跳到主要內容

臺灣博碩士論文加值系統

(44.200.169.3) 您好!臺灣時間:2022/12/01 01:14
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:蔡佩彣
研究生(外文):TSAI, PEI-WEN
論文名稱:民國107年股利稅改對企業股利政策之影響
論文名稱(外文):The Impact of 2018 Taiwan Dividend Income Tax Reform on Corporations’ Dividend Policy
指導教授:陳元保陳元保引用關係楊葉承楊葉承引用關係
口試委員:張盛和馬嘉應陳建勲
口試日期:2020-05-25
學位類別:碩士
校院名稱:東吳大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2020
畢業學年度:108
語文別:中文
論文頁數:70
中文關鍵詞:股利稅改新制股利政策股權結構經理人薪酬結構家族企業
外文關鍵詞:Dividend Income Tax ReformDividend PolicyOwnership StructureCompensation Structure of ManagerFamily Business
相關次數:
  • 被引用被引用:0
  • 點閱點閱:173
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
台灣自2018年起修正兩稅合一制度改採股利稅改新制,本次稅改內容包含:(1)股利所得可納入綜合所得稅合併計算並享有8.5%之抵減稅額,或以單一稅率28%分別計算課稅,投資人得自行擇一適用;(2)個人綜合所得稅最高稅率由45%調降至40%,並調升綜合所得稅之四項扣除額(標準扣除額、薪資所得特別扣除額、身心障礙特別扣除額以及幼兒學前特別扣除額);(3)營利事業所得稅稅率由17%提高至20%;(4)未分配盈餘加徵營利事業所得稅稅率由10%降至5%;(5)外資股利所得扣繳率由20%調升至21%;(6)獨資合夥事業免徵營利事業所得稅,其盈餘直接併入個人綜合所得稅中計算。由於本次稅改後投資人較有彈性得選擇有利自身之納稅方案,且稅負壓力大幅減輕,可能間接影響企業提高股利發放水準,然而企業是否實際提高股利發放尚待證實,因此本研究之目的首要探討股利稅改新制是否使企業增加其股利之發放,再進一步納入公司治理等相關因素討論股利稅改新制是否對公司治理因素與企業股利政策間之關係造成影響。
本研究以2010年至2019年有實際發放股利之上市(櫃)企業為樣本,為觀察2018年股利稅改新制實施前後企業發放股利之情形,同時藉由迴歸模型分析及驗證股利稅改新制、公司治理因素與企業股利發放間之關聯。
實證結果證實,股利稅改新制對企業總股利發放與現金股利發放皆有顯著增加之情形,而對企業股票股利發放有明顯減少之現象,另外,無論加入大股東持股比例、經理人持股比例、認股權占經理人總薪酬比例亦或是家族控制型態等公司治理因素,均顯示於稅改後企業發放總股利有提升之情形,因此證實當國民稅務負擔下降時有助提高企業總股利發放水準。另外,本研究亦發現股利稅改新制對原本認股權占經理人總薪酬比例與企業總股利發放間之負向關係產生明顯之緩和效果,表示認股權占經理人總薪酬比例越高之企業,於稅改前之總股利發放水準越低,而於稅改後明顯提高,再次驗證台灣於股利稅改新制實施後,企業總股利發放水準有增加之結果。

From 2018, Taiwan has revised its tax regulations from Integrated Income Tax System to Dividend Income Tax Reform. After the reform, investors have a larger space to choose an optimal tax plan for themselves, which greatly releases their burden of tax. Firms may also pay more dividends after the reform. However, there is a lack of definitive conclusion about whether firm would pay more dividends after the reform. As a result, motivated by the trend, this study explores whether firms would pay more dividends after the reform and further considers other factors, such as corporate governance, to examine the influence of tax reform on the relations between corporate governance and dividend policy of firms.
The sample used by this study is listed and over-the-counter firms that actually pay dividends from 2010 to 2019. To capture firm’s dividend paying before and after the 2018 tax reform, this study uses OLS to analyze and verify the relations between the tax reform, corporate governance factors, and dividend paying of firms.
The empirical results show that total dividend paying of firm and cash dividend paying both increase while share dividend paying decrease after the reform; the results remain after considering the corporate governance factors, such as percentage of shares held by major shareholders, percentage of shares held by managers, proportion of share options to manager’s total compensation, and whether the firm is controlled by a family, confirming that the decrease of civilian’ tax burden improves total dividend paying of firms. Moreover, this study finds that the reform mitigates the negative relation between the proportion of share option to total compensation of managers and total dividend paying of firms before the reform, implying that firms with a larger proportion of share option to manager total compensation pay less total dividends before the reform and pay more total dividends after the reform, which once again confirms that total dividends paying of firms has increased since the implementation of Dividend Income Tax Reform in Taiwan.

