未分配盈餘加課之股利政策效果

The impact of change the Surtax rate on Undistributed Earnings on the dividend payout: the moderate role of family firm and dividend stabilization

林嬌能(Gai-Neng Lin)

未分配盈餘加課稅率變動 ； 家族企業 ； 股利穩定性 ； The Surtax Rate on Undistributed Earnings Changes ； Family Firm ； Dividend Stabilization

會計與公司治理

19卷1期（2024 / 06 / 01）

55 - 81

繁體中文;英文

本研究針對未分配盈餘加課10%營利事業所得稅稅率降低為5%以及股利扣抵制改革，對企業或企業與股東整體稅負產生之影響，探討稅負在股利政策上的重要性。其次，考慮以家族企業、股利穩定性為調節變數，探討此兩項變數對稅負變革與股利支付關聯性之調節效果。實證發現，企業在決定是否發放股利，避免被加徵未分配盈餘這項股利決策上，主要考慮企業和股東整體的稅負，因此，未分配盈餘加課稅率降低，推估應稅未分配盈餘反而減少。另外，家族企業相較非家族企業在兩稅合一廢止後，應稅未分配盈餘提高，股東可享個人股利稅負延後的利益。股利穩定化對應稅未分配盈餘呈正向相關。家族企業、股利穩定性對稅負變革與股利支付關聯性具調節效果。

This research explores whose interests are prioritized by business in deciding dividend payouts when the surtax rate on undistributed earnings changes in Taiwan. Second, this study examines the moderate effect of family firm and dividend stabilization on the relationship between tax burden and dividend payout. This research empirically found that in deciding whether to issue dividends to avoid being levied on undistributed earnings, the company mainly considers the overall tax burden of the company and shareholders. The surtax rate on undistributed earnings is reduced, the surplus has declined instead. Family compared with non-family firms, after the abolition of the imputation tax system, the taxable undistributed surplus will increase, and shareholders can enjoy the benefits of deferred tax liability on personal dividends. Dividend stabilization have a positive correlation with surtax undistributed earnings; dividend stabilization and family firm have good moderate effect on the relationship between tax burden and dividend payout.