股東可扣抵稅額減半規定對公司現金股利政策之影響：從所有權結構來探討

The Impact of Halved Shareholder Tax Credit Regulation on Corporate Cash Dividends Policy: Investigation from Ownership Structure Perspective

李德冠(Lee, Te-Kuan)；黃雅婷(Huang, Ya-Ting)；黃朝信(Huang, Chao-Hsin)；陳計良(Chen, Chi-Liang)

股東可扣抵稅額減半 ； 現金股利 ； 外國機構投資人持股比例 ； 股權集中度 ； 控制權與現金流量權偏離程度 ； Halved Tax Credit Policy ； Cash Dividends ； Foreign Institutional Ownership ； Concentration Ownership ； Control-Cash Flow Right Deviation

中原企管評論

17卷2期（2019 / 10 / 01）

43 - 71

繁體中文

本研究以2013年至2016年之台灣上市櫃公司作為研究對象，探討2015年股東可扣抵稅額減半規定實施後對企業現金股利政策的影響，並從所有權結構切入來探討外國機構投資人持股比率、控制股東股權集中度及其控制權與現金流量權偏離程度，對該政策下企業現金股利發放的不同影響。實證結果發現，儘管股東可扣抵稅額減半規定實施後，股利稅的金額增加，企業依舊會增加發放現金股利。由於過去公司治理文獻指出現金股利也有保護投資人的效果，因此本研究探討在不同所有權結構下，該股東可扣抵稅額減半規定的影響。我們發現在股東可扣抵稅額減半規定實施後，外國機構投資人持股比例較高的企業會顯著發放更多的現金股利，顯示此類公司會優先考量不受股東可扣抵稅額減半規定影響的外國機構人來制定其現金股利政策。此外，在股東可扣抵稅額減半規定實施後，控制股東控制權與現金流量權之偏離程度較大的公司，屬於電子產業者有較高的現金股利。最後，本研究並未發現在股東可扣抵稅額減半實施後，控制股東股權集中度越高的企業，其現金股利發放有顯著差異。

This research takes the sample of the Taiwan listed companies in year 2013-2016 to explore the impact of halved shareholder tax credit policy on corporate cash dividends. In particular, we address on the impact of ownership structure, such as foreign institutional ownership, concentration ownership of controlling shareholders, and control-cash flow rights deviation on corporate cash dividends policy under the scenario of halved shareholder tax credit policy. Empirical results show that although shareholders' tax is increased after the implementation of this regulation, firms still increase their cash dividends. Past corporate governance literatures also indicate the protection effect of cash dividends. Therefore, this study tries to investigate the impact of different ownership structure under this scenario. We find that firms with higher foreign institutional ownership deliver higher cash dividends after halved shareholder tax credit regulation is implemented. It implies that firms will consider foreign institutional investors as priority to decide their cash dividends policy. Similarly, companies with higher deviation of control-cash flow rights in electronic industry will increase cash dividends after the implementation of this regulation. However, the impact of high concentration of controlling shareholders' ownership is not found in the empirical results.

