從股東稅負壓力探討兩稅合一對股利政策之影響

The Impact of the Dividend Imputation Tax System on Dividend Policy-View of Tax Pressure of Shareholders

10.29698/FJMR.200601.0006

洪榮華(Jung-Hua Hung)；曾子耘(Tzu-Yun Tseng)；林聖傑(Sheng-Chieh Lin)

兩稅合一 ； 股利政策 ； dividend imputation tax system ； dividend policy

輔仁管理評論

13卷1期（2006 / 01 / 01）

133 - 162

繁體中文

本研究旨在探討股東稅負壓力不同的公司，兩稅合一後其股利政策的調整是否有所不同。研究期間為兩稅合一前、後各四年，共選取了150家上市公司為研究樣本，由於資料是跨公司及跨年度的型態，因此本研究採用結合時間序列及橫斷面的迴歸技巧進行實證，而在經過了Hausman檢定後，本研究以隨機效果模型進行分析。首先就總樣本進行實證，研究結果顯示，兩稅合一後，現金股利支付率顯著增加而股票股利支付率則顯著減少；其次，刪除13家在本研究期間內未發放任何股利的公司，並將剩餘的137家公司，按兩稅合一前其平均現金股利支付率大小（以代理其股東所承受的稅負壓力）分為三群。實證結果顯示，股東稅負壓力最大的公司群組，兩稅合一實施後，其股利政策的調整是最明顯的，這隱含了公司在制定股利政策時會考量其股東的稅負壓力。

The main goal of this paper is to investigate firms in which shareholders suffer different tax pressures to ace if they will react differently to the implementation of the dividend imputation tax system. The study period spans an eight- year period: 4 years before and 4 years after the dividend imputation tax system. A total of 150 listed firms are selected for our sample. We use pooled time-series & cross-sectional regression techniques to analyze our dividend model because our data set is panel. After conducting the Hausman tests, we employ the random-effects models. First, we analyze total sample and find that the cash dividend payout ratios significantly increase after the dividend imputation tax system. On the contrary, the stock dividend payout ratios significantly decrease after the dividend imputation tax system. Secondly, excluding 13 firms which do not pay any dividends during our study period, we separate the remaining 137 firms into three groups based on their average cash dividend payout ratios before the dividend imputation tax system, which is as a proxy for their shareholders' tax pressure. The results show that firms in which shareholders suffer more tax pressure significantly adjust their dividend policy with the implementation of the dividend imputation tax system. This implies that firms take their shareholders' tax pressures into consideration when setting their dividend policy.

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