本研究藉由最低稅負制度之施行，進行觀察企業以租稅為誘因之盈餘管理議題。研究主題有三項：因應新稅制之租稅規劃活動；極大化股東稅後報酬為重要之考量；租稅成本與非稅成本相衝突之權衡。本研究之實證結果顯示：一、我國上市櫃公司為善用投資抵減稅額與虧損扣抵之抵稅權，及避免有價證券之租稅負擔，而存在租稅規劃之現象。二、外資股東及公益法人股東之稅後利益並非主導上市櫃公司決策之最重要的考量因素。三、我國上市櫃公司對於企業組織維持之考量，限制了租稅規劃之空間。 / This study investigates how profit-seeking enterprises manage earnings in response to the newly enacted tax system using data from the companies listed by TSEC & OTC. The Income Basic Tax Act imposes a basic tax similar to an alternative minimum tax and the implementation of this Act will enforce payment of a certain amount of basic taxes on taxpayers. The empirical results show that stocks of tax credits and deductions and unrealized gains of securities are associated with taxpayers’ earnings management. In addition, the results indicate that there is no relationship between earnings management and shares holdings owned by foreigners/organizations（or institutions）. Finally, the results suggest that there is trade-off between non-tax consideration and earnings management.

我國立法院於民國94年12月9日正式三讀通過「所得稅基本稅額條例」，使得最低稅負制度正式成為國人熱門討論的話題。我國實施最低稅負制的起因主要在於立法院有立法委員批評我國高科技產業公司如台積電、聯電等，近幾年來所繳的營利事業所得稅遠低於一般社會大眾的認知；再加上財政部公佈了全國前40位最富有的納稅義務人，民眾赫然發現其中竟然有人免繳所得稅，這一連串對於所得稅及租稅公平有關的負面新聞接連公佈後，促成主管機關認真檢討及思考現行的所得稅制是否有需要修改的必要性。 由於高科技產業所享有的龐大租稅優惠及利益一向為社會投資大眾所熟知，而IC設計產業因為是我國政府目前重點扶植的產業之ㄧ，在資本市場的股價表現上來看，該類產業的股票本益比也往往較其他科技產業來得高。所以投資人將會特別注意最低稅負制實施後是否會對於IC設計產業在營利事業所得稅及公司的投資決策、財務操作等方面造成一些不良的衝擊與影響。 本研究希望透過蒐集上市櫃及興櫃掛牌的IC設計產業公司從民國93年度至民國96年度間的各項財務、稅務相關資料，利用統計進行相關分析，探討上市櫃及興櫃掛牌的IC設計產業公司在最低稅負制實施後，是否對於其所得稅負擔與財務、投資決策等方面造成重大的影響；並進一步評估最低稅負制度是否能達成主管機關預期的目標及促進租稅公平的效果。

為實施最低稅負制，我國特別制定「所得基本稅額條例」，於民國95年開始施行，其政策目的為提升租稅公平，確保國家稅收，使有能力納稅者，對國家財政均有基本的貢獻。本研究探討的問題為上市（櫃）公司有效稅率以及上市（櫃）公司之企業特性，是否影響其加徵最低稅負之機率及加徵最低稅負之金額。 　　本研究實證結果顯示有效稅率較低者，則其加徵最低稅負之機率及加徵稅額愈大，顯示最低稅負制對於有效稅率偏低之上市（櫃）公司，確實可合理提高其租稅負擔。企業規模愈大其加徵最低稅負之機率及加徵稅額愈大。然而，並未有實證結果顯示企業之獲利能力及所屬產業為電子業者，與其加徵最低稅負之機率及加徵稅額為正向之關係。證券交易所得、研發支出比例與加徵最低稅負之機率及加徵稅額為正向之關係。在最低稅負制實施初期應即可減緩對於證券交易所得免稅及研發支出租稅優惠等所帶來稅負不公之現象。 / The Income Basic Tax Act (IBTA) imposes a minimum tax similar to an Alternative Minimum Tax (AMT) and collects a certain amount of minimum tax payment from high-income individuals and enterprises that used to pay disproportionately low taxes or even none. Corporate and individual AMT were first put into the R.O.C. Tax Code in 2006. 　　This study examines the relationship between effective tax rate and AMT tax burden of listed firms. Also, the study investigates the relationship between firm characteristics and AMT tax burden of the listed firms. The empirical results of the study indicate that effective tax rates are negatively related to AMT burden and that firm size is positively related to AMT burden. In addition, tax-exempt capital gains on securities and tax incentive for R&D exependitures, the major elements of the increase in tax liability under AMT, are positively related to AMT tax burden. 　　The results of this study suggest that by raising the tax burden of companies pay lower effective tax rates, the implementation of AMT has yield a positive effect on the fairness of the tax system.

