臺灣博碩士論文加值系統

我國於1998年實施兩稅合一稅制後，營利事業所得稅與個人綜合所得稅合而為一，公司股東於獲配股利時可同時獲得扣抵稅額用以扣抵其個人綜合所得稅。本篇研究旨在探討股東可扣抵稅額之性質，並進一步考量公司股利發放政策與非居住者股東持股比率高低後，檢驗市場參與者對其之觀感是否有所差異。本篇研究第二部分探討將股東可扣抵稅額重分類並資產化後之擬制報表是否更能強化會計報酬與股價報酬間之關聯性。最後，本篇研究也檢驗股東可扣抵稅額之發放是否符合隱含稅理論之預測。

本研究實證結果證實股東可扣抵稅額具有資產性質，且市場投資人已能辨別其價值並反映於公司評價中。此外，進一步將考量股利發放政策及非居住者持股比率後也得到相同的結果。而本研究並無發現證據顯示就長期觀點來看，股東可扣抵稅額之發放符合隱含稅之預期。最後，實證結果發現將股東可扣抵稅額重新分類並予以資產化後之擬制報表可改善財務報表資訊性，並可強化會計報酬與股價報酬間之關聯性，此發現亦為本篇研究最重要之貢獻。

After the 1998 tax reform, corporate income tax in Taiwan is integrated with individual’s consolidated income tax, imputation credits are given to shareholders in offsetting their income taxes. This study aims to examine the nature of imputation credits and investigate whether market participants would hold different views when considering the relative proportion of non-resident shareholders to domestic shareholders at the same time. In the second part of this study, this paper discusses whether the association between accounting earnings and security returns would be stronger under pro forma statements when reclassifying and incorporating imputation credits into the statement of financial positions. Lastly, we evaluates whether the implicit tax theory is applicable to the distribution of imputation credits.

Evidences from empirical results confirm that the nature of imputation credit is an asset, and the value of which has been recognized by market participants. The results remain the same when considering the influence of non-resident shareholders at the same time. We also find no evidence suggesting that implicit tax theory phenomenon exists regarding to the distribution of imputation credits.

Finally, the most important finding of this study is that capitalize imputation credits would improve the informativeness of financial statements and would thus help provide a set of financial statements that better reflect firm values.

Abstract I
Acknowledgment III
Table of Contents IV
List of Tables V
List of Figures VI
I.Introduction 1
1.1 Research Rationale 1
1.2 Research Process 3
II. Literature Review 6
2.1 A Brief Introduction To The Imputation Tax System In Taiwan 6
2.2 Prior Research on the Effect of The New Tax Regime 8
2.3 Value-relevance of Accounting Numbers 11
III. Research Design and Methodology 13
3.1 Hypotheses 13
3.2 Regression Models 16
3.2.1 Model 1- Testing the Nature of ICA 16
3.2.2 Model 2- Testing the Nature of ICA when considering the relative proportion of non-resident shareholders to domestic shareholders 17
3.2.3 Model 3- Testing the effect of capitalizing ICA 18
3.3 Variable Measurement 21
3.4 Sample Selection Process 27
IV. Empirical Results 29
4.1 Descriptive Statistics, Pearson Correlation Coefficient, and Regression Results 29
4.1.1 Model 1 29
4.1.2 Model 2 33
4.1.3 Model 3 37
4.2 Additional Robustness Tests 44
4.2.1 Additional Test for Model 1 44
4.2.2 Additional Test for Model 2 45
4.2.3 Additional Test for Model 3 46
V. Conclusion 48
References 50
Appendix 53

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