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    Title: 租稅不確定性與股利政策
    Tax Uncertainty and Dividend Policy
    Authors: 張芸嫚
    Chang, Yun Man
    Contributors: 何怡澄
    郭振雄

    張芸嫚
    Chang, Yun Man
    Keywords: 股利政策
    租稅不確定性
    預防性現金持有
    租稅不確定性狀況聲明書
    Dividend policy
    Tax uncertainty
    Precautionary cash holding
    Schedule UTP
    Uncertain Tax Position Statement
    Date: 2023
    Issue Date: 2023-09-01 16:08:39 (UTC+8)
    Abstract: 本研究探討租稅不確定性對股利政策的影響。由於租稅不確定性會增加企業持有預防性動機的現金,進而降低企業發放股利的可能性與金額。本研究以2005至2019年美國上市公司為研究對象,透過2010年美國國稅局要求企業提供租稅不確定性狀況聲明書(Schedule UTP)的外生衝擊,探討租稅不確定性對公司股利政策的影響。研究結果顯示,租稅不確定性程度增加,使企業持有更多預防性動機的現金,降低企業支付股利的可能性與金額。敏感性分析,使用不同的股利衡量方式、租稅不確定性指標,以及縮短樣本期間,皆獲得一致的結果。額外測試,發現租稅不確定性狀況下,企業會使用股票回購的管道進行股利分配,但盈餘整體的分配仍舊會降低。本研究發現揭露租稅不確定性狀況給國稅局的政策,會降低企業的現金股利分配,進而影響投資人的股利報酬。
    This study examines the impact of tax uncertainty on dividend policy. Due to increased tax uncertainty, companies tend to hold more precautionary cash, which reduces the likelihood and amount of dividends paid. The study focuses on US-listed companies from 2005 to 2019 and utilizes the exogenous shock of the 2010 US Internal Revenue Service`s requirement for companies to provide a Schedule UTP (Uncertain Tax Position) disclosure on tax uncertainty. The findings show that higher tax uncertainty reduces the probability and amount of dividends paid by companies. Sensitivity analyses using different dividend measures, tax uncertainty indicators, and shorter sample periods yield consistent results. Additional tests indicate that tax uncertainty leads to companies resort to stock repurchases as an alternative channel for distributing dividends, but overall earnings distribution still decreases. This study highlights that the disclosure of tax uncertainty to tax authorities reduces companies` cash dividend distribution, thus impacting investors` dividend returns.
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    Description: 碩士
    國立政治大學
    財政學系
    110255013
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0110255013
    Data Type: thesis
    Appears in Collections:[財政學系] 學位論文

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