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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
    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.
    Reference: 中文文獻
    江衍陞,2001,兩稅合一對我國資訊電子業上市上櫃公司股利政策影響之實證研究,國立中央大學企業管理系碩士論文。
    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,第二十一卷第二期:257-277。
    汪瑞芝、陳明進,2007,兩稅合一前後上市公司融資決策之實證研究,交大管理學報,第二十七卷第一期:221-246。
    馬孝璿,1999,兩税合一對上市上櫃公司股利政策影響之探討,國立中山大學財務管理系碩士論文。
    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。
    曾玉琦、吳清在,2009,兩稅合一制度對企業資本結構影響之研究,中山管理評論,第17卷,第二期:419-452。
    楊麗菊,2015,股東可扣抵稅額減半對股利政策之影響,國立臺北大學會計學系碩士論文。
    鄭芯宇,2018,實施富人稅對企業股利發放和保留盈餘之影響,東吳大學會計學系碩士論文。
    盧育仕,2000,兩稅合一對我國上市公司股利政策影響之實證研究,逢甲大學會計與財稅研究所碩士論文。
    劉明衢,2003,兩稅合一對公司資本結構決定因素之影響,國立政治大學會計學系碩士論文。

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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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