摘要 I
Abstract II
目錄 III
表目錄 IV
圖目錄 V
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構與流程 5
第二章 文獻探討 7
第一節 台灣稅制沿革及探討 7
第二節 企業發放股利政策 13
第三節 小結 20
第三章 研究方法 21
第一節 研究架構 21
第二節 研究假說 22
第三節 實證模型 26
第四節 變數定義與衡量 28
第五節 研究樣本 33
第四章 實證結果 36
第一節 敘述性統計 36
第二節 基本假說檢定 43
第三節 實證結果與分析 47
第四節 小結 62
第五章 研究結論與建議 63
第一節 研究結論 63
第二節 研究貢獻與政策意涵 64
第三節 研究限制與未來研究建議 65
參考文獻 66


中文文獻:
王蘭芬、張仲岳、楊麗菊,2017,〈股東可扣抵稅額減半對股利政策之影響〉,《輔仁管理評論》,第24卷(3期):1-40頁。
申尊焕,2011,〈機構投資者對現金股利影響的實證分析〉,《財貿研究》,第22卷(2期):113-119頁。
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21卷(2期):257-277頁。
林寶人,2010,〈台灣上市櫃家族企業與公司績效〉,《會計學報》,第3卷(1期):53-82頁。
林世銘,2017,〈股利稅改的備胎方案〉,《會計研究月刊》,第379期:14-18頁。
林祝英、劉正義,2003,〈企業研發投資對融資、股利政策與成長機會之影響¬-以電子資訊產業為例〉,《風險管理學報》,第5卷(3期):319-339頁。
林靖傑、李文智,2016,〈兩稅合一制下調降營利事業所得稅率與股利發放之研究〉,《臺大管理論叢》,第26卷(3期):35-62頁。
林穎芬、黃麗津、陳思源,2012,〈經理人薪酬、公司治理與現金股利政策〉,《中山管理評論》,第20卷(4期):1213-1251頁。
邱士豪,2016,〈稅制改變對股利政策之影響-以可扣抵稅額減半為例〉,臺北大學會計學系學位論文。
洪榮華、曾子耘、林聖傑,2006,〈從股東稅負壓力探討兩稅合一對股利政策之影響〉,《輔仁管理評論》,第13卷(1期):133-162頁。
倪衍森、廖容岑,2006,〈家族企業負債代理成本及股利政策之研究-以台灣上市公司為例〉,《管理與系統》,第13卷(2期):153-179頁。
孫梅瑞、陳憲民,2005,〈台灣上市公司股利政策趨勢與公司特性之研究〉,《企業管理學報》,第66期:77-100頁。
徐偉初、羅時萬、陳國樑,2016,〈台灣股利所得課稅及兩稅合一制度之檢討〉,《財政部委託研究計畫》,計畫編號:105mof006。
馬孝璿,1999,〈兩稅合一對上市上櫃公司股利政策影響之探討〉,《財稅研究》,第31卷(6期):134-158頁。
張元、方馥恩,2016,〈經理人薪酬與認股權是否影響公司股利政策〉,《兩岸金融季刊》,第4卷(3期):51-89頁。
曾昭玲、周小玲,2007,〈企業成長機會之於融資政策及股利政策影響之多期性研究〉,《東吳經濟商學學報》,第57期:49-77頁。
曾子耘,2018,〈營所稅稅率調降與產業創新條例實施對公司股利政策之影響〉,《會計與公司治理》,第13卷(1期):1-21頁。
楊淑玲,2015,〈企業融資來源與股利發放模式之選擇-次貸危機時期之實證〉,《經濟論文叢刊》,第43卷(4期):495-547頁。
詹錦宏、林明薰、溫秀英,2017,〈台灣上市公司的股利政策與企業價值〉,《會計學報》,第7卷(2期):65-94頁。

