兩稅合一可扣抵稅額減半對除息日股價及投資者交易行為之影響

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Title:	兩稅合一可扣抵稅額減半對除息日股價及投資者交易行為之影響
Authors:	林美齡;LIN, MEI-LING
Contributors:	財務金融學系在職專班
Keywords:	兩稅合一制度;設算扣抵法;股東可扣抵稅額;除息日;現金股利;integrated income tax system;imputation system;tax credit reduction;ex-dividend day;cash dividend
Date:	2018-06-28
Issue Date:	2018-08-31 14:28:34 (UTC+8)
Publisher:	國立中央大學
Abstract:	民國103年5月16日所得稅法修正案經立法院三讀通過，自民國104年1月1日在兩稅合一制度下，由完全設算扣抵制改為部分設算扣抵制，將股東可扣抵稅額予以減半，並增列綜合所得稅稅率級距最高至45%，因公司營利事業所得稅率與個人綜合所得稅稅率不同，當投資人獲配公司股利時，可能要負擔更高之個人綜所稅，或減少退稅額度，基此，本研究旨在探討，當租稅制度改變，造成投資人稅負增加下，對除息日股價及投資者交易行為之影響。本文以民國103年及104年上市（櫃）公司為樣本，研究結果發現：一、可扣抵稅額減半制度實施後，預期價格下跌比率會較可扣抵稅額減半制度實施前降低，在實證分析中無法找到支持之證據。二、可扣抵稅額減半制度實施後，其除息日前後的報酬率確實較可扣抵稅額減半制度實施前下降，則符合預期。三、可扣抵稅額減半制度實施後，於除息日前後的交易量的確較可扣抵稅額減半制度實施前減少，亦符合預期。顯示抵稅權減半及高稅率級距增加，投資人因面對不同的稅率級距，公司發給投資人的股利，投資人在考量稅負壓力下，會進而調整其投資決策。 ;The amendment to the Income Tax Law of May 16, 2014 was passed by the Legislative Yuan on the third reading. Since January 1, 2015 under the integrated income tax system, the complete imputation system has been replaced by the partial imputation system and the tax credit reduction is halved, and the Individual Income Tax rate is increased by up to 45%. Because the company′s Profit-seeking Enterprise Income Tax rate is different from the Individual Income Tax rate, when the investor is allocated company dividends, he may have to bear a higher individual Income tax, or reduction of tax credits, is based on this, and the purpose of this study is to explore the impact of changes in the tax system that result in an increase in the tax burden on investors, and on the ex-dividend date stock price and investor trading behavior. This paper takes a sample of listed companies in the 2014 and 2015. The study found that： 1. After the implementation of the halved tax credit reduction, expected price drop ratio will be lower than before the implementation of the halved tax credit reduction. In the empirical analysis, the supporting evidence cannot be found. 2. After the implementation of the halved tax credit reduction, the rate of return near the ex-dividend date was indeed lower than before the implementation of the halved tax credit reduction, which is in line with expectations. 3. After the implementation of the halved tax credit reduction, the trading volume near the ex-dividend date was indeed reduced than before the implementation of the halved tax credit reduction, which was also in line with expectations. It shows that the halved tax credit reduction and the high tax rate is increased. Investors face different tax rates and the dividends the company issues to investors, investors will adjust their investment decisions in consideration of the tax burden.
Appears in Collections:	[Executive Master of Finance Management] Electronic Thesis & Dissertation

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