English  |  正體中文  |  简体中文  |  Items with full text/Total items : 73032/73032 (100%)
Visitors : 23026277      Online Users : 619
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version

    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/69462

    Title: 實施兩稅合一制度前後,股利發放率對公司權益資金成本之影響-傳統產業與高科技產業之比較
    Authors: 方佩瑚;Fang,Pei-hu
    Contributors: 產業經濟研究所在職專班
    Keywords: 兩稅合一;股利發放;權益資金成本;Integrated Income Tax System;Dividend Payout;Cost of Equity
    Date: 2016-01-22
    Issue Date: 2016-03-17 20:42:14 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 其他情況不變下,現金股利發放將使企業喪失投資機會,股利發放為企業使用權益資金成本機會成本。因此,股利發放率與企業權益資金成本為正相關。
    ;Ceteris paribus, the opportunity cost of paying cash dividends refers to the forgone benefits that could result from making an investment with the payout. Thus, cash dividend payout is positively associated with cost of equity. In Taiwan, the integrated income tax system, which adopts dividend imputation and imposes additional 10% surtax on undistributed retained earnings, became effective from January 1, 1998. This study is to investigate whether the positive association between cash payout and cost of equity is mitigated under the integrated income tax system. Our results show that the positive association between cash payout and cost of equity is mitigated after the integrated income tax system, suggesting that the dividend imputation and additional 10% surtax lowers the opportunity cost of paying cash dividends. Besides, we find that the mitigating effect is more profound in the high-tech industry. While high-tech companies in Taiwan, which enjoy the tax credit of investment, distribute cash dividend with less imputation credit than counterparts of other industries, high-tech companies have less opportunities cost of paying cash dividends after implementation of integration of income tax system.
    Appears in Collections:[產業經濟研究所碩士在職專班 ] 博碩士論文

    Files in This Item:

    File Description SizeFormat

    All items in NCUIR are protected by copyright, with all rights reserved.

    社群 sharing

    ::: Copyright National Central University. | 國立中央大學圖書館版權所有 | 收藏本站 | 設為首頁 | 最佳瀏覽畫面: 1024*768 | 建站日期:8-24-2009 :::
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback  - 隱私權政策聲明