英文文獻:
Berle, A., and G. Means. 1932. Private property and the modern corporation. 1st ed. New York: Mac-millan.
Bhattacharya, S. 1979. Imperfect information, dividend policy, and “the bird in the hand” fallacy. Bell Journal of Economics 10(1): 259-270.
Black, F. 1976. The dividend puzzle. The Journal of Portfolio Management 2(2): 5-8.
Brav, A., J. R. Graham, C. R. Harvey, and R. Michaely. 2005. Payout policy in the 21st century. Journal of Financial Economics 77(3): 483-527.
Brown, J. R., N. Liang, and S. Weisbenner. 2007. Executive financial incentives and payout policy: Firm responses to the 2003 dividend tax cut. The Journal of Finance 62(4): 1935-1965.
Chetty, R., and E. Saez. 2005. Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut. The Quarterly Journal of Economics 120(3): 791-833.
Demsetz, H. 1983. The structure of ownership and the theory of the firm. The Journal of Law and Economics 26(2): 375-390.
____, and K. Lehn. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy 93(6): 1155-1177.
Easterbrook, F. H. 1984. Two agency-cost explanations of dividends. American Economic Review 74(4): 650-659.
Edgerton, J. 2013. Four facts about dividend payouts and the 2003 tax cut. International Tax and Public Finance 20(5): 769-784.
Faccio, M., L. H. Lang, and L. Young. 2001. Dividends and expropriation. American Economic Review 91(1): 54-78.
Fama, E. F., and K. R. French. 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60(1): 3-43.
Farinha, J. 2003. Dividend policy, corporate governance and the managerial entrenchment hypothesis: an empirical analysis. Journal of Business Finance and Accounting 30(9‐10): 1173-1209.
Farrar, D. E., D. F. Farrar, and L. L. SELWYN. 1967. Taxes, corporate financial policy and return to investors. National Tax Journal 20(4): 444-454.
Fenn, G. W., and N. Liang. 2001. Corporate payout policy and managerial stock incentives. Journal of Financial Economics 60(1): 45-72.
Gallo, M. A., and A. Vilaseca. 1996. Finance in family business. Family Business Review 9(4): 387-401.
Gersick, K. E., K. E. Gersick, J. A. Davis, M. M. Hampton, and I. Lansberg. 1997. Generation to generation: Life cycles of the family business. 1st ed. Boston: Harvard Business Review Press.
Gordon, M. J. 1963. Optimal investment and financing policy. The Journal of Finance 18(2): 264-272.
Harford, J., S. A. Mansi, and W. F. Maxwell. 2008. Corporate governance and firm cash holdings in the US. Journal of Financial Economics 87(3): 535-555.
Hu, Y., D. Wang, and S. Zhang. 2007. Founding family ownership, management and payout policy. Working Paper Available at SSRN: 1024300.
Jagannathan, M., C. P. Stephens, and M. S. Weisbach. 2000. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics 57(3): 355-384.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3(4): 305-360.
____. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review 76(2): 323-329.
La Porta, R., F. Lopez‐de‐Silanes, A. Shleifer, and R. W. Vishny. 2000. Agency problems and dividend policies around the world. The Journal of Finance 55(1): 1-33.
Lewellen, W., C. Loderer, K. Martin. 1987. Executive compensation and executive incentive problems: An empirical analysis. Journal of Accounting and Economics 9(3): 287-310.
Lin, C. M., M. L. Chan, and W. S. Fang. 2019. Do Taiwanese family firms have a lower propensity to pay cash dividends? The roles of corporate governance, product market competition and corporate social responsibility. Journal of Economics 15(1): 3-33.
Lintner, J. 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review 46(2): 97-113.
Lu, C. S. 2016. Management ownership and dividend policy: The role of managerial overconfidence. Zhongsan Management Review 23(2): 591-629.
Miller, M. H., and F. Modigliani. 1961. Dividend policy, growth, and the valuation of shares. The Journal of Business 34(4): 411-433.
____, and K. Rock. 1985. Dividend policy under asymmetric information. The Journal of Finance 40(4): 1031-1051.
Mitton, T. 2004. Corporate governance and dividend policy in emerging markets. Emerging Markets Review 5(4): 409-426.
Modigliani, F., and M. H. Miller. 1958. The cost of capital, corporation finance and the theory of investment. The American Economic Review 48(3): 261-297.
Perez-Gonzalez, F. 2002. Large shareholders and dividends: Evidence from US tax reforms. Working Paper Available at SSRN: 337640.
Pindado, J., I. Requejo, and C. de la Torre. 2012. Do family firms use dividend policy as a governance mechanism? Evidence from the Euro zone. Corporate Governance: An International Review 20(5): 413-431.
Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20: 237-265.
Ruback, R. S., and M. C. Jensen. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics 11: 5-50.
Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economy 94(3-1): 461-488.
____, and ____. 1997. A survey of corporate governance. The Journal of Finance 52(2): 737-783.
Spence, M. 1973. Job market signaling. The Quarterly Journal of Economics 87(3): 355-374.
Subramaniam, V. 2018. Family ownership and dividend policy: Empirical evidence from Malaysia. International Journal of Business and Management 13(5): 112-126.
Wei, Z., S. Wu, C. Li, and W. Chen. 2011. Family control, institutional environment and cash dividend policy: Evidence from China. China Journal of Accounting Research 4(1-2): 29-46.
Wu, M., Y. Ni, and P. Huang. 2019. Dividend payouts and family-controlled firms—The effect of culture on business. The Quarterly Review of Economics and Finance ISSN: 1062-9769.
電子全文 電子全文(網際網路公開日期:20231231)
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