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系統識別號 U0026-2706201619361300
論文名稱(中文) 股東可扣抵稅額減半與股利顧客效果理論之探討
論文名稱(英文) The Study of Dividend Clientele Theory on Halved Imputation Credit
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 104
學期 2
出版年 105
研究生(中文) 李佳純
研究生(英文) Cuia-Chun Li
學號 R87031168
學位類別 碩士
語文別 中文
論文頁數 35頁
口試委員 指導教授-王澤世
口試委員-顏盟峯
口試委員-劉裕宏
中文關鍵字 股東可扣抵稅額減半  稅額扣抵比率  兩稅合一  股利顧客效果 
英文關鍵字 Halved Imputation Credit  Tax Deduction Ratio  Imputation System  Clientele Theory 
學科別分類
中文摘要 股東可扣抵稅額減半自民國104起實施,本國個人股東獲配股利時,可扣抵綜所稅的稅額減少一半,造成投資人獲配股利所得的實質稅負增加,又104起綜合所得稅最高稅率調升至45%,投資人是否會基於稅賦上的考量而有棄權息的狀況,本研究在討探討是否股東可扣抵稅額減半是否有股利顧客效果的存在。
本研究使用t檢定及迴歸模型分析,探討股東可扣抵稅額減半對除權息日前後累積異常報酬率之影響,研究區間為減半前一年(103年)及當年度(104年),對象為國內上市公司,實證結果發現實施減半當年度除權息前無棄權息的現象,但息後有回補的情況。接著又採用迴歸的方法探討本國個人股東持股比率越高的樣本,其棄權息及回補的現象是否越明顯以佐證股利顧客效果的存在。實證結果發現在減半後,本國個人股東持股比率越高的樣本,其息前棄息及息後回補的現象越明顯。
英文摘要 The imputed tax credit of shareholders has been halved since 2015, which implies that when individual shareholders in Taiwan receive dividends, the amount of imputed tax credit that can be used against their individual income tax has been reduced by half. This has led to an increase in the effective tax burden on investors as regards their income arising from dividends. Furthermore, given that the maximum individual income tax rate has been increased to 45% since 2015, investors might opt for dividend abstention due to tax considerations. Therefore, this study focused on whether the halving of the imputed tax credit for shareholders caused the dividend clientele effect.
This study employed t-tests and regression models for analysis and discussed the effect of halving the imputation tax credit on the cumulative abnormal returns around the ex-right/dividend date. The research period was the year before the imputed tax credit was halved (2014) and the year it was implemented (2015). The research subjects were listed companies in Taiwan. Empirical results showed that dividend abstention did not occur until the ex-right/dividend date in the year the imputed tax credit was halved, but recovered after the allotment of dividends. Subsequently, this study further explored data on individual shareholders with a high shareholding ratio and adopted a regression model to investigate whether their dividend abstention and recovery is convincing evidence of the existence of the dividend clientele effect. The results show that after the imputed tax credit was halved, these individuals showed more obvious dividend abstention before, and recovery after, the payment of dividends.
論文目次 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究流程與架構 3
第二章 文獻探討 5
第一節 股東可扣抵稅額減半對投資人之影響 5
第二節 股利顧客效果相關文獻之探討 6
第三章 研究假說與研究設計 9
第一節 研究假說 9
第二節 研究設計與變數說明 11
第三節 資料來源與樣本選取 19
第四章 實證結果與分析 21
第一節 敘述性統計分析 21
第二節 除權息前後累積異常報酬率之實證結果 26
第三節 股東可扣抵稅額減半對除權息前後累積異常報酬率之影響 27
第五章 結論與建議 31
第一節 研究結論 31
第二節 研究限制與未來研究之建議 33
參考文獻 34
參考文獻 國內文獻
1.黃士青(1997),「除息日與除權日之股價行為與套利機會之研究」,臺灣大學會計學研究所碩士論文
2.馬孝璿(1999),「兩稅合一對上市上櫃公司股利政策影響之探討」,中山大學財務管理研究所碩士論文
3.陳奕任(2000),「兩稅合一股東可扣抵稅額比率對投資人除息及除權決策之影響」,中國文化大學會計研究所碩士論文
4.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臺灣產業的實證研究」,管理評論,第十二卷第二期,頁43-74
5.張鼎聲(2002),「兩稅合一後除權除息之租稅規避行為」,臺灣大學會計學研究所碩士論文
6.林惠理(2004),「兩稅合一制實施前後現金股利與稅額扣抵比率對除息前股價之影響」,臺北大學會計學系碩士論文
7.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,第十三卷第一期,頁133-162

國外文獻
1.Allen, F. , A. E. Bernardo and I. Welch (2000), "A Theory of Dividends Based on Tax Clienteles", The Journal of Finance, 55(4), pp.2499-2536.
2.Dhaliwal, D. S., M. Erickson and R. Trezevant (1999), "A Test of Theoryof Tax Clienteles for Dividend Policies", National Tax Journal, 52(2), pp.179-194.
3.Elton, E. J. and M. J. Gruber (1970), "Marginal Stockholders Tax Rates and the Clientele Effect", The Review of Economics and Statistics, 52, pp.68-74.
4.Farr, D. and L. Selwyn (1967), "Taxes, Corporate Financial Policy and Return to Investors", National Tax Journal, 20, pp.444-454
5.Basuki, H. (2006), "The Impact of The Abolition of Tax Credit on Ex-Dividend Day Abnormal Returns in the United Kingdom Market", Journal of Business, 8, pp.201-227.
6.Kalay, A. (1982), "The EX-dividend Day Behavior of Stock Prices :A Re-Examination of the Clientele Effect.", The Journalof Finance, 37, pp.1059-1070.
7.Miller, M. and F. Modigliani (1961), "Dividend policy, growth, and the valuation of shares", The Journal of Business, 34, 411-433.
8.Poterba, J. (2004), "Taxation and Corporate Payout Policy", American Economic Review(Papers and Proceedings), 46(2), pp.97-113.
9.Poterba, J. M. and L. H. Summers (1984), "New Evidence That Taxes Affect the Valuation of Dividends", The Journal of Finance, 39(5), pp.1397-1415.
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