兩稅合一對企業融資政策之影響

Influences of Integration of Individual and Corporate Taxes on Corporate Financing Decisions

10.6160/2007.12.02

洪榮華(Jung-Hua Hung)；曾子耘(Tzu-Yun Tseng)；吳建偉(Chien-Wei Wu)

兩稅合一 ； 產業效果 ； 融資政策 ； Integration of Individual and Corporate Taxes ； Industry Effect ； Financing Decisions

中山管理評論

15卷4期（2007 / 12 / 01）

751 - 777

繁體中文

本研究探討兩稅合一的實施是否會降低稅制對企業財源籌措方式之影響，並減少公司的負債水準。由於高科技產業具有高保留盈餘率與低有效稅率的產業特性，因此本研究進一步將樣本分為高科技與一般產業，以探討兩稅合一對融資政策之影響是否具有產業效果。研究期間為兩稅合一前4年至後5年，共選取218家樣本公司。研究方法以共用時間序列及橫斷面的迴歸模型進行，有別於以往之國內文獻，本研究不直接檢測兩稅合一前、後的負債水準來驗證兩稅合一對公司融資政策的影響，而是參考Schulman et al.(1996)的研究方法來衡量兩稅合一對負債水準的影響。實證結果發現，兩稅合一對融資政策的影響具有顯著之產業效果。

This paper investigates whether the integration of individual and corporate taxes diminishes the tax system's influence on firms' financing policies as well as if this integration reduces their debt levels. Following the high-tech industry characteristics of high retained earnings ratio and low effective tax rates, this paper examines the industry effect by separating samples into high-tech and traditional industries then analyzing the influence of tax integration. The study period spans 4 years before and 5 years after tax integration. A total of 218 firms are selected and pooled time-series & cross-sectional regression techniques are used to analyze the debt model. This study differs from pervious domestic literature, in that it does not directly use the changes of debt levels before-and after-tax integration to investigate the integration effects on firms' financing decisions. Instead, we utilize the Schulman et al. (1996) method to measure the influence of tax integration on debt levels. The results show that the influence of individual and corporate taxes integration on firms' financing policies differs according to industry.

