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研究生:周銑鋒
研究生(外文):CHOU SHIAN FENG
論文名稱:兩稅合一下除權套利之節稅策略-以傳統產業為例
論文名稱(外文):The Study of Ex-right Arbitrage on Tax saving strategy under the Integration of Income Tax System-the Empirical Study of Traditional Industries
指導教授:李文智李文智引用關係
指導教授(外文):LEE WEN CHIH
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:商務經營研究所
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:81
中文關鍵詞:兩稅合一除權套利節稅策略傳統產業
外文關鍵詞:Integration of Income Tax SystemEx-right ArbitrageTax saving strategyTraditional Industries
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台灣在兩稅合一制實施後,可能對投資人造成不同的影響,進而改變在股票市場的投資行為,過去多為探討除權日是否有異常報酬(而從研究中,證明除權日確有異常報酬),卻少有人提及藉由現行機制去獲取「除權日」之異常報酬的節稅策略。本文主要在探討兩稅合一後除權除息之租稅規避行為,由於兩稅合一之後公司所付出的營利事業所得稅可以在發放股利時作為投資人個人綜合所得稅之扣抵稅額,若個人適用稅率高於公司所繳交之營所稅稅率,則需在接受到股利後補稅給國稅局,故高稅率投資人可能會進行先賣後買的行為以避免額外稅負。低稅率投資人則因為參與除權除息可能獲得超額報酬,且兩稅合一之後又可獲得股利的退稅,而在這段期間進行先買後賣以獲取利益。
Taiwan gathers a system implementation after two taxes, possibly has the different influence to the investor, then the change in stock market's investment behavior, were many in the past for the discussion except the power date whether had the unusual reward (but from research, proved eliminated power date to really have unusual reward), actually the unusual person mentioned the affiliation to gain by the present mechanism " arbitrage date" the unusual reward festival tax strategy. This article mainly after discusses two taxes to gather the one to dodge the behavior except the power tax of except the rest, after because two taxes gather seek to make a profit the enterprise income tax which an company pays to be allowed when provides the dividend reduces the volume as the investor individual synthesis income tax, if personally is suitable the tax rate to be higher than the company to pay the camp tax tax rate, then must after accepts the dividend to pay a past-due tax for Internal Revenue Service, after therefore the high tax rate investor possibly can carry on the behavior which first sells buys to avoid the extra tax burden. The low tax rate investor then because participation except the power possibly obtains except the rest exceeds the quota the reward, after also two taxes gather the one may obtain the dividend the tax reimbursement, but after this section of period carries on first buys sells gains the benefit.
中文摘要-----------------------------------------------------------ii
英文摘要-----------------------------------------------------------iii
誌謝---------------------------------------------------------------iv
目錄----------------------------------------------------------------v
表目錄-------------------------------------------------------------vi
圖目錄-------------------------------------------------------------ii
一、緒論----------------------------------------------------1
1.1研究動機與背景--------------------------------------------1
1.2研究目的-------------------------------------------------2
二、所得稅制與國內兩稅合一制簡介-------------------------------3
2.1所得稅制與國內兩稅合一制簡介-------------------------------3
2.2台灣兩稅合一制之實施背景與制度-----------------------------5
2.3台灣兩稅合一適用之範圍及對象-------------------------------9
2.4兩稅合一對投資人的影響------------------------------------9
2.5股利發放的相關法令規章------------------------------------13
2.6相關稅法的規定-------------------------------------------18
2.7兩稅合一實施對股利政策的衝擊-------------------------------19
三、文獻探討------------------------------------------------21
3.1沒有稅制改變下,有關除權、除息之研究------------------------21
3.2稅制的改變對除權、除息影響之研究----------------------------25
3.3兩稅合一與股利相關文獻整理---------------------------------29
四、研究方法------------------------------------------------32
4.1資料來源與樣本選取----------------------------------------32
4.2事件研究法-----------------------------------------------32
五、研究結果分析---------------------------------------------35
5.1除權除息計算結果------------------------------------------35 5.2低扣抵率且高股票股利、高現金股利和平衡股利個股分析------------37 5.3中扣抵率且高股票股利、高現金股利和平衡股利個股分析------------44
5.4高扣抵率且高股票股利、高現金股利和平衡股利個股分析------------48
5.5個股除權息樣本異常報酬分析---------------------------------54
六、結論與建議-----------------------------------------------60
5.1研究結論-------------------------------------------------60
5.2研究建議-------------------------------------------------62
參考文獻----------------------------------------------------63
附錄--------------------------------------------------------66
一、中文部分
1、王秀美,(1998),「兩稅合一對企業盈餘、資金結構與政府稅收之影響」,私立淡江大學會計學研究所未出版碩士論文。
2、李存修,(1994),「股票股利除權交易日之睡後超額報酬與比價心理假說之實證」,台大管理論叢,第五卷第一期,頁41 - 60。
3、李忠憲,(1997),「台灣股票市場除權行情之研究:以股票股利為例」,國立台灣大學國際企業研究所未出版碩士論文。
4、巫鑫,(1998),「兩稅合一實務攻略全書」。
5、林世銘、陳明進與李存修,(2001),「兩稅合一前後上市公司除權及除息日股價行為之探討」,管理學報18:3,頁477-501。
6、林德威,(2000),「兩稅合一制對台灣上市(櫃)股票除權除息行為影響之實證研究」,國立台灣大學財務金融研究所未出版碩士論文。
7、洪秀美,(1999),「兩稅合一制對企業財務決策之影響」,國立國防管理學院資訊管理研究所未出版碩士論文。
8、馬孝璿,(1999),「兩稅合一對上市、上櫃公司股利政策影響之探討」,國立中山大學財務管理研究所未出版碩士論文。
9、陳昭銘,(1994),「除息(權)日前後股票市場之交易行為」,國立政治大學企業管理學研究所未出版碩士論文。
10、黃士青,(1997),「除息日與除權日之股價行為與套利機會研究」,國立台灣大學會計研究所未出版碩士論文。
11、黃瑞靜、徐守德與廖四郎,(2001),「兩稅合一對公司價值、股利政策與資本結構之影響–動態資本結構模型之應用與臺灣產業的實証研究」,管理評論,20(2),頁55-86。
11、崔惠雯,(2000),「兩稅合一前股票除權行為之研究」,國立台灣大學會計學研究所未出版碩士論文。
12、張志楊,(1997),「兩稅合一對我國中小企業理財策略影響之研究」,私立淡江大學會計研究所未出版碩士論文。
13、謝明樹,(1999),「我國租稅制度對公司股利政策之影響」,私立淡江大學會計學研究所未出版碩士論文。
14、蕭惠玲,(2000),「台灣股票市場除權行情之研究」,國立台灣大學商學研究所碩士論文未出版碩士論文。

二、英文部分
1、Abrutyn, S. and R.W. Turner,(1990) “Taxes and Firms’ Dividend Policies: Survey Results, ” National Tax Journal, 43(4):491-497.