民國95年開始實施之最低稅負制，是我國繼兩稅合一後，另一重大所得稅制改革，而以往部分文獻在討論營利事業最低稅負制時，均前提假設在維持政府稅收不變之情形下，最低稅負制為取消未分配盈餘加徵稅制的替代方案之一。然而可能的替代方案不應僅有兩三類，更何況適用兩制之企業是否屬於相同的產業，亦有待釐清。 本研究以民國93至95年所有上市公司為研究對象，透過公開資訊觀測站與台灣經濟新報資料庫（TEJ）所提供之公司財務報表資料，模擬推算出各上市公司在實施最低稅負制下，可能須補繳之最低稅負金額，再與公司負擔之未分配盈餘加徵10％稅額作比較，以瞭解在實施未分配加徵稅制與最低稅負制下，對於上市公司之稅負有何影響，以及是否對相同產業有加重稅負之現象。 根據實證研究結果可知，在同時實施未分配盈餘加徵稅制與最低稅負制下，電子工業為負擔最多未分配盈餘稅負與最低稅負之產業，顯示出對特定產業明顯有加重稅負之情形。以及公司獲利能力較佳、規模較大之營利事業亦須負擔較多的未分配盈餘加徵稅額與最低稅負金額。然而實施未分配盈餘加徵稅制主要是為了彌補稅制缺陷；最低稅負制則是為了解決租稅不公平性的問題。且未分配盈餘加徵規定之適用對象為全體營利事業，而最低稅負制之實施對象為少數適用租稅優惠之營利事業。因此，本研究認為最低稅負制不應作為取消未分配盈餘加徵稅制之替代方案。

為改善享有租稅優惠之高所得企業或個人，繳納極低的所得稅負甚或完全免稅的情形，我國於民國95年1月1日開始施行最低稅負制，要求納稅義務人必須達到稅負的基本貢獻度。本研究探討最低稅負制的施行對於長期以來享受較多租稅優惠的電子業之影響是否異於其他產業，並分析影響企業加徵最低稅負的主要因素，最後探討企業資本結構是否因最低稅負制的實施而有所改變。 　　本研究實證結果顯示，電子業在最低稅負制實施初期並不如預期中有較高的加徵機率及金額，產業間租稅負擔不公的現象未能立即有顯著的改善。而公司有較高的證券及期貨交易停徵所得或投資抵減時，其加徵機率及金額亦較高，為目前企業加徵最低稅負的兩個主要因素。最後，有關最低稅負是否對企業資本結構造成影響，並未獲得實證上的證據，顯示我國實施最低稅負制對於企業資本結構尚無明顯的不利影響。

