為配合促進產業升級條例落日，我國營利事業所得稅自99年度起，由25%調降至17%。其目的在於貫徹輕稅簡政、吸引外資投資。本研究欲探討營所稅調降及促產落日，是否對公司股利政策造成影響。 本研究以我國上市櫃公司為研究樣本，研究期間為2006年至2013年，資料來源為台灣經濟新報(TEJ)，探討營利事業所得稅調降及促產落日後，對各產業總股利發放率、現金股利率、股利發放率之影響 本研究實證結果發現，營所稅調降及促產落日後：1.高科技產業的現金股利發放率及股票股利發放率均顯著增加。2.傳統產業與其他產業的股票股利發放率均顯著增加。進一步以差異中差異法模型(Difference in difference，DID)分析營所稅調降及促產落日對不同稅負股利政策的影響，將產業分成三組：加稅組、減稅組與稅率不變組，利用稅制與產業的交成項分析政策實施後對企業股利發放的影響，發現稅制修改後：1.高科技產業(加稅組)相較於其他產業(稅率不變組)，股利發放行為無顯著改變。2.傳統產業(減稅組)相較於其他產業(稅率不變組)，股利發放行為無顯著改變。 To cope with the expiration of the Statute for Upgrading Industry, income tax rate was reduced from 25% to 17% in 2010.The amendment aims to carry out the reform concept of reducing tax and attract foreign investment. this study tries to explore the tax reduction for income tax and termination of Statute for Upgrading Industries and whether it affects the corporate dividend policies. This study uses listed companies in Taiwan as samples , with a research period of from 2006 to 2013, The information from Taiwan Economic Journal (TEJ) database. explore the tax reduction for income tax and termination of Statute for Upgrading Industries the effects of policy implementation on total dividend payout ratio, cash dividend payout ratio, stock dividend payout ratio。 According to the empirical results of this study, it can be found that after the reduction of income tax and termination of Statute for Upgrading Industries：1. The cash dividend payout ratio and stock dividend payout ratio rises dramatically in High-technology Industry. 2. The stock dividend payout ratio rises dramatically in Traditional Industry and Other Industry. Further to the DID method model analysis the tax reduction for income tax and termination of Statute for Upgrading Industries the effects of Different tax burden on dividend policy。The industry is divided into three groups: tax increace, tax break, tax rate unchanged. Use of the interaction of tax system and industry to analysis the reduction of income tax and termination of Statute for Upgrading Industries after dividend changes, it can be found that: 1. High-technology industry compared to other industry no significant changes. 2. Traditional industry compared to other industry no significant changes.
