我國過去之所得稅制乃是採營利事業所得稅與個人所得稅並行之制度，此種對股利所得的重複課稅，扭曲了企業籌措財源的方式，使得公司傾向於以舉債的方式籌措資金，並扭曲了企業盈餘分配之決策、造成稅法之複雜性及稅務行政的複雜化。在經過政府及相關部門多年來之努力，我國於民國八十七年一月一日起正式實施兩稅合一新制。本文之目的即在藉由探討兩稅合一之各相關事件日股票異常報酬之變化，以觀察台灣股票市場對新稅制的反應，實證結果可供未來修正或訂定類似政策參考。
為探究兩稅合一之各相關事件日股票異常報酬變化之產生原因，本研究檢定公司有效稅率、盈餘保留率及股東個人邊際稅率是否足以解釋各相關事件日之股票異常報酬。實證結果顯示，公司有效稅率確會影響各相關事件日之股票異常報酬，且與本研究所預期之方向相同，為正相關，顯示市場也認為在兩稅合一之下，預期有效稅率愈高的公司，其因為兩稅合一所得到的利益也會愈大。但在盈餘保留率及股東個人邊際效率方面，卻無法獲得滿意的實證結果，其可能原因有二：第一，歷史資料可能無法有效替代預期之保留盈餘比率。第二，董監持股比率可能無法有效作為股東個人邊際稅率之替代變數。 / The major deficiency of Taiwan's past tax system was that the business income was taxed twice: once at the corporate level and once at the individual level. This system significantly distorts companies' financing strategies, and companies tend to get the needed fund by issuing bonds. Besides, it also distorts the way companies allocate their earnings and causes taxes and tax-related administrations to be very complicated. However, after great efforts made by the Department of Treasury since 1996, the new tax system-"Integrating individual and corporate taxes" became effective from the beginning of 1998. The main purpose of this thesis is to examine the market reactions to the new system by studying the variations of the abcdrmal returns of stock prices at event days related to this new tax system. The empirical results could be used for amendments or the making of similar policies in the future.
To study reasons that variations of abcdrmal returns of stock prices at the event days of this new tax system exist, this study tests weather Corporate Tax Rate, Retention Rate of Earnings and Individual Tax Rate can explain the abcdrmal returns of stock prices at the related event days. Empirical results show that Corporate Tax Rate affects the abcdrmal returns of stock prices at the related event days, and the direction is the same as expected, which is positive-correlated. The result shows that "the market" also thinks under the new tax system, the higher the expected Corporate Tax Rate, the higher the benefit from the new tax system will be. However, for the Retention Rate of Earnings and the Individual Tax Rate, the results are unsatisfactory. Two reasons are possible: first, historical data probably cannot represent the expected Retention Rate of Earnings. Second, the ratio that stocks held by members of board of directors is not a good proxy for the Individual Tax Rate effectively.
| Identifer | oai:union.ndltd.org:CHENGCHI/B2002001597 |
| Creators | 洪盈斌, Hung, Ying-Bing |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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