政府為促進產業發展，採行各項租稅減免措施，導致租稅減免範圍擴增、稅基流失，且減免利益集中少數納稅義務人之租稅負擔不公平情形。自2006年1月1日起施行「所得基本稅額條例」，通稱「最低稅負制」，對於過度享有租稅減免優惠者，課徵一定比率最低稅負，以制衡現行課稅制度所存在的缺失。 本研究利用財政部臺灣省北區國稅局所轄之營利事業2004年至2007年所得稅結算申報資料進行相關分析：最低稅負制之稅收主要係來自享有較多租稅減免優惠之電子資訊業、半導體光電業，及具有較多證期交易所得之金融保險業，且多為大型企業及採會計師簽證申報案件者；實際受最低稅負制影響之營利事業僅約占總申報件數0.18％以下，產業間租稅負擔不公平情形稍獲得改善。最低稅負制實施之第一年，繳納最低稅負稅額主要係加回證期交易所得，且其適用投資抵減稅額之比例亦相當高；在第二年度，營利事業可能較具學習效果，而減少其出售證期交易之所得，並調整免稅所得及投資抵減稅額之適用。另透過實證模型，可知研發費用、出售土地所得及屬會計師簽證申報案件者與有效稅率為負向影響；總資產報酬率與有效稅率為正向影響，最低稅負制會隨著實施時間之久遠，有漸進提高有效稅率之顯著效果。此外，若最低稅負制之稅基納入出售土地所得後，估計2006年及2007年分別可增加稅收約0.41億元及1.08億元，有助提高財稅收入及符合租稅公平原則。 / For improving industrial development, R.O.C. government took various tax concession measures, which resulted in an increasing taxation relief category, a fading taxation basis, as well as the unfair tax burden which results in the tax concession was concentrated on a few specific taxpayers. The Income Basic Tax Act, effective on January 1st of 2006, is generally known as “the Alternative Minimum Tax ” (the AMT), which imposing a fixed-rated minimum tax on those who excessively apply preferential tax concessions, in order to rectify the current inadequacy of taxation system within. This study utilized the corporation income tax return forms data processed by the National Tax Administration of Northern Taiwan Province, Ministry of Finance, R.O.C., from year 2004 to 2007, in order to engage in relevant analysis content as following: The revenue from the AMT is mainly from those who applied more preferential tax concessions firms in, such as, electronics information industry, semiconductor and optoelectronics industry, as well as those firms of finance and insurance industry that high proportion of whose earning is composed from securities and futures capital gains, and most of these are large corporations and verified by CPAs. The percentage of firms actually impacted by the AMT is around 0.18% weak of all income tax return forms, so that the tax burden unfairness is slightly being improved. In the first effective year of the AMT, the minimum obligation tax amount mainly was by adding back the capital gains of securities and futures transactions, in which a high percentage to apply for investment tax credit category. In the second effective year, corporations might have higher learning efficiency, and they reduced their securities and futures capital gains as well as adjusted amounts on income tax concession and investment tax credit categories. Furthermore, by the demonstrated model, we knew that there is a negative correlation between Effective Tax Rate and—R&D expenses, gains on land transactions, and the income tax return forms verified by CPAs; there is a positive correlation between Effective Tax Rate and Totaled Assets Rate of Return. We also learned that the AMT would gradually increase the conspicuous impact on Effective Tax Rate as time goes by. In addition, it is assumed that the AMT subsumed gains on land transactions under the income tax basis, the tax revenue estimated may increase approximately 0.41 hundred million and 1.08 hundred million dollars in year 2006 and 2007 respectively, and this tax assumption may be beneficial for increasing tax revenue and on the fair taxation principle.

本研究探討美國最低稅負制與個人非現金捐贈行為的關係。1993年時美國對於最低稅負制做稅制上之修正，將非現金捐贈之扣抵稅額以購入成本計算修改為以公平市價計算；此一稅制上的改變，正提供一個相當適合研究的時機，可以對非現金捐贈部分進行深入了解。所以本研究以美國內地稅務局在1989年及1995年的橫斷面個人申報所得稅資料庫，並採用差異中的差異分析法，來探討最低稅負制度對於非現金捐贈行為的影響，並加入可能會影響非現金捐贈的解釋變數，包括：所得、財富、年齡、婚姻、扶養親屬人數等變數。 經實證結果發現，最低稅負制度對於非現金捐贈行為效果顯著且正向，即代表1993年美國稅制從以購入成本計算扣抵額修正為以公平市價計算扣抵額，此政策能夠誘發民眾對非現金捐贈金額增加，至於解釋變數上經實證結果發現，當所得及財富越高之納稅人，對非現金捐贈金額越高，在婚姻及年齡方面，已婚者及年齡較大者在捐贈金額上為多；至於扶養親屬人數方面，對於捐贈金額影響是不顯著的。 / This thesis is focus on the relation of the Alternative Minimum Tax (AMT) and Non-Cash Donations (NCD). The America amended the AMT in 1993. It changed the NCD-deduction calculation from cost to fair value. This revolution gave a good time for researching about NCD. So, this report took the individual tax database from Internal Revenue Service (IRS) in 1989 to 1995 for example. And used Differences-in-Differences (DID) way to discuss the infect of NCD from AMT. Besides, this research added some NCD variables including of income, wealth, age, marriage, numbers of dependent. The empirical result showed that the AMT had obvious and positive effect on NCD behavior. It represented that the AMT policy change in 1993 could cause the NCD increase. The more income and wealth had more NCD amount. People married and elderly people offered more donation than single and young. The numbers of dependent had no obvious effect on donation.