2、Alli, K.L., A.Q. Khan and G.G. Ramirez,(1993) “Determinants of Corporate Dividend Policy: A Factorial Analysis, ” The Financial Review, 28(4):523-547.
3、Bolster, P. J. and V. Janjigian,(1991) “Dividend Policy and Valuation Effect of the Tax Reform Act of 1986, ” National Tax Journal, 44(4):511-518.
4、Bartholdy, J and K. Brown. (1999) “Ex-dividend day pricing in New Zealand. ” Accounting and Finance 39 (July): 111-129.
5、Frank, M. and R. Jagannathan, (1998) “Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes”, Journal of Financial Economics 47, 161-188.
6、Grinblatt, S., W, Masulis., and S, Titman. (1984) “ The valuation effects of stock splits and stock dividends. ” Journal of Financial Economics, 13(4), pp. 461-490.
7、Eades, K.P. Hess and H. Kim. (1984)” On Interpreting security returns during the Ex-dividend period.” Journal of Financial Economics, 3-35.
8、Elton, E. and M. Gruber, (1970) “Marginal stockholder tax rates and the clientele effect”, Review of Economics and Statistics 52, 68-74.
9、Hubbard J. and R. Michaely,(1997) “ Do Investors Ignore Dividend Taxation ? A Reexamination of the Citizens Utilities Case ,” Journal of Financial and Quantitative Analysis , 32 (1) , pp.117-135.
10、Kato,K. and U.Loewenstein,(1995)“The ex-dividend-day behaviour of stock prices: The case of Japan,”The Review of Financial Studies ,8, pp.817-847.
11、Kalay, A. (1984) “The Ex-dividend Day Behavior of Stock Prices: A Re-Examination of the Clientele Effect; Reply,” Journal of Finance 39, June,pp.557-563.
12、Karpoff, J. M. and R. A. Walking (1988) “Short-Term Trading Around Ex-Dividend Days: Additional Evidence,” Journal of Financial Economics 21, September, pp.291–298.
13、Koski,J.L., (1996)“ A mircostructure analysisi of ex-dividend behavior before and after the 1984 and 1986 Tax Reform Acts,”Journal of Business ,69, pp.313-338.
14、Lasfer, M. A., (1995) “Ex-Day Behavior: Tax or Short-Term Trading Effects”, The Journal of Finance Vol. L, No. 3, 875-897.
15、Lakonishok, J. and T. Vermaelen (1983) “Tax Reform and Ex-dividend Day Behavior,” Journal of Finance 38, September, pp.1157-1179.
16、Lang, M.H. and D.A. Shackelford, 2000. Capitalization of Capital Gains Taxes: Evidence from Stock Price Reactions to the 1997 Rate Reduction, Journal of Public Economics, 76(1):69-85.
17、Michaely, R. (1991) “Trading Volume with Private Valuation: Evidence from the Ex-day,” The Journal of Finance 46, July, pp.845-859.
18、Poterba, J. M. and Summers, L. H. (1984) “New Evidence that Taxes Effect the Valuation of Dividends,” Journal of Finance 39, pp.1397-1415.
19、Papaioannou, G. J. and C.M. Savarese, (1994) “Corporate Dividend Policy Response to the Tax Reform Act of 1986, ” Financial Management, 23(1):56-63.
20、Sterk, W.E. and P.A. Vandenberg, (1990) “The Market Valuation of Cash Dividends and the Tax Differential Theory of Dividend Policy: A Case Revisited, ” The Financial Review, 25(3):441-455.
21、Walker, S. and G. Partington,(1999) “The value of dividends:Evidence from cum-dividen trading in the ex-dividend period, ”Accounting of Finance ,39, pp.275-296.
22、Woolridge, J. R.,(1983)“ Ex-Date Stock Price Adjustment to Stock Dividends:A Note, ” Journal of Finance, 38,,pp.247- 255.
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