1. 王蘭芬,張仲岳,陳麗菊(2017)。股東可扣抵稅額減半對股利政策之影響。輔仁管理評論，24(3)，1-40。
   連結：
2. 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，21(2)，257-277。
   連結：
3. 林松宏,黃瑞靜(2007)。受稅率影響之異常財務盈餘與公司價值之關係。中山管理評論，15(2)，393-431。
   連結：
4. 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，20(4)，1213-1251。
   連結：
5. 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，13(1)，133-162。
   連結：
6. 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，13(2)，153-179。
   連結：
7. 蕭朝興,陳馨蕙,黃俊凱(2011)。台灣機構投資人動態持股偏好之探討。管理學報，28(2)，97-126。
   連結：
8. Abeyratna, G.,Lonie, A. A.,Power, D. M.,Sinclair, C. D.(1996).The influence of company financial performance on the interpretation of dividend and earnings signals: A study of accounting- and market-based data.British Accounting Review,28(3),229-247.
9. Adedeji, A,(1998).Does the pecking order hypothesis explain the dividend payout ratios of firms in the UK.Journal of Business Finance & Accounting,25(9/10),1127-1155.
10. Allen, F.,Bernardo, A. E.,Welch, I.(2000).A theory of dividends based on tax clienteles.The Journal of Finance,55(6),2499-2536.
11. Amiram, D.,Frank, M. M.(2016).Foreign Portfolio Investment and Shareholder Dividend Taxes.The Accounting Review,91(3),717-740.
12. Amoako-Adu, B,(1983).Corporate Valuation and Personal Taxes: Extension and Application to Canada.The Financial Review,18(4),281-291.
13. Baker, H. K.,Chang, B.,Dutta, S.,Saadi, S.(2012).Why Firms Do Not Pay Dividends: The Canadian Experience.Journal of Business Finance & Accounting,39(9/10),1330-1356.
14. Berle, A. and Means, G, 1932, The Modern Corporation and Private Property. New York: Commerce Clearing House.
15. Brav, A.,Graham, J. R.,Harvey, C. R.,Michaely, R.(2008).The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence.National Tax Journal,61(3),381-396.
16. Carney, M.,Gedajlovic, E.(2002).The Coupling of Ownership and Control and the Allocation of Financial Resources: Evidence from Hong Kong.Journal of Management Studies,39(1),123-146.
17. Chae, J.,Kim, S.,Lee, E. J.(2009).How Corporate Governance Affects Payout Policy under Agency Problems and External Financing Constraints.Journal of Banking and Finance,33(11),2093-2101.
18. Chan, C.-H.,Lin, M.-H.(2017).Imputation Tax System, Dividend Payout, and Investor Behavior: Evidence from the Taiwan Stock Exchange.Asia Pacific Management Review,22(3),146-158.
19. Claessens, S(1993).,Washington, D. C.:World Bank.
20. Claessens, S.,Djankov, S.,Fan, J. P. H.,Lang, L. H. P.(2002).Disentangling the Incentive and Entrenchment Effects of Large Shareholdings.Journal of Finance,57(6),2741-2771.
21. DeAngelo, H.,DeAngelo, L.,Skinner, D. J.(2000).Special Dividends and the Evolution of Dividend Signaling.Journal of Financial Economics,57(3),309-354.
22. Faccio, M.,Lang, L. H. P.,Young, L.(2001).Dividends and Expropriation.American Economic Review,91(1),54-78.
23. Grinstein, Y.,Michaely, R.(2005).Institutional Holdings and Payout Policy.The Journal of Finance,60(3),1389-1426.
24. Huang, Y.,Chen, A.,Kao, L.(2012).Corporate Governance in Taiwan: The Nonmonotonic Relationship between Family Ownership and Dividend Policy.Asia Pacific Journal of Management,29(1),39-58.
25. Jensen, G. R.,Solberg, D. P.,Zorn, T. S.(1992).Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies.Journal of Financial & Quantitative Analysis,27(2),247-263.
26. Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,3(4),305-360.
27. Julio, B.,Ikenberry, D. L.(2004).Reappearing Dividends.Journal of Applied Corporate Finance,16(4),89-100.
28. Kallapur, S.,Trombley, M. A.(1999).The Association between Investment Opportunity Set Proxies and Realized Growth.Journal of Business Finance & Accounting,26(3/4),505-519.
29. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.(1999).Corporate Ownership Around the World.Journal of Finance,54(2),471-517.
30. Lloyd, W. P.,Jahera, J. S., Jr,Page, D. E.(1985).Agency Costs and Dividend Payout Ratios.Quarterly Journal of Business & Economics,24(3),19-29.
31. Megginson, W. L(1997).Corporate Finance Theory.London:Addison-Wesley.
32. Miller, M. H.,Modigliani, F.(1961).Dividend Policy, Growth, and the Valuation of Shares.The Journal of Business,34(4),411-433.
33. Miller, M. H.,Rock, K(1985).Dividend Policy under Asymmetric Information.Journal of Finance,40(4),1031-1051.
34. Mitton, T.(2004).Corporate Governance and Dividend Policy in Emerging Markets.Emerging Markets Review,5(4),409-426.
35. Mougoué, M.,Rao, R. P.(2003).The Information Signaling Hypothesis of Dividends: Evidence from Cointegration and Causality Tests.Journal of Business Finance & Accounting,30(3/4),441-478.
36. Ooi, J. L. T(2001).Dividend Payout Characteristics of U.K. Property Companies.Journal of Real Estate Portfolio Management,7(2),133-142.
37. Pattenden, K.,Twite, G.(2008).Taxes and Dividend Policy under Alternative Tax Regimes.Journal of Corporate Finance,14(1),1-16.
38. Pound, J.(1988).Proxy Contests and the Efficiency of Shareholder Oversight.Journal of Financial Economics,20,237-265.
39. Setia‐Atmaja, L.,Tanewski, G. A.,Skully, M.(2009).The Role of Dividends, Debt and Board Structure in the Governance of Family Controlled Firms.Journal of Business Finance & Accounting,36(7?8),863-898.
40. Smith, C. W., Jr.,Watts, R. L.(1992).The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies.Journal of Financial Economics,32(3),263-292.
41. Wang, C. F.,Guo, Y.(2011).Do Dividend Tax Cuts Lead Firms to Increase Dividends: Evidence from China.China Journal of Accounting Research,4(4),197-209.
42. 何金巡,孫克難,林世銘(2002)。兩稅合一對投資、產出及稅收影響之總體經濟計量分析─台灣的實證。第三屆全國實證經濟學論文研討會
43. 李德冠,柯承恩(2008)。探索公司治理的監督能力－來自公司現金股利發放的證據。會計發展新趨勢研討會論文集
44. 邱士豪,余俊憲,王怡心(2017)。稅制改變對股利政策之影響─以可扣抵稅額減半為例。財稅研究，46(2)，31-51。
45. 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，31(6)，134-158。
46. 陳正芳(2013)。營利事業所得稅稅率調降對公司股利政策之影響。臺灣銀行季刊，64(1)，84-99。
47. 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証研究。管理評論，20(2)，43-74。
48. 羅光達,羅時萬,單珮玲(2014)。財政部專題研究計畫成果報告財政部專題研究計畫成果報告,未出版