本研究主要目的，即在以迴歸模型量化依最低稅負制納稅企業的投資行為，比較我國依最低稅負制納稅及依一般稅率納稅企業的國內投資金額，進而分析政府在實施新稅制下課徵稅收，是否影響我國企業的投資意願，了解不同產業類別受最低稅負制之衝擊或影響程度。擬以Menzel(1990)研究所採用的模型及假設，以本國國內外企業為研究對象，結果顯示企業的資產或所得兩變數對國內投資有正向影響。其次探討最低稅負制對於企業投資所減少的幅度：於本研究假設下，並無顯著證據證明新稅制會使企業減少其國內投資金額；換言之，最低稅負制政策並不至於顯著影響企業的投資決策。 最後針對企業、政府等部門提出建議供參。首先，針對企業部門而言，無論是國內企業或是跨國投資企業，其對國內、外之投資都不因是否依新稅制納稅而有顯著的變化，表示新稅制並不會造成扭曲國內企業與跨國投資企業於國內投資之決策，當然也不至於影響國內資本的累積，企業於作投資決策的同時，毋須擔心適用不同的稅制是否產生不同的租稅負擔。而對政府部門而言，就本研究所設定的假設條件下，亦證實了最低稅負制不至於影響我國企業的投資決策，對國內投資的影響不大，此結果無疑為近年來國內所推動的新稅制，奠定了強而有力的基礎，政府藉由推行最低稅負制作為進行財政改革的短期方案之一，除可發揮一稅制所應具備的所得重分配效果，使各產業間租稅負擔更趨公平化，未來對於財政部所期望的「配合行政院財政改革方案之中、長期措施，逐步推動實施稅制改革方案，以期達成妥善調整稅制結構、追求稅收穩定與適足、租稅公平與效率」等目標而言，將有莫大的助益。 / The purpose of this dissertation is to document and quantify the impact of investment incentives under the alternative minimum tax (AMT) on domestic corporations’ investment decisions. On the one hand, this research addresses whether new domestic capital investment by AMT corporations is less than that of regular tax corporation; on the other hand, it also examines whether multinational AMT corporations invest less in Taiwan than domestic AMT corporations. With the same models and assumptions used by Mezel’s research method, I find that multinational AMT corporations, compared with multinational corporations paying with regular tax policy, do not exhibit significantly higher levels of foreign investment. This consequence shows that the AMT rules do not significantly influence multinational corporations either to invest less in Taiwan or to substitute foreign for domestic investment. In other words, there is weak evidence that the AMT rules do significantly influence the domestic corporations’investment decisions. The last part of my essay provides some suggestions for the domestic corporations and the relative departments of the government at the same time. First, since the results of this study indicate that, in general, the AMT rules do not affect the investment dicisions of AMT corporations by causing them to invest less in Taiwan, the domestic corporations are not worried about that new tax policy distorts the investment decisions. Further, the results do not indicate any evidence that corporations shift their investments overseas at the expense of domestic ones, which means the incentives described in the analytical research do not exist. Therefore, for the government, policymakers should carefully consider whether any new tax reforms are necessary, such as AMT rules, for pursuing the goals of taxiation stability and adquency in the long run.

