本文探討中國2008年企業所得稅改革對上市企業權益資金成本與融資政策的影響。實證結果顯示，從權益資金成本來看，此項稅改不僅降低上市公司的權益資金成本，且其降低幅度與其有效稅率為正相關。就融資決策的影響而言，雖然所得稅改革降低企業的負債比率，但是這個現象則與企業的有效稅率無關。 / This paper investigates how China’s Enterprise Income Tax Law reform in 2008 influences listed companies’ cost of capital and financing policy. The empirical results show that: for the cost of capital, the reform declines the listed companies’ cost of capital, and the degree of decline is positively correlated with their effective tax rate. For the financing policy, although the reform declines the listed companies’ debt ratio, this condition is unrelated with their effective tax rate.

Mainland China has implemented two sets of income taxes systems for many years. One is for the foreign enterprise “1991 Promulgated Foreign Invested Enterprise and the Foreign Enterprise Income Tax Law” and another one to the domestic enterprise, “1993 promulgated Enterprise Income Tax Temporary Regulation”. The coexisted of two taxes not only resulted in unfair taxation but also created fake foreign enterprise phenomenon. It is especially difficult for people to accept this situation after China joined the World Trade Organization. The legislation conditions matured after speedy growth of Chinese economy. The Chinese government considered the current financial situation can withstand the impact on decrease in tax revenue after new tax law implemented and it met one of the current economic development targets of “nurture domestic enterprise”. On March 16, 2007, the “Enterprise Income Tax Law of the People's Republic of China” (here in after referred it as the New Law) was eventually approved after many years of research. It surely will have profound influence on foreign enterprise including the Taiwanese businessmen. The purpose of the study is how the major changes of the New Law impacts the China investment of the Taiwanese businessmen. The structure of the study, other than abstract and conclusion, firstly, the author will discuss of the content of system and policy changes. Next, based on the major changes of the New Law, how they affect designed research method. Analyze and forecast its possible impact and influence on Taiwanese businessmen in the following categories: (1) tax incentive; (2) organization structure organization, and (3) tax risk. Finally, the author will propose the related action taken and suggestions on the impact.