1. 陳明進(2003)。我國租稅優惠對營利事業租稅負擔之影響。管理評論，23(1)，127-151。
   連結：
2. Bellamy, D. E.(1994).Evidence of Imputation Clienteles in the Australian Equity Market.Asia Pacific Journal of Management,11(2),275-287.
3. Bradley, M.,G. A. Jarrell,E. H. Kim(1984).On the Existence of an Optimal Capital Structure: Theory and Evidence.Journal of Finance,39(3),857-880.
4. Broadway, R.,N. Bruce(1992).Problems with Integrating Corporate and Personal Income Taxes in an Open Economy.Journal of Public Economics,48(1),39-66.
5. Charlton, W. T.,C. Lancaster,J. L. Stevens(2002).Industry and Liquidity Effects in Corporate Investment and Cash Relationship.Journal of Applied Business Research,18(1),131-142.
6. Chen, M. C.,S. Lin,T. H. Chang(2001).The Impact of Tax-Exempt Stock and Land Capital Gains on Corporate Effective Tax Rates?.Taiwan Accounting Review,2,33-56.
7. Cordes, J.J.,S. M. Sheffrin(1983).Estimating the Tax Advantage of Corporate Debt.Journal of Finance,38(1),95-105.
8. Crutchley, C. E.,R. S. Hansen(1989).A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends.Financial Management,18(4),36-46.
9. Dammon, R. M.,L. W. Senbet(1988).The Effect of Taxes and Depreciation on Corporate Investment and Financial Leverage.Journal of Finance,43(2),357-373.
10. DeAngelo, H.,R. W. Masulis(1980).Optimal Capital Structure under Corporate and Personal Taxation.Journal of Financial Economics,8(1),3-29.
11. Dhaliwal D.,R. Trezevant,S. W. Wang(1992).Taxes Investment Related Tax Shields and Capital Structure.Journal of the American Taxation Association,14(1),1-21.
12. Fischer E. O.,R. Heinkel,J. Zechner(1989).Dynamic Capital Structure Choice Theory and Tests.Journal of Finance,44(1),19-40.
13. Givoly, D.,C. Hayn, A. R. Ofer,O. Sang(1992).Taxes and Capital Structure Evidence from Firms Response to the Tax Reform Act of 1986.Review of Financial Studies,5(2),331-355.
14. Gordon, R. H.,Y. Lee(2001).Do Taxes Affect Corporate Debt Policy? Evidence from U S Corporate Return Data.Journal of Public Economics,82(2),195-224.
15. Graham, J. R.(1999).Do Personal Taxes Affect Corporate Financing Decisions?.Journal of Public Economics,73(2),147-185.
16. Gravelle, J. G.(1992).Washington D. C. Congressional Research Service.
17. Greene, W. H.(2003).Econometric Analysis.Pearson Education.
18. Hsiao, C.(1986).Analysis of Panel Data.Cambridge University Press.
19. Kim, W. S.,E. H. Sorensen(1986).Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy.Journal of Financial & Quantitative Analysis,21(2),131-144.
20. Mackie-Mason, J. K.(1990).Do Taxes Affect Corporate Financing Decisions?.Journal of Finance,45(5),1471-1493.
21. Maddala, G. S.,S. Wu(1999).A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test.Oxford Bulletin of Economics and Statistics,61(4),631-652.
22. Modigliani, F.,M. H. Miller(1963).Corporate Income Taxes and the Cost of Capital: A Correction.American Economic Review,53(3),433-443.
23. Monkhouse, P. H. L.,P. W. Limited(1993).The Cost of Equity under the Australian Dividend Imputation Tax System.Accounting & Finance,33(2),1-18.
24. Myers, S. C.(1977).Determinants of Corporate Borrowing.Journal of Financial Economics,5(2),147-175.
25. Officer, R. R.(1994).The Cost of Capital of a Company under an Imputation Tax System.Accounting & Finance,34(1),1-36.
26. Prevost, A.,R. P. Rao,J. D. Wagster(2002).Dividend Imputation and Shareholder Wealth: The Case of New Zealand.Journal of Business Finance & Accounting,29(7&8),1079-1104.
27. Schulman, C. T.,D. W. Thomas,K. F. Sellers,D. B. Kennedy(1996).Effects of Tax Integration and Capital Gains Tax on Corporate Leverage.National Tax Journal,49(1),31-54.
28. Shum, P. M.(1996).Taxes and Corporate Debt Policy in Canada: An Empirical Investigation.Canadian Journal of Economics,29(3),556-572.
29. Titman, S.,R. Weasels(1988).The Determinants of Capital Structure Choice.Journal of Finance,43(1),1-19.
30. Twtte, G.(2001).Capital Structure Choices and Taxes: Evidence from the Australian Dividend Imputation Tax System.International Review of Finance,2(4),217-234.
31. Wansley, J. W.,M. C. Collins,A. S. Dutta(1996).Further Evidence on the Relation between Corporate Ownership Structure and Debt Policy.Managerial Finance,2(2),56-75.
32. Wilkinson, B. R.,S. F. Cahan,G. Jones(2001).Strategies and Dividend Imputation: The Effect of Foreign and Domestic Ownership on Average Effective Tax Rates.Journal of International Accounting, Auditing & Taxation,10(2),157-175.
33. 國民經濟動向統計季報
34. 林世銘(2002)。兩稅合一前後產業租稅環境與經營績效之比較。財稅研究，34(1)，64-78。
35. 兩稅合一方案介紹
36. 中華民國九十年證券暨期貨絲計要覽
37. 梁素梅(2003)。碩士論文(碩士論文)。中山大學財務管理研究所。
38. 陳明進、汪瑞芝、蔡靜文(2003)。我國兩稅合一前後公司有效稅率之研究。財稅研究，35(5)，120-134。
39. 游德通(2003)。碩士論文(碩士論文)。佛光人文社會學院管理學研究所。
40. 黃小玲(2001)。碩士論文(碩士論文)。中山大學財務管理研究所。
41. 黃瑞靜、徐守德、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台灣產業的實證研究。管理評論，20(2)，55-86。

1. 黃美珠,陳明進,汪瑞芝(2021)。我國稅務會計文獻回顧。會計審計論叢，11(2)，1-42。
2. 李明德(2015)。公司治理、全球金融風暴和公司舉債：董事會規模對舉債有影響嗎？。輔仁管理評論，15(2)，25-47。
3. 魏慧珊、歐仁和、黃志偉、張傳章(2016)。臺灣財務領域研究之回顧與展望。管理學報，33(1)，105-137。