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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/130517
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/130517

    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
    Yang, Chih-Yu
    Keywords: 股利課稅新制
    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:
    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.
    Reference: 中文文獻
    黃瑞靜、徐守德、廖四郎,2001,兩稅合一對公司價值、股利政策和資本結構之影響響-動態資本結構模型之應用與台灣產業的實証研究,管理評論第二十卷第二期: 43-74。

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    Description: 碩士
    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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