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研究生:張修豪
研究生(外文):Chang, Hsiu-Hao
論文名稱:股利政策的演變、稅制改革以及庫藏股買回-以台灣公司為例
論文名稱(外文):Evolution of Dividend policy、Tax Reform and Share repurchase-Evidence from Taiwan
指導教授:王淑芬王淑芬引用關係周幼珍周幼珍引用關係
指導教授(外文):Wang, Sue-FungJou, Yow-Jen
學位類別:碩士
校院名稱:國立交通大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2010
畢業學年度:98
語文別:英文
論文頁數:35
中文關鍵詞:股利政策買回庫藏股稅制改革兩稅合一
外文關鍵詞:Dividend policyShare repurchasesTax reformImputation tax system
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本研究探討台灣上市公司過去十五年來股利政策的演變。利用台灣2008年上市公司從1994至2008年資料進行實證研究,觀察台灣上市公司因為稅制改革以及庫藏股買回實施而造成的股利政策改變。本文利用1998年實施之兩稅合一制進行捕捉稅改對股利政策的影響。並且利用partial-adjustment model去評估稅制及法規改變前後,公司股利調整速度以及股利發放偏好的改變。本文發現,在兩稅合一實施之後,稅改誘因對投資人而言並未有顯著的股利偏好改變,但對公司而言,則會根據公司稅額扣抵比率高低進而調整股利發放。此外,庫藏股買回與現金股利發放之間存在互補效果而與股票股利之間呈現替代效果。透過Partial-adjustment model發現利用每股盈餘無法正確反映股利發放率且長期的股利發放率是根據每股現金流量為基準。在稅制改革或政府法規改變後,股利調整速度有減緩傾向。
This paper examines the evolution of dividend policy affected by tax reform and share repurchase over the past 15 years in Taiwan. The sample data are collected from the period 1994 to 2008 firms listed on TSE. We use imputation tax system to represent tax reform to capture tax effect. Then we use partial-adjustment model to estimate the adjustment speed and estimated target payout ratio before and after tax reform and government regulation. The evidences show that investor will not increase their dividend payment preference after tax reform. Nevertheless, firms will increase paying dividend according to the imputation tax credit. Furthermore, Furthermore, the published earning may not correctly reflect the firms’ dividend paying level and the long-term dividend payout ratio may be based on cash flows. The adjustment speed of dividend will have inclination to decline after tax reform and governance regulation.
Chinese Abstract i
English Abstract ii
List of content iii
List of Figures iv
List of Tables iv
1. Introduction 1
2. The background of dividend policy in Taiwan 4
2.1 The mechanism of taxation and investor change in ownership structure 5
2.2 Aggregate data on cash dividend、stock dividend and share repurchase 6
3. Hypothesis and basic descriptive data 7
3.1 Hypothesis development 7
3.2 Methodology 9
3.2.1 OLS model 9
3.3.2 Partial adjustment model 9
3.3 Basic descriptive data 12
4. Empirical results 13
4.1 Summary statistics 14
4.2 Tax effect and government regulation effect on dividend policy by OLS 14
4.2.1 Tax effect on dividend policy 14
4.2.2 Government regulation on dividend policy 16
4.3 Partial adjustment model on tax effect 18
5. Conclusion 21
References 23
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