本研究主要在探討最低稅負制實施後，對我國上市櫃電子業稅負影響情況為何。不同於以往文獻以營利事業所得稅申報資料來進行模擬分析，本研究以財務報表之所得稅附註資料進行模擬設算。不用營利事業所得稅申報資料進行模擬乃因該資料取得不易，並非一般投資大眾所能獲取之資料，本研究乃嘗試使用財務報表之所得稅附註資料進行模擬設算，希望能模擬出最低稅負制之實施對電子業之影響情形。此外，本研究利用模擬設算之基本稅額與一般所得稅額之差額當成依變數，建立一條迴歸式，希望能從中發現最低稅負制實施後，受影響之公司具有哪些特性，以供投資人在選擇投資標的時有所參考。 本研究經過篩選後，對我國上市櫃電子業的其中206家公司進行民國93年及94年的模擬設算。其設算結果為平均每年每家公司會增加1,000多萬元的稅負，而約有3成的公司將會受到影響。實證結果亦證實最低稅負制實施後，對於我國上市櫃電子業確實有明顯的租稅負擔。迴歸結果則發現，對於股東可扣抵稅額愈小、研發費用愈高、獲利能力愈佳及公司規模愈大之公司會有較明顯的租稅負擔。此種情形是否對這些公司之競爭力造成不利影響，非常值得關心。此外，電子業競爭相當激烈，必須投入相當多的研究發展費用與相關的重大投資，而經本研究結果也證實，研發費用愈高的公司，在最低稅負實施後，將補繳愈多的稅額，未來公司在從事這些支出時，應更加審慎評估。 / This study investigates the effects that the implementation of Alternative Minimum Tax (AMT) has on our electronic industries publicly listed in Taiwan Stock Exchange. Past studies often utilized the income tax reported by profit-seeking enterprises; nevertheless, these data are not accessible to the public. In view of this, the current study attempts to simulate calculating the appendix of income tax in financial statements, with an aim to simulating the impacts that implementation of AMT exerts on the electronic industries. Furthermore, as the difference between the simulated Basic tax and Regular tax is the dependent variable, established is a regression model, with which the characteristics of the companies influenced by the implementation of AMT can be identified, so that investors can refer to when they choose investing targets. After the sampling, the simulating calculation on two years, i.e. 2004 and 2005 has been conducted among 206 companies among the publicly listed electronic industries. The results of calculation demonstrate that each company would have more than ten million taxes each year and approximately thirty percent of the firms will be influenced by the implementation of AMT. Empirical results also confirm that there will be significant tax burdens after AMT takes effect. Moreover, the outcomes of regression analysis indicate that more salient tax burdens will be imposed upon the firms with larger size, smaller shareholder deductible tax, higher research funds, and more profitability.

本研究主要在探討近年來兩大租稅改革：兩稅合一制及最低稅負制之施行對上市公司外資持股比率之影響，是否降低外資持有我國上市公司股票之意願，影響我國企業的股權結構。 兩稅合一制施行後，消除股利所得之重複課稅，國內法人股東與自然人實質稅負減輕；但根據所得稅法第七十三條之二規定，非中華民國境內居住之個人、在中華民國境內無固定營業場所及營業代理人之營利事業，其獲配股利所含之稅額，不得扣抵其應納稅額，外資無法享受股東可扣抵稅額消除重複課稅的好處，外資在台投資實質總稅負仍維持為40%，較境內自然人股東之實質稅率6%~40%為高，股東可扣抵稅額比例愈高，外資損失越大。再者，最低稅負制施行主要影響對象為外資持股最多的電子業，且最低稅負制之施行對於公司補繳之稅負，外資股東也無法享受股利抵稅權。故可推論兩稅合一制、最低稅負制之施行及股東可扣抵稅額與上市公司外資持股比率應呈負向關係。 本研究之樣本為民國85年到民國95年及最低稅負制前、後之台灣上市公司。主要實證結果彙整如下： 1、兩稅合一制之施行及股東可扣抵稅額與上市公司外資持股比率呈負向關係，最低稅負制之施行與上市公司外資持股比率呈正向關係，但其效果應為股價指數之影響所致而非最低稅負制之施行；又最低稅負制施行後，外資仍偏好持有公司有效稅率低於10%之股票。 2、另外以民國93年到民國95年資料額外檢測，最低稅負制下限制投資抵減金額之效用，推論投資抵減金額在最低稅負制施行後與上市公司外資持股比率應呈負向關係，實證結果為負向關係但不顯著。 / The objective of this study is to examine whether the implementation of the Imputation Tax System and Alternative Minimum Tax System will affect the willing of foreign investors to invest in listed companies. The sample of this study consists of firms listed in the Taiwan Stock Exchange from 1996 through 2006. The empirical results in this research are summarized as follows: 1、 The implementation of the Imputation Tax System and a firms' imputation tax credit ratios have a negative impact on the percentage of foreign ownership in listed companies, but the implementation of Alternative Minimum Tax System has a positive impact on that. We conduct further examination and find the increasing effect of the percentage of foreign ownership is more rely on the effect of stock index than that of the implementation of Alternative Minimum Tax System. Further, foreign investors still prefer to invest in listed companies whose effect rates are lower than 10%. 2、With the implementation of Alternative Minimum Tax System, the use of investment tax credit was restricted. The empirical result of this study shows that after the implementation of Alternative Minimum Tax System, the investment tax credit has a negative but not significant impact on the percentage of foreign ownership in listed companies.