所產生的負債，改以長短期付息負債比率為應變數進行實證研究，實證結果顯示股利課稅新制實施後長短期付息負債比率有顯著降低的趨勢。
綜合本論文實證結果顯示，股利課稅新制實施後，大股東稅負降低確實有提高企業發放股利的意願，並且有助於改善公司舉債的程度。兩稅合一部份設算扣抵制度的廢除不僅有降低稽徵和遵循成本的效益，亦有助於偏好股利發放卻於股東會無影響力的小股東所獲配股利增加，達到政府原先所期望效果。
Enacted in 2018，the new dividend taxation system implements. This paper examines the impact on the distribution of dividends and capital structure of listed companies. Therefore, when the shareholder tax burden is reduced, a research hypothesis is established and a multivariate regression analysis is performed. The empirical results of this study are as follows:
1. After the implementation of the new dividend taxation system, the total dividend payout ratios and cash dividend payout ratios of listed counter companies have increased significantly. Because the overall tax burden of large shareholders has declined, and large shareholders usually have a greater influence in the resolution of shareholders meeting due to the high shareholding ratio. However, due to the implementation of the balanced dividend policy, listed companies gradually replaced the surplus rights issue with cash dividends in order to avoid the expansion of share capital to dilute the earnings per share, resulting in no significant change in dividend distribution ratios after the implementation of the new dividend taxation system. .
2. After the implementation of the new dividend taxation system, the debt ratio of listed companies has not decreased significantly. The reason may be that the debt ratio includes not only interest-bearing liabilities arising from financing decisions, but also notes payable,accounts payables arising from business activities,etc. In order to exclude the liabilities arising from business activities, empirical research was carried out using the interest-bearing debt ratio. The empirical results show that after the implementation of the new dividend taxation system, the interest-bearing debt ratio has decreased significantly.
According to the empirical results of this paper, after the implementation of the new system of dividend taxation, the reduction of the tax burden of large shareholders does indeed increase the willingness of companies to pay dividends, and helps to improve the degree of corporate debt. The abolition of the tax deduction system combined with the two taxes not only has the benefit of lowering the tax collection and compliance costs, but also helps increase the distribution of dividends received by minority shareholders who prefer dividends but have no influence at the shareholders’meeting. |
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| Description: | 碩士
國立政治大學
會計學系
107353111 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353111 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000629 |
| Appears in Collections: | [會計學系] 學位論文
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