| 摘要: | 自2015年1月1日開始，兩稅合一制下股東可扣抵稅額減半，且增加綜所稅累進稅率提高至45%，造成個人股東稅負的增加，本文探討在此新制下，公司是否會降低股利之發放以及投資意願的減少。本文研究結果發現，2014年及2015年(新制後兩年)所發放的每股總股利(TD)及每股現金股利(CD)，都顯著少於2013年(全額扣抵最後一年)，若改以2012年至2013年資料進行迴歸分析，發現在新制修改前，公司為替大股東節稅，而提前發放股利給股東，且2013年相較於2012年所多發總股利及現金股利的幅度，與2015年及2014年相較於2013年減少幅度來得高，代表股東可扣抵稅額減半影響股利發放的效果，可能並無想像中的如此明顯。2015年資本投資率(INVRa)亦顯著少於2014年之投資，而2013年至2014年投資亦是顯著下降，但2014年至2015年下降幅度非常高，顯示股東可扣抵稅額減半可能間接影響了公司投資決策。
再繼續使用差異中差異(DID)法探討總體投資下降後，高科技產業相對於其他產業以及傳統產業相較於其他產業之影響。研究結果顯示出，傳統產業相對於其他產業之投資反而是上升的，代表可扣抵稅額減半對於傳統產業來說，影響較不明顯。
Beginning from January 1, 2015, the shareholder deductible amount would be halved, and the progressive tax rate of personal income tax increased to 45%. Therefore, the future tax burden of shareholder is increased. This study explores whether the company will reduce the distribution of dividends and reduce the investment intention in the new policy. The study results that total dividend (TD) and cash dividend (CD) per share of the year 2014 and 2015(two years after the implementation of the policy) were significantly lower than those of the year 2013. If the change from 2012 to 2013 data analysis, found that the new policy before the amendment, the company for the major shareholders to save the tax, the early payment of dividends to shareholders, and 2013 compared to 2012, the total dividend and cash dividend, which is higher than the decrease in 2013 compared to 2014 and 2015. It represents the effect that the halved imputation credit, which would not be obvious. Capital investment rate (INVRa) in 2015 was also significantly lower than 2014. While investment in 2013 to 2014 was also a significant decline, but the decline level from 2014 to 2015 was very high, showing that halved imputation credit would indirectly affect the company''s investment decisions.
And then continue to use the difference in differences (DID) method to explore the overall investment decline, the high-tech industries compared to other industries and traditional industries compared to other industries. The results show that the investment in traditional industries compared to other industries is rising, representing the halved imputation credit for the traditional industries, the impact was less obvious. |
