臺灣博碩士論文加值系統

本研究探討兩稅合一及營利業事所得稅率調降後公司未分配盈餘之變化，所有實證樣本來自台灣經濟新報財經資料庫，比較兩稅合一制度實施以及營利業事所得稅率調降前後，對公司未分配盈餘可能之影響。將所選定變數納入多元迴歸模型來分析，公司特性與未分配盈餘比例之相關性，實證結果如下：
1. 兩稅合一與未分配盈餘比率呈顯著負向相關，代表兩稅合一後公司未分配盈餘減少，由於所得稅制下公司所繳之稅額成為股東預繳之稅款，當公司所繳稅額愈多代表著股東預繳稅款愈多，所獲之抵稅權也愈多，其股利發放也將愈多，且未分配盈餘加徵10%制度亦降低整體企業對未分配盈餘比例之偏好。
2. 營利事業所得稅率調降與未分配盈餘比率呈顯著正向相關，代表營利事業所得稅率由25%調降至17%後，公司直接租稅負擔大幅下降，兩稅間稅差幅度又形擴大，股東在規避稅負誘因增加下，保留公司的更多盈餘，因此使未分配盈餘比例提高。
3.獲利能力與未分配盈餘比率呈顯著正向相關，即公司規模及獲利能力愈大，該類公司之未分配盈餘亦會較高。
4.負債比率及董監持股比率與未分配盈餘比率呈顯著負向相關，當公司舉債程度愈高，所需支付利息愈高，使得公司盈餘愈低，而董監持股比率愈高時，股利發放比例愈高，故公司未分配盈餘比率愈低。

This study used a sample of listed companies in Taiwan’s industry during 1991~2013 to investigate whether the reduction of Corporate Income Tax from 25% to 17%, starting in 2010, has affected companies’ Undistributed Earnings. We obtain the outcome by applying Multiple Regression Analysis, and it proved that the reduction of Corporate Tax Rate and the company’s Undistributed Earnings ratio were positively correlated significantly. Owing to the drop of Corporate Income Tax from 25% to 17%, the tax differentiation between Corporate Income Tax and Consolidated Income Tax was hence widened, which led to the increase of the negative incentive of tax evasion for stockholders. As a result, the company was able to retain more profit, and its Undistributed Earnings were consequently improved. Moreover, there was a positive significance between the company’s competence to make a profit and its Undistributed Earnings. In other words, when the company scale was larger or when its capacity for profit-making was greater, it had more Undistributed Earnings . Furthermore, there was a significantly negative correlation between the company’s equity ratio , stock ownership ratio for broad of directors and the company’s Undistributed Earnings ratio. On one hand, when the company was in heavier debt ratio, it had to pay more interest, which resulted in fewer earnings accordingly; on the other, as the company’s board of directors had higher stock ownership, it had to pay more cashing dividends, which brought about lower Undistributed Earnings ratio.

目錄
摘要...................................................................I
Abstract...................................................................II
誌謝...................................................................III
目錄...................................................................IV
圖目錄...................................................................V
表目錄...................................................................VI
第一章 緒論...................................................................1
第一節 前言及研究動機...................................................................1
第二節 研究目的...................................................................1
第三節 研究架構...................................................................2
第二章 文獻回顧...................................................................4
第一節 股利政策之理論探討...................................................................4
第二節 國內股利政策相關文獻...................................................................8
第三章 兩稅合一相關法令立法沿革...................................................................16
第一節 兩稅合一之綜合所得稅(以下簡稱綜所稅)相關法條修法沿革...................................................................16
第二節 營利事業所得稅(以下簡稱營所稅)相關修法沿革...................................................................20
第三節 未分配盈餘相關之法制沿革...................................................................22
第四章 研究設計...................................................................26
第一節 研究假說...................................................................26
第二節 樣本資料...................................................................27
第三節 實證架構...................................................................28
第四節 研究分析方法...................................................................33
第五章 實證結果與分析...................................................................34
第一節 基本敘述統計...................................................................34
第二節 實證結果與分析...................................................................36
第六章 結論與建議...................................................................43
第一節 結論...................................................................43
第二節 研究限制與建議...................................................................44
參考文獻...................................................................46

圖目錄
圖1-1本文研究架構...................................................................3

表目錄
表3-1 綜所稅歷次修法之課稅級距及累進稅率...................................................................19
表 3-2 兩稅合一前後之企業盈餘全數分配下之課稅效果比較...................................................................21
表 3-3 綜所及營所稅調降後，兩稅合一前後之企業盈餘之課稅效果比較...................................................................21
表3-4　保留盈餘相關規定之修訂經過...................................................................24
表4-1 樣本量...................................................................27
表4-2 (1)式實證模式之操作定義...................................................................28
表4-3未分配盈餘比率與各變數之假設（兩者之關係）...................................................................33
表5-1基本敘述統計...................................................................34
表5-2　 Person相關係數...................................................................37
表5-3　共線性檢定...................................................................39
表5-4　迴歸分析結果...................................................................41

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